Purchasing and managing business insurance in NJ is a big job. As a business owner, you’re responsible for understanding your risk and the coverages you...read more
How Fleet Insurance Will Save You a Lot of Moneysiadmin October 28, 2019
If your business relies on transporting people, goods and/or equipment, you must efficiently insure your vehicles and keep them in good working condition. This ensures that your operations run smoothly and lost productivity is kept to a minimum. However, it can get costly and confusing to have separate policies for each vehicle. This rarely makes sense, especially when fleet insurance is available.
What is Fleet Insurance in NJ?
Fleet insurance can help with your fleet – even if you own just a few vehicles. This insurance rating is available to companies that have five or more vehicles. Once you have five vehicles on your fleet, some (but not all) insurance companies have the flexibility to offer attractive discounts, pricing and more. This is because they are able to deviate more from the rates they file with the State of New Jersey.
Most direct to consumer companies (e.g. Geico, Allstate, Progressive, State Farm, Farmers, etc.) do not use fleet rating. So, it is important that you work with an independent insurance agency or broker when your fleet outgrows your insurance company. At Soden Agency, our business clients routinely end up saving thousands to tens of thousands of dollars by shifting away from direct-to-consumer policies. We go out and find our business clients the right insurance policy for their needs.
Saving Money with Fleet Insurance
Here are a few ways that our fleet insurance agents can save you money.
- If you have more than 5 power vehicles skip the 800 numbers and talk to us. Obtain a single policy with fleet rating. One policy covers everything. This also makes it easier to manage and keep track of your vehicles. It might seem like a fleet policy is a one-size-fits-all policy, but it’s actually tailored to your individual needs. There is flexibility regarding individual vehicle coverage even when all vehicles are insured on the same policy.
- Discounts and more favorable rating are available to companies with better claims record. As with your personal auto coverage, you can save money on fleet insurance by having a low number of claims. Soden Agency recognizes clients with good track records and helps rehabilitate clients with claims issues.
- Be proactive when it comes to safety. Safety leads to fewer and less severe claims, which leads to lower premiums. Soden Agency also provides fleet safety programs, driver screenings, distracted driver programs and training, all of which have a dramatic and measurable impact on your premiums. Do it for the safety of your employees and other drivers on the road, but be rewarded in lower overall costs.
- Install telematics to record driver data. Some of our insurance companies, like Selective, provide telematics to clients to reduce claims frequency.
- Specify your service area, driving radius and other driving habits to your insurance advisor. A business that drives within a 50-mile radius will be rated more favorabliy than a business operating in a 200-mile radius. Be sure to mention other things that make your business unique. How many stops/deliveries do your drivers make per day?
To ensure you are getting the best rates on fleet insurance, work with an independent insurance agency in NJ that can obtain quotes from multiple carriers. Soden Agency is happy to provide you with qualified advice. We’ll make sure you get the right coverage without paying more for things you don’t need. To find out how much fleet insurance will cost your small business, contact us today.