Coverage for Your Business Vehicles In Durham And Raleigh, NC
Protect Your Business Vehicles
In 2018, car wrecks in North Carolina involved more than 300,000 commercial vehicles. Commercial automobiles are often large, expensive, and provide crucial services for businesses. It is imperative that owners invest in commercial auto insurance. Policies will provide specialized coverage for a business, its vehicles and drivers.
At All About Insurance, we seek to find personalized solutions for each client's unique commercial auto insurance needs. We know that every business needs the policy that is right for both their operation and their budget. We will ensure you can get hassle-free coverage that will always protect you behind the wheel. Call us at (919) 321-2886 or request a free online quote today.
Common Commercial Auto Insurance Questions
Who Does Commercial Auto Insurance Cover?
If one of your company vehicles has a wreck, you might face a lot of recovery costs. Commercial auto insurance applies to vehicles owned or used by businesses. If unexpected accidents or other hazards damage the vehicle, then this policy can help the business protect itself against significant financial losses. The business can avoid paying for recovery costs out of pocket.
What Is The Definition Of A Commercial Auto?
A multitude of business vehicles might need commercial auto insurance. These might include:
- Vehicles owned by a business.
- Employees' personal cars that they use as part of their work.
- City - or county-owned vehicles, including emergency vehicles.
- Company-owned cars that someone drives both while on and off the job.
- A personal vehicle not used for business, but that qualifies as commercial due to its weight.
- Vehicles driven for rideshare services.
What Is Covered Under A Commercial Auto Policy?
A 3-year average found that the cost per vehicle crash in North Carolina was more than $78,000. The cost per vehicle was $2,800. Without commercial auto insurance, you might cripple your business as you try to recover from an accident.
Commercial auto policies might offer a variety of coverage options. Each can alleviate accident costs that any vehicle owner or operator might face. You might choose to buy:
- Bodily Injury Liability Coverage: Coverage will pay for injury costs of others who were not in the vehicle with you when the accident is deemed your fault.
- Property Damage Liability Coverage: If the insured driver is at fault in a wreck, then this coverage can compensate other people for their property damage that the driver caused.
- Personal Injury Protection (PIP) Coverage: Regardless of who is at fault in an accident, your own policy can pay for your medical costs.
- Comprehensive Coverage: When an unexpected event damages the car, then this coverage can pay for the repairs or replacement. Some of the events that might qualify for a claim include fires, theft, vandalism, falling objects or severe weather
- Collision Coverage: After a car wreck, this coverage can pay for damage to the insured vehicle.
- Uninsured/Underinsured Motorist Coverage: If another party is at fault for a wreck, but they lack liability insurance to compensate you, this coverage can help you pay the costs required to repair your company car.
- Hired/Non-Owned Auto Coverage: If you use a vehicle for business, but don't own that vehicle, then this coverage extends liability coverage to that vehicle and its driver. This is the coverage that will extend coverage to an employee who drives their own car for business.
- Gap Coverage: If you lease or finance your vehicle, then this settlement can help you pay off the value of the note if your collision or comprehensive coverage won't settle with you for the full value of the note.
How Much Is Commercial Auto Insurance?
Some estimates place the cost of commercial auto insurance at about $1,500 - $1,700 per year. Yet, various factors will influence your specific rates. These might include:
- The number of cars you insure
- How many drivers you employ
- Your selected coverage limits
- The location of the business
- How often someone drives a company vehicle
Your All About Insurance agent will work with you to determine the appropriate limits for your policy. They can compare the policy options of numerous carriers to determine the one that offers you the best cost structure for your company budget.
How Much Commercial Auto Insurance Do I Need?
Both state and federal law require most commercial vehicle operators to buy certain amounts of coverage. The requirement might vary based on the weight of the vehicle you own, how you use it and what types of cargo you carry. Still, you can augment your required coverage with the mix of coverage that is best for you. That way, you’ll have more protection in case of costly accidents.
Additionally, you can buy supplementary policies like Inland Marine Insurance. The coverage insures property damage to items like business equipment, customer cargo or other items transported in a commercial vehicle.
How Does Commercial Auto Insurance Work For Rideshare Drivers?
If you drive for a rideshare company like Uber or Lyft, then you will need to keep your personal auto insurance. However, you might need to augment this coverage with rideshare insurance.
Though rideshare companies often offer insurance supplements, there's no guarantee that their coverage will offer you adequate protection. By choosing rideshare insurance, you can better protect yourself when you are on the job. It will usually provide various degrees of protection depending on whether you are not working, waiting on a call, on your way to pick up a client or transporting them. Usually, it comes as an endorsement or supplementary policy for your personal car insurance.