A commercial auto insurance policy is required under most circumstances when the vehicle is used for business purposes and meets certain other requirements. It is not just the registration that determines the requirement for a business automobile insurance policy. Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Some small trucks can be owned and insured under a personal automobile insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated in pricing, as are private passenger policies. There is price competition between insurance companies for good commercial automobile insurance.
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Any business owner or the business employees that own, lease, or rent and drive vehicles designated under the business present a liability exposure when operating company vehicles.
The coverage tends to carry higher limits and covers any automobile used in the course of business, existing or newly acquired, and taking into account such conditions as vehicle weight and load capacity. In addition, vehicles may be specifically equipped with features to perform certain tasks, such as:
Most states require third party liability coverage, including bodily injury and property damage. Policies may be extended to include:
Fleet insurance is an option for businesses with 25 or more vehicles. This approach rates the number of vehicles versus rating each automobile individually.
GAP insurance is available to offset the difference between the actual value of a vehicle and the lease agreement. It was established to correct being “underwater on the lease” in the event of a loss.
One of the major benefits of Commercial Auto Insurance is the concentration on safety practices in order to keep drivers safe, cut down on the national statistics, and keep premiums reasonable. Further, establishing a traffic safety program saves lives.
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