If your business owns a single car or a large fleet of vehicles, it needs commercial auto insurance. Because an accident can happen to even the most careful driver and can cost thousands to even millions of dollars.
Purchasing commercial vehicle coverage for cars you own or lease protects your business in the following ways:
- Liability coverage, if your driver is responsible for injuring others or damaging their property or vehicles.
- Damage coverage in case your vehicle is damaged or ruined in an accident or theft, weather event or vandalism.
- Coverage for uninsured or under-insured drivers if the at-fault driver can’t pay costs owed to you.
- Medical costs for you or your passenger’s injuries
McCartin Insurance offers commercial vehicle insurance in Maryland, Pennsylvania, Virginia, West Virginia, Washington DC, Ohio and North Carolina. Contact our experienced agents for help with insuring your commercial vehicles.
Registering a Commercial Vehicle
Contact your state to see what the requirements are for registering a commercial vehicle. For instance, in Maryland if you are only using your vehicle in Maryland or another state, you must obtain a DOT number for that state. Or if you will use your vehicle for interstate travel, you must obtain a U.S. DOT number.
Deciding on How Much Commercial Insurance to Purchase
Different types of vehicles have different insurance coverages mandated by the state. Fo example, company cars must be covered by uninsured or under-insured motorist coverage and must meet the same liability requirements as passenger vehicles. In Maryland, the minimums are:
- $30,000 for bodily injury per person
- $60,000 for bodily injury for an accident with two or more injured parties
- $15,000 for property damage for an accident
You should try to purchase liability coverage amounts that are much higher than the state’s required minimums. Since accidents in company vehicles often lead to higher liability lawsuits because the injured party has a greater chance of receiving a large cash award.
Bigger vehicles have much higher liability requirements. The requirements are determined by the weight, type of cargo, whether or not it’s used to transport people and how many people and if the vehicle is used in state only or for inter-state transport.
What Coverage does Commercial Vehicle Insurance Include?
- Liability coverage
- Uninsured or under-insured motorist coverage
- Collision coverage
- Comprehensive coverage
- Medical payments coverage
- Non-owned, or for-hire coverage
- Bobtail insurance coverage
- Loading and unloading coverage
- Towing and labor coverage