As a business owner, you have a lot on your plate. Getting a commercial vehicle insurance quote doesn't have to add to your workload. With some preparation, you can streamline the process and get it done quickly and efficiently.
Before starting to gather quotes, having the necessary information on hand and ready to go can save you time and ensure you have the right details to get the most accurate quotes:
Business Operations Information
Insurance companies need a clear picture of your business. Have these details ready:
· Business Name and Location: Basic details about your business.
· Industry Type: The nature of your business (e.g., delivery services, passenger transport – Also what you are selling or transporting as far as materials, number of passengers, etc.).
· Subsidiaries or Affiliates: Any related companies.
Vehicle Information
Details about the vehicles you plan to insure are crucial. Gather information on:
· Vin Number (plus Make, Model, and Year): Specifics of each vehicle to ensure the policy contains the correct vehicles for quoting and coverage
· Vehicle Usage: How each vehicle will be used in your business.
· Garaging Location: Where the vehicles will be stored.
· Annual or Average Mileage: Estimated yearly mileage for each vehicle or the usual distance range you will be driving.
(See our recent blog about why you may be asked about additional vehicles)
Driver Information
Insurance companies will also need details about the drivers:
· Driver Names and Licenses: Information about who will be driving the vehicles.
· Driving Records: History of any accidents or violations. This is usually a quick ask, as the details come up when the license is entered.
Business Owner Information
Even if your business is incorporated, insurers need information about the business owner:
· Name and Address: The legal business name, DBA if applicable and legal address of the company.
· Phone Number and Email Address: For communication purposes. This should also include the point of contact for the policy.
Current Insurance Details
If you already have commercial vehicle insurance, provide:
· Current Policy Information: At minimum, a quote may ask how long you have had insurance, but it’s also helpful to have details of your existing coverage so you can accurately compare deductibles, coverages, etc.
Note: Loss Runs may be requested later. These are a record of past insurance claims, typically for the last three years are not required to get a quote- but could be requested during the underwriting process
DOT Number and Filings
To operate legally in interstate commerce, your business may require a DOT number. Additionally, when obtaining an insurance quote, it's essential to ensure the policy can be submitted for the necessary filings.
· DOT Number: Required for businesses operating commercial vehicles across state lines
· FMCSA Filings: Depending on your operations, your insurance company might need to file forms such as MCS-90 for hazardous materials or BMC-91 for public liability insurance
(https://www.fmcsa.dot.gov/registration/insurance-filing-requirements)
State Minimum Requirements
Each state has its own minimum insurance requirements for commercial vehicles:
· State-Specific Limits: These can vary significantly from state to state, often higher than personal auto insurance limits
· Compliance: Ensure your coverage meets or exceeds these minimums to avoid penalties and ensure adequate protection
The process for new commercial vehicle insurance can be easy if you are prepared!
By gathering this information ahead of time, you can make the process of obtaining a commercial auto insurance quote much more efficient. This preparation not only saves time but also helps ensure you receive the most accurate and tailored quote for your business needs.
