What is the price of NEMT insurance?

Are you considering establishing an NEMT business? Now is the time to think seriously about insurance expenses. Insurance is required so that you can drive your own automobile, just as it is required to cover your NEMT fleet and drivers before they start their work. Pricing varies by individual and is determined by several aspects. Let’s take a closer look at specific factors that influence insurance costs.

Location.

The location of your company has a significant impact on insurance rates. Undoubtedly, one has a higher risk of getting into an accident if they live in a big city because of road congestion, public transit, bikers and other road users. Due to a smaller number of vehicles on the route, your insurance will likely be less expensive if you live in the countryside or suburbs.

The size of the vehicle fleet and driver team.

Your insurance costs will increase and decrease depending on the number of cars and employees the company has. Drivers are eligible to drive a car only under the condition that they are covered by the insurance policy. In case you have a larger fleet, insurance providers perceive you as a higher liability.

Training of drivers.

Systematic driver training programs can help lower insurance rates at your firm. Particular insurance companies also suggest specific courses with rewards for successfully passing them. Completing such courses will increase your revenue and also provide you with a highly qualified driver team.

Vehicle models.

The cost of insurance is based on the vehicle's brand and model. For example, if you are an NEMT company owner, you'll pay more for wheelchair and stretcher vans because they pose a higher risk of physical injury. Due to the possibility that the wheelchair and stretcher may not always be securely fastened, they are considered to be at a greater danger.

Driver background checks.

You will be able to find reasonably priced insurance, if all your employees are without criminal records. However, your costs will go up the moment even one person gets into an accident. Insurance firms will also take a broad view of your company, monitoring the performance of your drivers year after year and modifying rates accordingly.