Commercial Auto Insurance Quotes – The cost of commercial vehicle insurance coverage depends on the number of vehicles, their value and their commercial use. Small businesses can expect to pay $147 per month for this policy.
Small businesses pay an average premium of $147 per month or $1,762 per year for commercial auto insurance.
Commercial Auto Insurance Quotes
Our figures are derived from the average cost of policies purchased by customers from leading insurance companies. The median gives you a better idea of how much your business will pay excluding premiums and dips.
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Get a commercial auto insurance policy if you run jobs, transport customers, or rely on drivers or couriers.
Small business customers pay an average of $147 per month for commercial auto insurance, while 37% pay less than $100 and 26% between $100 and $200 per month.
For small businesses, costs depend on how many vehicles they have and the insurance coverage they choose.
Just like your personal auto insurance policy, your business insurance company calculates your commercial auto insurance premiums based on a number of factors, including:
How Do I Get Commercial Auto Insurance?
If you want car insurance to cover a wider range of losses, you should opt for higher per-occurrence limits and aggregate limits on your policy. Higher coverage limits cost more than basic coverage.
When you buy a policy, you can choose a higher deductible to save money on your premium. However, make sure the deduction is something you can easily afford. If you cannot pay the deductible, your insurance will not be activated to cover your claim.
The exact amount of coverage depends on your business needs. You want coverage that covers a potential car accident without buying more than you need. If you’re not sure what limits are right for your business, talk to a licensed insurance agent. They can also help you find other ways to get cheaper commercial auto insurance.
The type of auto coverage you purchase can also have a big impact on your commercial auto insurance costs. You can choose only the deductible, or opt for comprehensive coverage and other types of physical damage coverage.
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If you rent, lease or operate a personal vehicle for business purposes, you can also opt for rental and non-owned auto insurance (HNOA). Since it doesn’t cover damage to your own vehicle, you can expect to pay slightly less for HNOA coverage.
Auto liability coverage is required by law in most states and protects you if you or your employee causes an accident in your commercial vehicle. The deductible is your lowest cost option and offers limited coverage to pay for:
If you choose comprehensive car insurance, your coverage will increase – but so will your insurance rates. In addition to what is covered under auto liability coverage, comprehensive commercial vehicle insurance covers theft and damage due to weather, vandalism or fire.
Additional endorsements such as uninsured motorist coverage, medical payment coverage, or collision coverage can increase your premium even more. For an accurate auto insurance quote, be sure to provide details about your insurance needs.
Commercial Auto Insurance — Express Lane Insurance
The type of business you run also affects how much you pay for a commercial auto insurance policy with the use of your vehicle. For example, a food truck loaded with valuable equipment or a tow truck that is always on the road will have higher costs. Construction vehicles can also be built, often on dangerous jobs.
However, remember that the number of vehicles and their value will have a greater impact on your premium than your industry.
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If you find the right policy for your small business, you can begin coverage within 24 hours and receive a certificate of insurance for your small business.
Commercial Auto Insurance Cost: 2023 Customer Prices
Insurance premiums vary depending on the policies a business purchases. View our small business insurance cost overview or find out the cost of a specific policy. A business automobile policy (BAP) provides coverage for the use of cars, trucks, vans and other vehicles by a company in the course of its business. Coverage may include company-owned or leased vehicles, company-leased vehicles, or employee-owned vehicles used for business purposes. BAP covers both liability and damages. A business auto policy is also known as a business auto coverage form (BACF).
A business auto policy provides coverage for any company utility vehicle operating on public roads. BAP coverage is selected separately for each insured vehicle and different vehicles belonging to the same company may have different amounts and types of coverage.
Businesses should obtain a business auto policy, even if they do not own a vehicle, if they ever use personal vehicles for business purposes. This coverage is especially important in the case of employees who use their personal cars to perform business functions. In the event of a serious accident, the employee may not have enough liability coverage to adequately protect the business.
Agents use a business auto coverage form to create a policy for a business owner. A business coverage policy identifies the number and type of vehicle insured, the causes and types of loss covered and the responsibilities of the insurance provider and the business.
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BAPs cover injuries or property damage caused by any vehicle accident, as well as any expenses associated with repairing damage to the vehicle. Managers should not rely on personal auto insurance because it generally does not cover losses incurred in the course of business.
A BAP typically consists of five sections, namely (1) Covered Automobiles, (2) Liability Coverage, (3) Bodily Damage Coverage, (4) Business Auto Conditions, and (5) Business Definitions.
Policyholders should pay close attention to the numbered symbols listed on policy statements that identify the insured for other coverage. These symbols, called covered automatic designation symbols, are represented by a number. Each symbol represents the category of cars covered. For example, symbol 1 means “all cars”, while symbol 2 means “only cars”.
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BAP coverage must include both property damage and liability insurance. Even in cases where the vehicle is leased or the company makes regular payments, a certain level of coverage may be required.
Commercial Auto Insurance In Mississippi
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Commercial auto insurance is a type of business insurance that covers motor vehicles used for business purposes, such as delivering inventory, transporting passengers, and traveling to customer sites or project sites. Your personal auto policy does not cover accidents that occur during business activities.
Like a personal auto policy, commercial auto insurance includes other state-required coverages, such as liability coverage and uninsured motorist insurance. Business owners can also choose to add physical damage protection at an additional cost.
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Some insurers charge commercial auto rates as high as $91 per month, depending on your business. Read on to learn how commercial auto insurance protects you and how it works.
Commercial auto insurance works similarly to personal auto insurance in that it provides coverage for damages and injuries caused by an accident. Key Difference: Commercial insurance is specifically designed for vehicles used for commercial use, such as delivering inventory, traveling to customer or project sites, or when selling from a vehicle such as a food truck.
A commercial auto policy Basic policy meets your state’s minimum insurance requirements, including liability insurance. This coverage provides financial protection if the commercial vehicle is responsible for damage or injury to a third party. For example, if your employee rear-ends another car, commercial auto insurance will pay for the other driver’s bumper repairs and injuries to the driver.
Depending on your state, a commercial auto base policy may also include personal injury protection and uninsured/underinsured motorist coverage (more on the different coverages in the next section). Only New Hampshire and Virginia have flexible laws that allow some drivers to drive without commercial auto insurance. However, they must show proof that they can cover the damages if they are responsible for the car accident.
Business And Commercial Insurance
Depending on your insurance company, commercial auto coverage may be available if you drive a commercial vehicle for personal use. However, the opposite does not apply.
A personal auto insurance policy does not cover you for auto accidents while driving the insured vehicle for business use.
Commercial auto insurance covers employees who drive motor vehicles for business use. In some cases, it also covers family members if they drive a company car. Confirm these details with your insurance provider.
If your business has more commercial vehicles – for example a car rental or trucking company – you should look at business fleet.
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