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Commercial Auto Insurance

If you operate a business that uses commercial vehicles for its operations, it is compulsory to insure your car with a commercial car insurance policy. If you use a personal vehicle for your business purposes, like running errands, commuting to work, or taking road trips, then the commercial insurance coverage is the best type of policy.

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Definition of a Commercial Car Insurance

Commercial car insurance is similar to personal car insurance in several ways, but the only difference is that it has been designed for vehicles used for business. The coverage will include the vehicles you may buy for a company that you own or your cars used for business.

The commercial car insurance coverage includes coverage for:

  • Work Vans
  • Delivery trucks
  • Box trucks
  • Service utility trucks
  • Food trucks
  • Forklifts

Commercial car insurance offers both collision and liability coverage for the vehicles and the drivers if it provides help for the driver’s medical costs and the repair costs if the car has been involved in an accident.

Another advantage of having commercial car insurance for a business is that the premiums are tax-deductible. They are often written down as business expenses that will help to reduce the tax payable. On the other end, a personal car insurance premium is not tax-deductible. It can only be deducted if the car has been used for specific business purposes.

How a Commercial Car Insurance Operates

The commercial car insurance has been designed to fit specific business needs. One example is that you are supposed to have non-owned vehicle coverage, which will be part of the policy if you have staff who drives the trucks or even smaller vehicles. If you are a self-employed person, and your car is exclusively meant for business, then commercial coverage is essential.

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Also, commercial car insurance may include coverage for both the collision and liability damages. A liability policy limit is higher than what you will get with the personal insurance policy. It is adequate insurance that can protect you when your business has been sued for an accident that involved one of your employees or yourself.

Besides the collision and liability benefits, commercial car insurance includes the coverage for the following:

  1. Damages related to vandalism, theft, falling objects, or even weather events
  2. Personal injury claims or medical payments that result from an accident
  3. Damages caused by underinsured or uninsured drivers
  4. Employees’ vehicles used for business functions
  5. Rental cars used for transporting clients or employees
  6. Rental vehicle costs
  7. Trailers are used as business vehicles.

Your commercial auto insurance policy can also cover various items inside the business vehicles. If the van’s contents get stolen, then the commercial car insurance policy will cover such damages.

Who would benefit from a commercial car insurance?

If you are in any form of business that relies on business vehicles, then you are the person who should apply for commercial car insurance. Determining whether you need commercial coverage is another thing if you are a self-employed person.

When thinking of a commercial car policy as a self-employed individual, it is crucial to consider the following:

  • Type of the vehicle and weight
  • How you can use your vehicle for business
  • Any liability coverage that you may have with a personal insurance policy versus the content you may need basing on your business activities

Cost of a Commercial Car Insurance

Commercial car insurance is based on several factors. They are the number of business vehicles covered, the amount of coverage, and the type of cars you have in your business. According to reports, a commercial car insurance policy’s cost is $142 monthly subscription assuming that the policy amount is $1 million.

This is a median figure, and the costs can be higher or even much lower. It will depend on the industry’s risk profile, what has been included in the policy, and the insured vehicles’ driver. For those who operate high-risk businesses, the premiums must be above the average. Also, a lower risk business attracts lower premiums, which falls below the median.

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When looking for a good insurance company, it is essential to ask them about any discounts available. For example, with a fleet of about ten vehicles, the insurance firm may be willing to cut down the cost of these premiums, thus saving the business money.

How to Get the Best Commercial Auto Insurance Providers

If you feel that your business needs commercial auto insurance coverage, it is crucial to research the different policy providers in the market.

When looking for these policies, it is advisable to consider the following:

  • Minimum and maximum policy limits
  • Coverage options for collisions and liabilities
  • Insurance premiums
  • Premium discounts
  • Deductible amounts
  • Covered vehicle types

Quote Commercial Auto Insurance and beat your current insurance carriers price!

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