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Real estate agents often use their vehicles as a part of their business. Having a commercial auto insurance policy on the vehicle makes sense in this case. Whether you have a fleet of vehicles for your agents or a single vehicle for your own needs, proper auto insurance is key.

Whenever operating your vehicle as a component of your company, business insurance becomes invaluable. There are a few things you need to know to keep these policies affordable.

Determine Their Actual Use

Many real estate agents use their personal vehicles for real estate activities. While this can be acceptable in some cases, such as infrequent use, it is not best in all.

Rather, you should have a specific commercial auto insurance plan in place. When requesting this policy, your agent will ask you about the amount of time and number of miles you use the vehicle for as a component of the business. Be honest, but accurate. If it is a limited amount of miles, you may qualify for a lower priced premium. Be sure to tell your agent this information.

Look for Other Ways to Save Money

Other methods to saving on this form of business insurance include the following:

  • Bundle all of your business insurance together in a Business Owners Policy or BOP. This can reduce your costs overall by as much as 20 percent in some cases.
  • Ensure your vehicle has an alarm and a GPS tracker if possible. This can help to reduce the risk of theft.
  • Purchase a policy that is accurate to the current value of the car. Avoid over-insuring your vehicle.

Discuss with your insurance provider what the best type of policy is for your needs. Those who do not drive their car often, or do not allow clients to ride with them, may find that they do not need a commercial auto plan. However, you should check with your current auto insurance carrier, in this case. That carrier will determine when an accident occurring during business times has coverage.

Commercial auto insurance can be complex. Talk to your business insurance provider about your options at length. Consider costs, but also think about the risks you take when you are showing homes and allowing clients to ride in your vehicle with you.

First Insurance Group
is here to help you get the insurance coverage you need for your commercial vehicles. Call us at (800) 511-2892 for more information.

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