Tag Archives: auto

Characteristics of a Top Auto Rating System

Commercial Auto Rating

Commercial Auto Rating

Businesses everywhere rely on dedicated vehicles to transport employees, deliver goods, and move essential materials from place to place. Some businesses have a single vehicle to fill many needs while others rely on a fleet of specialized vehicles. Regardless of the auto insurance needs of any given customer, an insurance agency should be able to provide solutions that address a customer’s particular concerns. Having access to essential information will allow agents to offer competitive solutions; a highly responsive commercial auto rating system can help.

 

Accessing Vital Information

 

All insurance agencies that handle commercial and fleet auto policies need to use a commercial auto rating system that is flexible enough to meet the changing needs of customers. An ideal rating system should:

 

  • Have ratings engines that can handle multi-location policies
  • Accommodate package and monoline policies
  • Provide accurate statistical information that is ready for use by program administrators and MGAs
  • Allow for business rules that are specific to each customer
  • Have options for printed and electronic policy form distribution

 

These are just some of the features that insurance agents can access as a result of using top auto rating systems. Flexible user options allow for a more tailored function; this helps agents access the most relevant information even faster.

 

Success in the insurance industry depends in large part on what information agents have access to. Using a suite of rating systems that provides relevant information in a convenient format means getting customers the rate quotes they need with less downtime.

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How Can an Aggregate Limit Affect Your Auto Policy?

hired non owned auto

hired non owned auto

Most people and businesses might not truly understand what their auto insurance is like until a claim needs to be made. When an accident occurs, you may become painfully aware of how great or minimal your hired non owned autocoverage is. One thing that can really throw a wrench in the works is an aggregate limit rearing its head. Understanding this type of limit is the best way to determine whether or not it is for you.

 

What is an Aggregate Limit?

 

An aggregate limit is a combined limit of all the claims made to your auto insurance. In other words, each dollar amount of each claim is added together. Once your dollar limit—as determined by your policy—is reached, the insurance company no longer pays, and you are left to cover the rest of the costs till your current policy expires. The limit usually resets at the start of your next policy period.

 

Breaking the Limits

 

Aggregate limits may be fine if you and your employees do not get into accidents. If such a limit worries you or your staffing firm, probably the best way to beat it is to select a policy that has no aggregate limit.

 

The right hired non owned auto liability policy may come without an aggregate limit. Talk to an insurance agent today about aggregate limits and how it might affect your staffing firm’s insurance claims.

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