If you are looking for the best commercial vehicle insurance, there are many factors to consider. Among them are premiums, deductibles, limits, and coverage. Here is an overview of these features. To save time and money, consider the following features. They may not seem important, but they can make a big difference in the long run.
Coverage options
If you own a business or drive for a living, you should understand the different coverage options available. Your rates will depend on several factors, including the industry you’re in, the number of drivers on your policy, and the types of vehicles you’re insuring. Some of these factors are customizable, while others are not.
Your policy will have standard coverage for liability, bodily injury, personal injury, medical payments, and uninsured motorists. You can also add on optional coverages, such as rental reimbursement, roadside assistance, and physical damage to the rented auto. Depending on your business needs, you can also opt for specialized coverage.
Your policy may also include hired and non-owned auto coverage, which will cover any vehicles owned by employees. Named insured coverage (also called named insurers) covers specific individuals in your business. This coverage applies to any type of vehicle owned by your employees. Finally, you can consider rental reimbursement, which compensates you if you need to rent a vehicle during a car breakdown.
When comparing different coverage options, consider whether you need uninsured motorist coverage, collision coverage, or comprehensive coverage. Commercial auto insurance covers many different risks, including medical bills, legal bills, and stolen equipment. While personal auto insurance is less expensive than commercial, it may not be adequate for your business needs. Consider all these factors when choosing commercial auto insurance. It is important to remember that these options are only suggestions and do not guarantee coverage. Talk to a professional insurance agent to see what options are available.
Premiums
Premiums for commercial vehicle insurance vary depending on the size of your business and the number of vehicles you operate. A standard policy for a small business costs less than $1,200 per year. If you operate a fleet of trucks, your premiums could be more than $10k per year.
To reduce your premium, take advantage of any available discounts. Many insurance companies offer usage-based discounts. Additionally, ask about fleet discounts, which can make a big difference to your premium. These discounts may include discounts for purchasing multiple vehicles at a time. Additionally, ask about age, driving record, and credit score, as all these factors have a big impact on premiums. You can also use GPS to plan your route or group deliveries to reduce the amount of miles you drive.
Changes in the consumer basket are indicative of rising premiums. However, the change in premiums reflects the impact of industry initiatives such as introducing stricter laws to reduce the cost of commercial vehicle insurance policies. Premiums for commercial vehicle insurance fell 2% from 2012 to 2013, but remain nearly 50% above 2010 levels. Despite rising premiums, the average cost of large commercial vehicle insurance policies has remained relatively flat since 2010 and has increased slightly over the three years.
Premiums for commercial vehicle insurance vary based on various factors. The type of vehicle you drive can also affect the premium. Trucks are the most expensive to insure because of their weight. Likewise, the age of your primary driver will affect the cost of coverage. Additionally, the number of drivers in your business will determine the risk and cost of insurance.
Limits
Commercial vehicle insurance limits can make or break the success of your business. While the potential cost of a single accident is not necessarily greater as the number of vehicles increases, the chances of multiple accidents increase. Depending on the number of company vehicles and where they operate, you may not need to increase your per-incident limit. However, you may want to increase the overall limit of your commercial vehicle insurance coverage. For example, if you operate a trucking company in a state with strict laws, you may want to consider increasing your aggregate limit.
Commercial liability insurance covers you against expenses incurred due to bodily injury and property damage. Combined single limits, which start at $100,000, can go up to $1 million, and cover both property and bodily injury liability claims. Commercial liability insurance is important if you regularly drive for cash. Moreover, if you are using your vehicle to do your job, your mileage is likely to be high and you often transport heavy items.
You can increase your commercial vehicle insurance limit in increments of $ 25K or $50K. You can also choose between a minimum of $10K or $20K and a maximum of $100K or $250K/500K. The limits of liability coverage required by a company will vary from state to state. The minimum limit is usually around $25,000/50K, which is considered low enough for most purposes. However, you can choose to increase the limit to cover both bodily injury and property damage.
Commercial vehicle insurance limits vary widely. Some policies have higher limits of liability coverage, while others only cover incidental expenses. Commercial car insurance may also have other features including medical payments and legal fees. Policy limits are usually higher than individual auto insurance.
Deductibles
If you own a business, then you may be wondering how to decide on the deductible for commercial vehicle insurance. The deductible amount is the main deciding factor. Choosing a higher deductible can be more expensive, but it’s also important to keep the budget in mind. You want to make sure you can afford the premium.
The deductible for commercial car insurance isn’t the same as that for health insurance. With health insurance, the deductible is applied to the out-of-pocket maximum, while in auto insurance, there’s no limit. For example, if you’ve got a $500 deductible, then you’ll have to pay $1,500 for repairs. Whether you want to reduce your deductible to $500 or $1,000 will be a matter of personal choice, and your insurance agent can guide you in making the right decision.
Commercial vehicle insurance deductibles vary from company to company. So it is important to choose the right one for you. Deductibles for commercial vehicle insurance are generally higher than for homeowners and renters policies. However, you can change the deductible whenever you want. If you need to change your deductible, be sure to contact your insurance company right away. Generally, car, renter and homeowner insurance companies allow you to change your policy whenever you want. However, a health insurance policy cannot be changed unless you renew your policy, or if you experience a qualifying life change.
A higher deductible will increase your premium. The deductible for commercial vehicle insurance is the deductible for collision and comprehensive coverage. Collision covers repairs to your car, but not what you get hit by. General liability insurance covers those losses. In Florida, Kentucky, and South Carolina, you can choose a zero-deductible policy, meaning you pay nothing unless you claim for it.
Comparison of policies
Progressive is one of the most popular providers of commercial auto insurance with a market share of 12%. Its policies cover a wide variety of vehicles and have unlimited travel radius in most states. These policies are also flexible enough to allow for seasonal changes and premium savings. You can use it to cover a variety of vehicles, whether you’re using it for delivery or your personal use. If you own a truck and drive it daily, Progressive’s commercial auto insurance policy may be just what you need.
In addition to coverage limits, consider the type of business you have. Is your vehicle used for delivery? If so, insurance rates may be higher than a company car. If it is, discuss your insurance needs with a professional. Be sure to compare coverage limits and rates with other companies. You can also find insurance programs through trade associations. These organizations often sponsor programs to help their members save money on their insurance policies. So, take the time to find the right policy for your business.
