How to Negotiate an Auto Insurance Discount

30 Jun 2020

Auto insurance prices can easily get out of hand if you don’t actively negotiate for lower prices. This is especially the case for fleets, large and small alike, where multiple vehicles and drivers require coverage.

Fortunately, there are many things you can do to help you get the discounts necessary to get the coverage you require at more affordable rates. These negotiating tips can help.

Compare Prices with Other Agencies

It’s always wise to get at least three quotes for insurance and to do so every time your insurance is up for renewal. Continuously exploring your options can help you find better rates. In some cases, it can give you greater negotiating power with your current insurer by bringing an offer from another agency that is lower. While not all agencies will match the other offer to keep you as a customer, there are some who will find new discounts to offer, such as customer loyalty discounts, to keep your business – especially if your fleet is large enough and you’ve filed few claims.

Work with Independent Insurance Agencies

These agencies aren’t bound to a single insurer. That means they can negotiate on your behalf to get the best coverage for the best price for your fleet. Insurance agencies that are bound to single insurers only work with a single provider. That means they can only offer you the products that one provider offers. Independent agencies work with dozens, if not hundreds of insurers so they can, sometimes, find better bargains with better terms or flexibility to meet your unique insurance needs.

Inform Insurers You Have GPS Tracking

GPS car tracking is a boon for insurers. Not only does it provide protection and aid in the recovery if one of your vehicles is stolen, it also helps to corroborate details in an accident, which can save your insurer money in the long run. GPS fleet tracking also encourages more responsible behaviors by your drivers. Another win for the insurance company. In return, they reward you by extending lower rates.

Ask Your Insurance Agent How You Can Reduce Your Rates

Sometimes, it really is as simple as that. In some cases, there are discounts you may qualify for, like when you are using GPS tracking. In other cases, there may be changes you need to make to the way you operate in order to get the discounts you desire. But you’ll never know if you don’t ask.

High insurance rates are the bane of most fleets operating today. These simple negotiating tactics can help you get better rates without pulling out your hair or losing your temper in the process.

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