Hi I'm Maureen Mulheren, most people know me as Mo. I've been a licensed insurance agent since 2008. In February of 2015 I opened my own business, Connect Insurance in Ukiah Ca. I'm an "Independant Agent" which means that I can offer my clients a variety of companies.
Do you offer any advice to commerical clients on how to reduce their insurance rates? Is there a bundle deal that offers more coverage at a beter rate perhaps?
Having a bundle would definitely reduce your insurance rates for not only a multi-policy discount but multi-vehicles and drivers. Here are more ways to reduce your commercial auto insurance:
If you have a Commercial Driver's License you can save up to 20%, If you ahve been in business for more than three years you could be eligible for a discount of up to 5%, If you've maintained continuous insurance coverage for the last 12 months you could be eligible for additional savings, Paying in full is a great way to get a discount you could save up to 15% by paying your policy all at once.
Have you noticed if a certain age of a vehicle or age of a driver can impact insurance premiums?
As far as the vehicle this is a very difficult to determine. It's always my recommendation to have your agent check on the price of various vehicles before you purchase them, one make and model could cost you more than a comparable model. Insurance rates are based on algorithms of risk. So of course the less experience a driver has the "riskier" they are viewed so the rates are hgiher. The age at which the risk changes is constantly influx so it would be a little difficult to pinpoint an exact age.
Have you noticed if there are areas of coverage that clients could be missing?
Somtimes especially when you are starting out a new company you are looking at saving the most money. As your business grows your risk increases.Also it's important to realize the difference of not carrying "Full coverage", meaning you are carrying a liability only policy, when you do this you are essentially leaving your companies asset (your vehicle) at risk of having to be replaced at your cost. Again this is somthing that your agent can quote for you so that you can see the value vs the cost.
How often should clients review their policy with their agent?
your agent should review your policy each year at your renewal. They should be checking to see if there are any rate increases or decreases with the company they hae you with vs other possibilities in their agency. As your company grows and you add vehicles and employees this offers an opportunity to take a look at your policy again and make sure that it is still aligned with the policy you have in place.
Do you have further advice for these clients?
Yes, I think it's very important to work with an agent that has your bottem line in mind, that includes your rate and your risk. When you build a relationship and trust with your agent that's invaluable to your business.