We’re on the road with you

We consider several factors when determining your commercial vehicle insurance premiums, including:

• How many claims you’ve submitted in the past
• Information about you (e.g., how long you’ve been a licensed driver)
• Traffic violations (e.g., speeding tickets)
• Information about your vehicle

A deductible is the amount that you agree to pay (out of pocket) for claims-related expenses before your insurance company pays for the remaining costs.

Let’s say you have an accident and the total approved cost to repair those damages is $5,000. If you chose a $500 deductible when you purchased your policy, you would need to pay for the first $500 worth of expenses, and Economical would cover the remaining $4,500.

Tip: Choosing a higher deductible will lower your insurance premium. Just be prepared to pay for any costs up to that deductible amount when you need to make a claim.

Very few business uses are covered under a standard personal car insurance policy. On the flip side, your commercial vehicle policy can cover your personal use of the vehicle.

Here are just a few common examples where a commercial policy is needed:

• Transporting merchandise or goods or, in the case of a contractor, tools and materials (e.g., plumbers, electricians, landscapers, etc.)
• Delivering items to a store or customer’s home (e.g., dairy distributors, mail deliveries, etc.)

Your broker can help you understand your commercial insurance options, so you can choose the coverage that’s just right for your needs.

If you have at least 5 vehicles (excluding trailers) used for commercial purposes, you may qualify to be rated as a fleet. A fleet rating is a special way of rating all your vehicles as one group. We look at how your company uses its vehicles as well as the claims each vehicle has had as a whole to determine your premium — safer vehicles can mean more savings for you. Ask your broker if a fleet rating is right for your business.

We recommend reviewing your policy at least once a year, but there are certain times when you’ll need to contact your broker to officially update it:

• When your address has changed
• Any time you buy another vehicle
• When there’s an additional licensed driver with access to drive your vehicle(s)
• If you’ve changed how you use your vehicle (e.g., for business)