Did you know that your bus insurance rate depends on several factors that you can control? It’s true. There are many ways you can pay less for your coverage.
It can be difficult to stay in the black if bus insurance is eating up a huge percentage of your earnings. Don’t worry.
Read on to learn what factors determine your bus insurance rate and how you can pay less.
The Number of Stops
Your insurance company looks at how many stops you typically make. Each stop adds liability. Party buses will often make unscheduled stops as well.
You can reduce your liability by capping the number of stops and having a policy about unscheduled stops.
Some people wonder if you even need shuttle bus insurance. It may seem more hassle than it’s worth. However, you definitely need it; check out this post to see why it’s a must-have.
Seats in Your Bus
There can be a big jump in insurance rates for a bus that seats fewer than 16 passengers and one that fits more than that.
Minibuses and bus limos, for example, may have a better insurance rate than a larger vehicle. If you don’t need those extra seats, it’s a smart idea to remove a few so you can reduce your expenses.
How Far You Drive
Any commercial bus that drives on an interstate route is subject to federal rules. These rules are often stricter than state laws which means your coverage needs to be higher.
While you might not be able to control how far you drive, you might be able to look at different route options.
Your Drivers’ Records
You should hire drivers who have a CDL license and clean driving records, this can make a substantial difference in your rate.
Do a thorough check of all your drivers before you hire them to ensure you won’t get dinged by the insurance company and end up paying more. Look for any criminal records as well as the number of speeding tickets and accidents they may have.
Your Good Credit Score
Your company’s credit score affects your insurance rate, good credit lets your insurance company know that you’ll pay your premiums on time and in full.
This means that you’re a safe investment for them. Keep your credit score up to pay less for your insurance coverage.
Bundle Your Coverages
If you own multiple vehicles, you probably have them under the same policy. Yet, there are other things you can add to the same policy to get a better rate.
For example, general liability insurance, workers comp, and medical insurance can all be bundled together to get you a discount.
Most companies offer a bundled package that gives you a discount for each item on your policy.
Be Smart about Bus Insurance
We hope you found a few useful ways to lower your premiums for bus insurance. Remember, the best thing you can do is to shop around for the best deal.
Request a quote from Oswald Taxi & Transportation Insurance Services to see our competitive rates for all your insurance needs!