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No need to panic--we've got tips to help you cut your car insurance costs.

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This story appears in the March 2005 issue of Entrepreneur. Subscribe »

Is your company's vehicle insurance too high? The Insurance Information Institute reports rates are declining in some states, but medical costs are rising. Meanwhile, a recent National Highway Transportation Safety Administration survey reveals many drivers aren't aware that their coverage is insufficient until after an accident. Here's how you can reduce insurance costs:

  • Check your state's department of insurance for minimum insurance requirements. Check out www.ican2000.com/state.html for basic rate comparison surveys.
  • With your employees' written permission, ask your local Department of Motor Vehicles for driving records if you insure drivers. Poor driving records mean higher insurance costs.

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