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What You Need to Know About Commercial Vehicle Insurance

Many companies have commercial vehicles to facilitate the movement of goods, equipment and people. Whether your business needs a single vehicle or a fleet, it’s important to have all the insurance coverage you need. Not sure where to start? Here are answers to the most commonly asked questions about this type of insurance:

Is it needed?
If you have been browsing the Internet to look for commercial vehicle insurance quotes, you may have wondered if this kind of insurance policy is really necessary. The short and simple answer is, yes.

If you’re a business and you use vehicles for your day-to-day operations, then it makes a lot of sense to get an insurance policy for them. Otherwise, your company could suffer from financial and legal repercussions if your commercial vehicle becomes involved in an accident.

What’s the most basic commercial vehicle insurance coverage available?

There are several components in a commercial vehicle insurance policy. For example, there’s liability insurance, which will cover you (and your business) in the event that your commercial vehicle causes property damage and/or accidental injury.

You can get collision coverage, which will cover the cost of vehicle repair or replacement in case your vehicle is damaged. There are also other options for additional coverage, such as glass, hail, theft, and fire damage.

What type of commercial vehicles can I insure?

Any vehicle that is used for commercial purposes need to be insured. While it’s true that insuring commercial vehicles can be more costly than a personal car insurance plan, you need at least the minimum coverage set by your state.

Delivery trucks, freight trucks, passenger vans, cars and buses, minivans, cargo vans, flatbed trucks, agricultural trucks, tow trucks, refrigerated trucks, pump trucks, limos, garbage trucks, front loaders, and basically any vehicle that is used for your business should be insured.

How much does commercial vehicle insurance cost?

By asking for insurance quotes, you will have a good idea of how much you’ll pay each month on insurance premiums. The rate depends on several factors, such as the type of cargo your vehicle carries, annual mileage, the age and driving records of your designated drivers, the make and model of your vehicle, and others.

To know for certain how much you’ll need to pay, simply provide all the details required by your insurance agent and they will then present you with a quote. We recommend that you compare at least 3 insurance quotes so you can properly evaluate your options.

Find the right insurance policy for your commercial vehicles to protect your business assets, yourself and your employees against unnecessary financial loss. No matter what kind of business you have or what vehicle you drive, your insurance provider should be able to find a policy that best fits your needs.

If you have any questions, please ask below!