What Is The Cost Of Limo Insurance?
It’s no secret that one of the most significant expenses for limousine insurance companies is their insurance price. It can be quite costly. Luxury autos are expensive to insure on their own. When you factor in all of the extra coverages you’ll need to safeguard your drivers, clients, and business, it’s easy to feel overwhelmed. Insurance for limousine services is dependent on a number of factors, but usually plans cost between $5,000 and $10,000 per year per vehicle.
Fortunately, there are ways for you to save money and receive a better deal. To accomplish so, you must first comprehend what factors influence your limousine insurance rate.
What Factors Influence Your Rate?
When an insurance agent gives you a quote, he considers a number of factors about your company. He’ll inquire about a variety of topics in order to gauge the level of risk you pose to his organisation.
Your deductibles and limits. The form of your policy has a significant impact on the amount you pay. Higher limits and lower deductibles provide greater peace of mind for you and your customers, but they also raise your overall premium.
Your history of car accidents That’s great news if neither you nor your drivers have ever been in an accident. You should be able to get a better deal. But don’t be too concerned if you’ve been in a few accidents. It’s uncommon to come across a limo driver who hasn’t had a few mishaps. This is something that insurance companies recognise. Although it is preferable to have as a few accidents as possible, one or two will not render you uninsurable.
Your line of work. A limo driver might take on a variety of roles. He can provide services for weddings, proms, and nights out on the town. He can pick up passengers from the airport as part of a scheduled shuttle service or as a personal driver for corporate clients. Each of these specialities has its own set of dangers. As a result, they have varying prices. Which option is the cheapest? It’s difficult to say. Different sorts of limo services are preferred by different insurance agents. Another motivation to browse around is to save money.
Your personal automobiles. Similarly, limos come in a wide variety of shapes and sizes. Luxury sedans, classic automobiles, stretch limos, stretch SUVs, and limo buses are all available.
Your operating area. The closer you are to your base of operations, the less you will have to pay in insurance. Interstate activities are subject to more stringent regulations and, as a result, are more expensive to insure.
Your professional background. Chauffeur service with a few years of expertise is more dependable and hence less expensive to insure.
Limousine Coverage Costs On Average
The cost of limousine insurance is determined by the number of vehicles you have and the coverages you choose. A single driver who operates his own chauffeur service is solely responsible for his own insurance and that of his passengers. Additional coverages, such as general liability and workers’ compensation, will be required for dispatch service.
How To Obtain Low-cost Limousine Insurance
Make it mandatory for all drivers to complete a safe driving course. Your company’s safety should be a key focus. A robust safety strategy not only protects your drivers and customers, but it also lowers your insurance prices. Make sure your safety plan includes things like defensive driving, driving at night and in dangerous regions, and driving in bad weather.
Employ Dependable Drivers.
It’s difficult to find a good driver with CDL experience and few points on his licence. However, you must make it work. Your driver roster is scrutinised by insurance firms. Using a shady driver raises red flags with the insurance company. What else are you ready to risk if you’re willing to take a chance with your drivers?
Make A Request For A Higher Deductible.
It can be a smart idea to raise your deductible if you have physical damage limo insurance for your fleet. Your deductible can be as high as $5,000. This can save you money… if you have faith in your drivers’ ability to avoid accidents.
Make A Larger Initial Deposit (At Least 20 Percent )
Rather than paying your premium on a month-to-month basis, pay all or a portion of it upfront. Often, the insurance company may give you a discount if you pay your account quickly.
Bundle Your Insurance Coverage.
If you have a large fleet of limos, each car must be insured separately. You’ll also need to ensure your business and if you have one, your garage. If you get all of these coverages from a single insurance firm, you can save money on your overall insurance.
Save Money By Getting Three Estimates From Three Different Agents.
Right now, the greatest method to obtain a better deal on limo insurance is to compare quotes from multiple brokers at the same time. We’ve made it simple for you. We’ll link you with three limousine insurance agents who want to compete for your business once you fill out one form.
Simply notify us to schedule a limo service, and we will provide you with a one-of-a-kind experience.