Shopping for business automobile insurance can be a painless process if you have the right underwriting information.
If your business owns vehicles that are registered in the business name, then you will have to purchase a business automobile insurance policy. Whether you’re a new business looking for your first business automobile insurance quote, or an established enterprise, there are certain things you should think about, and information you should gather before you speak to an insurance agent or broker.
To make the solicitation process run as smoothly as possible it is best to have the following information gathered, preferably summarized in an easy to understand and transmittable package:
Basic Demographic Information:
- Named Insured: Be sure to provide the correct name for the vehicle (as it appears on the registration). If the insurance policy and the registration differ, you will run into problems with the Department of Motor Vehicles.
- Business Address: Sometimes overlooked, the correct business address is important.
- States in which your vehicles are registered: The Department of Motor Vehicles in various states require differing proofs of insurance and/or certificates. Allowing the broker to know up front which states are involved will make it easier to have the appropriate ID cards issued. There is nothing more irritating than having the incorrect documents after standing in a long line at the DMV.
Next be prepared with the proper automobile underwriting information. Insurance companies want to know as much as they can about the vehicles and the vehicle drivers. As a result, be prepared with the following information:
- Year, Make, Model number and Vehicle ID number for each vehicle
- Approximate value for each vehicle, or the original cost new
- Lien holder name and address, if Any
- Garage location (city and state)
- Radius of operation (approx)
- Vehicle Use – whether it is personal and/or business use
- If truck or van – gross vehicle weight and maximum cargo weight
- Name and address of each driver
- Drivers license number and date of birth
- Driving history – this includes violations and accidents
There is one last item that you should be prepared to share with your insurance company. If your business has any contractual agreement for which you have to provide proof of automobile insurance, it would be wise to inform your insurance company. Although it may not be necessary for your first contact with your agent, a prudent insurance broker will want to be aware of any unusual contractual agreements by which they may be obligated to pay a business automobile insurance claim.