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Car Insurance Matters


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Car Insurance Matters

I still remember the day that I drove off of that used car lot with my first car. In my excitement to show off my new ride to my friends, I smashed my car into a telephone pole. Although I can laugh about the accident now, it was devastating at the time. In addition to completely destroying my reputation, I also had to deal with the expenses that were involved with the wreck. Unfortunately, I hadn't purchased car insurance, so I had to foot the repair bills on my own. After getting my car fixed and thinking about my actions, it was very clear to me that I needed to invest in a car insurance policy. I decided to learn as much as I could about insurance, and that is one of the reasons that I decided to become an insurance agent.

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Everything You Need To Know About Commercial Auto Insurance

No two business are one in the same and neither are their reasons for needing insurance. This is why commercial insurance providers have made sure commercial auto insurance is available in a wide range of different options to accommodate all needs. Whether you are just starting a business or just adding a commercial vehicle to your business, the more you know about commercial auto insurance the easier it will be to get what you need.

Commercial Auto Insurance and Personal: What is the Difference

Before you look at the details involved in a commercial automobile insurance policy, it helps to have an idea of what situations require what type of insurance. You will notice there are a lot of similarities between the two, but should always remember they are not the same thing. Situations that merit needing commercial auto insurance include:

  • When vehicles are owned by you instead of your employees
  • When your business owns a fleet of vehicle
  • When your vehicle is commonly used by employees for business needs

Situations where personal automobile insurance is all you need include:

  • When your business vehicle is only used for work
  • When only the business owner drives the vehicle for business purposes

These situations should give you a general idea of how to figure out what policy you need, but it is still a good idea to take a deeper look at commercial automobile insurance policies to understand what they offer.

Understanding the Basics of Commercial Automobile Insurance

The biggest question a business owner has when it comes to business insurance for the their fleet is: what exactly is covered by the insurance? Fortunately, what is covered is not that different from personal automobile insurance. Typical coverage options for commercial auto insurance include:

  • Body Injury Liability
  • Collision Coverage
  • Property Damage Coverage
  • Medical Payments Coverage
  • Uninsured and Underinsured Driver Coverage
  • Comprehensive Coverage

You need to think about how often your business vehicles are used and the driving records of your employees when deciding what kind of commercial automobile insurance you really need.

Company Vehicles is an Investment You Need to Protect  

Having a company vehicle is a huge investment. Regardless of how big or small the business is, you are financially responsible for repairing and replacing the company vehicle if anything happens to it. You are also financially responsible for any damage the vehicle causes. Having automobile insurance on the vehicle is about protecting yourself and your business from a huge financial loss.