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business car insurance - am I overdoing it?
Last month, one of my employees had a minor fender bender while making a delivery. Nothing major, but it got me thinking...maybe I'm paying for more insurance than I really need. Anyone else ever wonder if they're over-covered or under-covered?
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2 replies
Had a similar thought last year after a small scrape during a weekend road trip. Decided to sit down, pull out my policy, and really break down what each coverage meant. Turns out I was paying extra for roadside assistance and rental coverage I didn't really need - already had AAA and a backup vehicle. Might be worth checking line-by-line to see if you're doubling up on anything...could save you a decent chunk each month.
"Turns out I was paying extra for roadside assistance and rental coverage I didn't really need - already had AAA and a backup vehicle."
Good point about checking for duplicate coverages, but I'd be careful cutting back too much on rental coverage. Had a minor accident last year myself, nothing major, but my car ended up in the shop for almost two weeks waiting on parts. Thought I was set with a backup vehicle too, until it decided to break down at exactly the wrong time (typical luck...). Ended up needing that rental coverage after all.
I get wanting to trim the fat off your policy - totally makes sense - but sometimes those seemingly redundant coverages can save your butt when you least expect it. Maybe just dial down the limits or choose a cheaper option instead of dropping them entirely? Just something to think about before you make any big changes.