I just opened my business and now in the process of getting insurances for my commercial vans. How can I get the best commercial vehicle insurance quote for my vehicle?

Laura

Memphis, TN

After months of indecision, you have finally decided that obtaining a commercial vehicle insurance policy is necessary to keep the team’s assets protected. With the countless vehicle insurance providers in the market nowadays, the next big question is – who do you sign up with?

The first thing to do is to shop around for formal quotations so you can assess the best policy that meets your needs. It would be wise to sit down and meet with the commercial vehicle insurance agent and discuss what it is that you want. It would be best to come prepared with the following information so that the quotation you receive will have all the details you need.

Company information
The commercial vehicle insurance broker will need to know what the vehicles are being used for, as this will have a great impact on how much the premium would amount to. They will also require your company’s financial statements to ensure that you are not in the red.

Vehicle details
Aside from the make and model of the company vehicles, the commercial vehicle insurance broker will also require the following details:
- Year (when vehicle was obtained)
- Cost of vehicle when bought
- Current mileage
- Vehicle Identification Number
- Gross Vehicle Weight (GVW), if the vehicle being insured is a truck

Driver Overview
The commercial vehicle insurance broker will also ask for the list of all the drivers who use the vehicles for business purposes. They will, in turn, liaise with your city or state’s DMV to check on the track records of these vehicle users.

History of Loss
Last but not the least, the insurance broker will look into your company’s history for making insurance claims within the period of three years. Absence of claims during this period may translate to lower premium rates for the company.