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Get Covered for Personal Injury, Vehicle Damages with Commercial Auto Insurance
Commercial auto insurance provides coverage for vehicles like vans, cars, and trucks used for business purposes. It covers legal expenses, medical bills, liability, and property damage related to company vehicles’ accidents.
Service utility vehicles or fleets of delivery trucks are obvious candidates for business car insurance, but many small businesses need it as well. Anyone who uses their vehicle for business should protect their assets with commercial auto insurance.
Need to find cheap commercial vehicle insurance online? It’s quick and easy to shop with EINSURANCE. Enter your zip code above to get an instant business auto insurance quote and compare prices.
What Does Commercial Auto Insurance Cover?
Business car insurance helps pay for costs related to accidents that involve the use of a commercial vehicle. There is a wide range of different policies covering anything from a single car to a fleet of 500. Below is the most common commercial auto insurance.
Auto Liability Coverage
Auto Liability Coverage offers protection from financial losses as a result of an accident you caused. Your policy’s liability portion is made up of two types of coverage: bodily injury and property damage.
If you are responsible for an accident that badly injures another person, you may end up with a large debt. The bodily injury section of your liability insurance will cover medical bills, lost wages, and other expenses related to the accident.
If your vehicle damages another person’s property, property damage coverage will help cover the costs. You’ll be covered if you hit another vehicle, crash into a building, or even injure someone’s pet.
Collision Coverage
Collision coverage helps pay for the repair or replacement of your vehicle if it is damaged or destroyed, regardless of who is at fault. This also provides protection for single-car collisions.
If you overturn your car or ruin your frontend because you hit a deer, collision coverage will kick in. This type of insurance is optional, but if you are leasing a vehicle, you are typically required by law to carry it. Collision coverage usually comes bundled with comprehensive coverage.
Comprehensive Coverage
This is extra coverage for damage to your vehicle not caused by a collision. It covers theft, vandalism, explosions, fires, tornados, floods, riots or civil unrest, and other covered perils. Visit comprehensive insurance – all you need to know to learn more.
Underinsured or Uninsured Motorist
Some drivers don’t have enough insurance to cover the cost of damage or injuries they caused. Underinsured motorist coverage will help you pay for the remaining expenses.
Not everyone behind the wheel is insured. Uninsured motorist coverage protects you if you get in an accident with an uninsured driver. Without it, you may have to take the driver to court to recoup your losses.
Medical Payments Coverage
Medical payments coverage (medpay) is designed to cover medical bills for you or any of your passengers. It pays for fees related to injuries or death such as x-rays, protheses, doctor’s visits, hospital stays, funeral costs, ambulance rides, and physical therapy.
What Commercial Auto Insurance Does Not Cover
To get the best commercial auto insurance coverage, you need to understand what kind of coverage is available. Commercial auto insurance doesn’t cover accidents that involve personal vehicles or leased vehicles. Your business must own the vehicle outright to be eligible for coverage.
Medical expenses that are unrelated to the accident are not covered. If your employee is injured while driving on the job, any doctor’s visits related to the accident are covered. If the same employee makes another appointment because they have the flu, the insurance company will not pay for it.
The contents inside the company vehicle are not covered by your policy either. You can protect any tools, electronic equipment, or other expensive items you use for business with additional commercial property insurance. Commercial auto insurance may provide reimbursement if you have to purchase a rental car after an accident. It won’t cover any losses related to the rental.
If you or an employee is driving a personal vehicle for business purposes or your business is leasing a vehicle, consider getting hired and non-owned insurance (HNOA). Otherwise, your business could be held responsible if anyone from your company gets into an accident during business hours. HNOA covers:
- Vehicles rented by a business
- Employee-owned vehicles
- Vehicles leased by a business
Drivers who work for Uber and Lyft will need to get rideshare insurance added to their personal auto insurance policy.
What Type of Vehicles Does Commercial Auto Insurance Cover?
Basically, any automobile used by you or your employees for business can be covered. Here are some examples:
- Work Vans
- Cars
- Service utility trucks
- Box trucks
- Buses
- Semi-trucks
- Food trucks
- Farm Vehicles
Businesses with multiple vehicles to insure can save money if they purchase commercial fleet insurance, a type of blanket coverage with flexible options that helps keep costs low. It also makes it easy for managers to keep track of the policies.
Special insurance is required for commercial vehicles used for certain purposes like hauling hazardous waste, emergency services, transporting school children, and transportation services such as taxis.
How Much Does Commercial Vehicle Insurance Cost?
Commercial vehicle insurance cost varies wildly based on many different factors, but how much should you pay?
The cost of commercial vehicle insurance depends on:
- The number of vehicles you want to insure – naturally, more vehicles will lead to higher costs.
- Vehicle(s) – the vehicle’s year, model, condition, size, and value all come into play. A midsize sedan will be much cheaper to insure than a Mack Super-Liner.
- Vehicle use (risk exposure) – the vehicle’s purpose and how it is utilized is another important factor.
- Your claims history – if you’ve never filed a claim before, you can expect to get lower rates.
- Your employees’ driving history – a bad driving history can hurt the price. A speeding ticket alone can increase rates by 10%.
- Your deductible – higher deductibles can mean lower premiums, but you will pay more out of pocket when the time comes to make a claim. Many people choose lower deductibles to avoid the risk of paying too much upfront for a claim.
- Type of coverage and policy limits – extra options like collision coverage and comprehensive coverage offers more protection, but they cost more. Higher limits will also come with higher price tags.
- Location – each state has its own minimum requirements for the amount of commercial car insurance you need to carry.
Example Prices
Small business owners who need to buy commercial auto insurance can expect to pay between $600 and $2400 per vehicle each year. Here are some example prices to give you an idea of what you might pay:
| Vehicle | Minimum Cost Per Month (Basic Coverage) | Maximum Cost Per Month (Full Coverage) |
| Car | $50 | $200 |
| Semi Truck | $600 | $1000 |
| Cargo Van | $275 | $525 |
| Limousine | $330 | $500 |
| Taxi | $415 | $830 |
As you can see, the price difference between basic coverage and full coverage can be thousands of dollars annually.
Once you are ready to buy commercial auto insurance, you can compare prices online. Although the business auto insurance quotes that you get are rough estimates, the more information you provide, the more accurate the price will be. Enter your zip code to get a free quote on affordable commercial auto insurance.
How to Get Cheap Commercial Auto Insurance
There are many things you can do to get cheap commercial auto insurance. Here are some steps you can take to prevent higher premiums:
- Get a discount – discounts are the easiest way to get the best commercial auto insurance rates. Insurance companies offer discounts for multiple policies, experience in the industry, paid-in-full policies, and more. Commercial fleet insurance policies will help keep costs low if you have 3 or more vehicles to insure.
- Hire employees with clean driving records – driving history has a large impact on auto insurance price. Experienced, safe drivers will keep your rates low.
- Provide employees with driver education courses – this can lower the insurance company’s risk to insure you.
Insurance companies are always changing their rates and chasing new customers. They target construction companies with large fleets one minute and small business owners with one or two vehicles the next. You can take advantage of this and shop around to get the best rates.
Get an Instant Commercial Car Insurance Quote With EINSURANCE Today
EINSURANCE makes it easy to find cheap commercial vehicle insurance online. For over 25 years, we have been helping people protect their assets with affordable commercial auto insurance. We are in the business of helping people save money without sacrificing coverage.
Explore our site to discover the perfect policy for you. You’ll find all the tools you need to figure out what type of coverage you need and compare prices online. To get a free commercial auto insurance quote, all you need to do is answer a few questions. Enter your ZIP code in the box above and click the button to get started.
