The Truth Bar

It’s critical for owners and users of commercial vehicles to have commercial vehicle insurance. That means any van, truck, car, or equipment vehicle used in conjunction with a business or commercial enterprise requires special insurance protection to cover repair and liability costs that are part of its operation and use.

Of course, any business owner knows that the bottom line is the bottom line, and while coverage requirements are important, the budget is equally so. To that end, a business owner should seek an insurer that specializes in commercial vehicle insurance, to insure that the company can most clearly comprehend your exact needs and not leave you paying for coverage that isn’t relevant to your purposes.

Ideally, the business owner will explore the necessary insurance requirements before purchasing a commercial vehicle. This allows the owner to correctly estimate the actual long-term cost of the vehicle, a complex task that most business owners fail at.

The two most common types of commercial vehicle insurance are van insurance and haulage insurance. Vans are such a common part of everyday business operations that many businesses simply wouldn’t function without them. Other companies have pallets of goods that they need to haul, whether it’s across town or across country. Some haulage insurance covers only smaller trips like Minneapolis, MN to St. Paul, MN; other variations on this commercial vehicle insurance cover almost any overland trip, even superlong trips from Anchorage, AK to Washington, DC.

Many features of commercial coverage are mandatory by law. Those features are part of the basic premium of any commercial vehicle insurance. But there are other features that are optional and may be declined to keep costs down.

Another way to cut your premiums is to reduce the number of drivers that use your vehicles. Insurance companies dislike having to cover everyone in your business, and will often offer deep cuts in your premium if you can assign two or three people as ‘the drivers’, and keep their driving records clean.

The best way to keep your insurance costs down, of course, is to avoid making claims. As with almost all insurance protection, the companies adjust your premium based on how much of a risk you’ve proven yourself to be. Be low-risk, and you’ll be less expensive for them, and most companies pass a good chunk of those savings on to you.