Limousine Insurance Tips
For many limousine owners, finding a great limousine insurance policy that has all the features they need, at an affordable price presents a challenge. Most likely, the rates on insurance for the limousine industry are a bit high. There is so much you can do with the rates since the insurance companies who decide the risk of the different industries control it; however, you can do some adjustments so you can have a better rate. Some of it has to do with vehicle safety improvements.
Because you are an operating business, most of these improvements will be related to the business itself, in order to save you money on limousine insurance. One improvement to consider is the installation of surveillance in the vehicles or video cameras. In addition, you can send your drivers to take driving classes to improve their driving skills. One important issue with drivers is to have an office or hiring policy that in order to be hired employees may have to go through drug and substances testing, including alcohol testing. You can retest employees after several years of employment as well.
In addition, training of employees should extend to drills of what to do and not to do in case they are involved in a traffic accident. Retrain staff from time to time. Have your vehicles equipped with accident kits, so employees have everything at hand when they need it. Employees will have to collect information and they will need to have notebooks, pens, and even a disposable camera to take pictures available, among other necessary items.
Because insurance cost and features differ from insurer to insurer, it is important that the business owner compare different insurance providers to find the type of insurance that best fit the business budget and the size of the business. Insurances not only will look at the insurability of the business and fleet of vehicles, but also at the insurability of your drivers. So most likely, your employees driving habits will influence your insurance rates. This is something that you can also include in your hiring policy.
Proper maintenance and care of vehicles is important, as well as logging service and checkups. In addition, insurance companies have guidelines to how old vehicles must be and when they should be retired from business, to determine insurability of a fleet. These guidelines go according to type of limousine vehicle - sedans, vans, limousines ...
Keeping payments on time, as well as renewals will help you keep your insurance renewal low. If you miss many payments or are not diligent in paying your renewal, an insurer may raise your rate a bit. It is very important to insure your limousine business with an insurance company that specializes in that type of insurance. Working with a knowledgeable insurance agent you can trust will save you money in the end.
You can also raise your deductible to get lower premiums, however, make sure that your business budget can take the higher deductible. Accidents in this industry, as well as lawsuits, are very common. One thing to keep in mind is that your fleet is as good as your drivers are. Investing in the training and pre-qualification of drivers will save you money in the end. For more information on this topic visit umav.org.