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What to Consider When Buying Commercial Auto Insurance

Buying commercial auto Insurance is inevitable once you have an automobile business. This is because one, it is a legal requirement and two, there are bound to be accidents even with low use. You therefore need to choose and buy an insurance cover that best suits your business needs. Auto insurance may cover several things including liability for bodily harm, cost of loading and unloading, funeral and medical costs, and property damage liability amongst others. When choosing a commercial automobile insurance to purchase, you might think the things discussed below.

The kind of policy you need

It is important to ask the Insurance broker questions regarding what coverage you will receive with a given commercial auto insurance. Ask them what extra coverage is included so that you understand what will be covered particularly if an accident happens. Will the insurance cover cater for the medical bills of wounded persons? What about collusion accountability? Buy insurance that does cater for these additional coverage.
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The payment options available
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Another crucial aspect to consider is the alternatives which are offered for paying for the insurance. Ask the broker if they have yearly, bi-annual and monthly payment plans and just how much it might cost. Usually, annual payments are cheaper and or may have discounts while monthly would be a little bit more expensive. If you are not able to afford the annual lump sum payment option, then you will need to get an auto insurance company that has monthly or bi-annual plans and yet is not too expensive.

How many drivers and cars the commercial Car Insurance covers

In case youhave many cars for your business, it might be cheaper to purchase a fleet insurance than separate commercial automobile insurance for all your cars. Ask the insurance agent how many cars and drivers can be insured by the given cover and then compare to get one that has the best offer.

Policy significance for using the automobile for commercial purposes

Also, make sure that you know the definition of the coverage you are buying. You have to know what the limits are before you make the purchase. For instance, you need to know the aggregate limit, which is the maximum amount you can claim in a year and the occurrence limit which is the maximum amount you can claim in one instance. Also notice the limit of what they could be used for when it’s covered by a specified insurance. Most insurance covers will have a definition of exactly what the car is insured for and thus it is a good idea to purchase a suitable policy.

Claim Submission

Lastly, you also need to find out how you will be submitting claims. You can ask the insurance agent on tips for making the entry a Smooth encounter. Be sure to read understand what you may be required to perform in case of an accident.

News For This Month: Options | Author Linksquid | 4.5