Commercial Car Insurance

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Key takeaways...
  • Many well-known car insurance companies also offer commercial car insurance
  • There are many different types of vehicles that can be insured by commercial coverage
  • There are steps you can take to keep your premiums as low as possible

Some companies that offer commercial car insurance include:
  • Progressive
  • State Farm
  • Geico
  • Nationwide
  • Allstate
  • Travelers

If you own a business, whether it is big or small, and you have vehicles that you use specifically for it, you will need to make sure they are properly insured. These companies will help you find the best policy.

You can begin your search for commercial car insurance rates right now by entering your ZIP code into the FREE quote box!

Commercial auto insurance is different from personal auto insurance so it is important to insure your vehicles separately. When shopping for commercial car insurance, similar rules apply as with individual car insurance.

You want to make sure you are going with the right policy and company rather than making a decision based on price alone.

The Purpose of Commercial Car Insurance

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If there is any kind of vehicle involved in your business, it is important to insure it properly.

Even if you own a small business and you drive your personal car for business purposes as well, you may need to look into purchasing commercial coverage.

Commercial auto insurance helps to cover damages done to your vehicle while it is being used for business. If you only have personal auto coverage on the vehicle, you may not be covered if something happens to it during a business errand.

If you are unsure as to whether you need a commercial policy for your business, The Insurance Information Institute may have information that could help you decide.

There are different types of commercial coverage. If you are unsure which kind to get, do some research ahead of time to make sure you are adequately protected.

Types of Commercial Vehicles that Are Insured

Depending on what type of business you have, there are many different types of vehicles that most insurance companies will insure:

  • Regular car
  • Van
  • Pickup
  • Agricultural truck
  • Straight or box truck
  • Bucket truck

You can get commercial auto insurance for a bus, catering truck, delivery van, cargo van, cement mixer, dump truck, limousine, ice cream truck, hearse, and camper.

Other vehicles include street sweepers, refrigerated trucks, tow trucks, tank trucks, and handicap-equipped buses or vans.

Types of Commercial Car Insurance

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For small businesses, the types of auto coverage available for businesses are similar to those available for individuals.

Each state has a requirement for the minimum amount of insurance that you must carry, and this is true for business vehicles as well. Contact your state insurance department using this map to find out what you specifically need.

Liability insurance coverage will help cover you for property damage and injuries that the other party has as a result of an accident that you or your employee caused. There are limits for each type of coverage.

To help pay for physical damage to your own vehicle, you will need to purchase separate coverage. This separate coverage includes comprehensive insurance and collision insurance.

To cover injuries to yourself and/or your passengers, you will need to buy insurance for medical payments.

There are three types of insurance for underinsured drivers. There is liability insurance for underinsured and uninsured motorists, as well as property damage insurance for underinsured motorists.

Depending on your small business needs, there are three other types of commercial insurance that are optional.

One is a single deductible endorsement. This is an option that can be added to your policy and is good if you have a vehicle, as well as a trailer or other equipment that you have insured.

If you do happen to be in an accident and all of it is damaged, this option would allow you to only pay one deductible rather than a deductible for each insured item.

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You can also purchase an individual named insured endorsement. This is an extension to your company car insurance policy to cover you if you are ever driving a car that you do not own.

The final optional insurance coverage is non-owned vehicle coverage. This coverage is good if you own a business and you have employees who drive their own vehicles–perhaps to run an errand for you–or if you own a delivery business and your drivers drive their own vehicles.

If they happen to get into an accident, this coverage would protect them.

If you have a larger business that has a greater number of drivers and vehicles, you may want to ask about fleet insurance.

If you have enough vehicles, this may be a cheaper way to go than insuring each one individually.

Many insurance companies offer insurance for cargo that you may carry. This helps cover you for accidents, theft, or fire. If you own a business that hauls things across state lines, you will need to meet the standards that have been mandated federally.

Contact the Department of Transportation or speak with an insurance agent to make sure your policy meets these requirements.

How to Save on Your Commercial Car Insurance Policy

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If you are concerned about how much you are paying for your commercial policy, there are some things that you can do to possibly help lower your rates. One factor is where your business is located.

Since some areas are more prone to vehicle theft, keeping your business vehicles in a safer neighborhood will help you save money.

As with personal auto insurance, how safe a driver you are will determine your rate. If you have an employee with a poor driving history this will negatively affect your premiums.

Only allowing those employees with good driving records to drive your vehicles will help keep costs down.

The type of vehicle you insure will also affect your rates. You will save the most on your premiums with mid-sized sedans that are domestic and have a five-star safety rating. You can find the safest vehicles listed on the Safer Car website.

Besides finding a car with safety features, look for cars with devices to help protect against theft, such as GPS tracking and alarms.

You can save money by adjusting your liability limits and deductible amounts.

If you can afford to pay out a higher deductible in the event of an accident, your premium will be lower. Lowering your limits will keep premiums lower as well; however, it is usually a good idea to carry higher limits on a commercial policy.

If you own a business that is more seasonal, such as a snow removal business or holiday delivery, your insurance company may offer seasonal business insurance.

This option will cover you for the months that your business is operating but will save you money during the months it is not.

Search for a Commercial Car Insurance Company

There are a few ways that you can search for an insurance provider. One is to ask the company with whom you insure your personal auto and/or home. If it offers commercial insurance as well, it will be easy to add a commercial policy and you may be able to save a little money.

If your current insurance provider does not offer business auto insurance you can start making phone calls to other insurance companies.

Speaking with an agent about your commercial policy is often a good idea, as these policies can sometimes be a bit more complicated than personal ones.

You can also use the Internet to find a company to insure your business’s vehicles. Most insurance companies will have information about the types of business policies that they offer and you can often apply for them online as well.

No matter which way you decide to search for car insurance for your business vehicles, the number one thing that you should do is take the time to look more closely at the companies between which you are choosing.

Price may be a mitigating factor in which one you choose, but it shouldn’t be the only factor.

Choosing the Right Commercial Car Insurance Company

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Since you are paying a good amount of money every month for commercial auto insurance, you want to make sure that you are getting the service that you deserve. There is no point in paying all that money if the company doesn’t come through when you have a claim.

First of all, ensure that the companies you are deciding between are licensed to sell commercial insurance in your state.

If your insurance needs are more complicated, make sure that the agent or representative that you are working with is also very familiar with the laws in your state.

Look into the financials of the insurance companies. This information is easily found at a website such as AM Best’s. Choose a company that has a high rating, such as “A-” or better.

Also, choose one that is considered to be stable and has a positive future outlook.

You can also contact the insurance department in your state to see if there have been any complaints made against any of the companies. There are many commercial insurance companies out there and, if you take the time, you will be able to find the best one for your business.

Car insurance rates can be found right here by inserting your ZIP in the FREE area provided!

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