If you own a business in Oklahoma City that uses any kind of commercial vehicle, business auto insurance is a must to protect yourself from potentially devastating financial consequences. However, Business Auto Insurance in Oklahoma City, OK can be expensive. Luckily, there are some ways to lower the cost of your premium. Below are the most effective ways to save on this essential business expense.
Pay Up Front
Opting out of monthly insurance payments and paying your yearly policy in one lump sum in an easy way to lower your insurance costs. According to the Department of Motor Vehicles, this simple move can get you a discount of around 10% with most companies. You’ll also avoid interest and administration fees by eliminating monthly paperwork. If you do stick with monthly payments, set them up to be paid electronically or automatically debited from your account. You won’t save a significant amount of money, but you will avoid little fees and late payment penalties that can add up over time.
Raise Your Deductible
Raising your deductible is the quickest way to dramatically lower the cost of your Business Auto Insurance in Oklahoma City, OK. According to the FCIC, doubling your deductible can slash policy costs by up to 25%. While this is a great strategy to save money, make sure that you have enough in savings to comfortably handle the increased out-of-pocket costs in case an accident does occur.
Bundle Your Policies
Usually, buying your business and personal auto insurance policies from the same insurer will get you an instant discount. The savings will vary from company to company, but expect to save around 10 to 15% on your overall insurance costs. If you also have homeowners or life insurance policies, you may be able to save more by purchasing them from the same insurance company as well.
Ask About Group Discounts
You may be eligible to receive a small but helpful discount on your business auto insurance if you’re a member of certain groups or clubs. According to the the Office of Consumer Affairs and Business Regulation (OCABR), reduced insurance rates are often available to members of auto clubs, credit unions and civic organizations. Ask your insurance agent if any of these discounts are available.
Business auto insurance can be a big expense, but there are ways to get discounts. For more ways to save, talk to the agents at CPC Insurance Agency, Inc.
