8 Factors that Affect Your Commercial Auto Insurance Premiums

Everyone wants to save money; from groceries to fuel to travel, and even on insurance. In the world of business, cost-saving is a diligently pursued goal. Premiums on the various types of insurance can be a hefty expense for businesses, but you don’t want to skimp on coverage. All it takes is for one uncovered claim to set your company back. Surprisingly, many factors affect the premium you pay. Working with a broker experienced in commercial auto insurance for your Mississippi company is the best way to get the coverage you need at reasonable rates.

How Much You’ll Pay for Commercial Auto Insurance in Mississippi

Here are eight factors that can affect your commercial auto insurance premiums:

  1. The number of miles your fleet drives. The more miles your fleet puts on the company vehicles, the higher your risk. Not only is there an increased risk, but the wear and tear on the fleet results in depreciation and lost value.
  2. The experience of your drivers. Drivers with little experience behind the wheel may get into accidents more frequently, costing an increase in premiums. The more experienced the driver, the less likely they will get into an accident. This can decrease your commercial auto insurance premiums in Mississippi.
  3. The cost of fuel. When you pay more at the pump, you want to drive less. The lower the fuel costs, the more your fleet can drive and the higher your premiums may become. While this isn’t always the case, it can be a factor that affects your business.
  4. Distracted driving. Distracted driving can lead to an accident and drastically increase insurance premiums. Keeping distractions to a minimum is helpful and safer. Fleet drivers use tools such as GPS while driving.
  5. Type of driving. Driving for a business looks different based on the company. How the vehicle is used will affect insurance rates. For example, transporting people and work supplies differs from delivering packages or food. Carrying hazardous materials is an entirely different realm as it poses more liability risks.
  6. Type of vehicle. You want a car, truck, or van that adequately represents your company. However, the type of vehicle can affect how much you pay in insurance premiums. Before you buy, talk with your Mississippi commercial auto insurance broker to see what the rates will likely be.
  7. Safety devices on the vehicle. It may be possible to reduce premiums if you choose cars with safety devices such as anti-lock brakes, side airbags, automatic seat belts, daytime running lights, and GPS trackers.
  8. Deductible amounts. Remember that the deductible is the amount you pay on an insurance claim before coverage kicks in. As a rule of thumb, the higher your deductible, the lower your insurance cost. Sometimes, paying a higher premium for a lower deductible makes more sense. Your agent can help you determine the best option for your situation.

Protect Your Business – Save on Commercial Auto Insurance in MS

Saving money on your commercial auto insurance is within reach when you speak with the team at Hawsey Insurance. We have the experience to answer all your questions and help you get the coverage you need for your business. We also understand the need to keep expenses low. We offer insurance from all the top carriers in the industry at reasonable rates. Come in today and let us find a solution for your unique situation.

Call Hawsey Insurance at 601-856-7707 for a free quote on commercial auto insurance in Mississippi. Feel free to contact us online or make an appointment to stop by our Madison, Jackson, and Southaven, MS offices.