Arizona Commercial Vehicle Insurance

Commercial Vehicle Insurance: Protect Your Arizona Business

(Find the right commercial vehicle insurance policy for you)

Arizona is a state primed for picking when it comes to opening up a small business. With a low tax rate and a median age of just over 38, the state is full of professionals going to work. The majority of businesses in Arizona are small businesses, which means that there are thousands of business owners doing business within the state each day.

With most of these businesses having at least one vehicle, that's thousands of commercial vehicles hitting the road each day. Arizona requires that businesses carry commercial vehicle insurance to cover any potential accidents that may occur.

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Arizona Business Facts

  • Arizona is ranked as the #2 state for job growth.
  • Arizona has 550,000 small businesses that employ 45% of the private workforce.

Arizona has an active community of numerous professionals. In fact, it's rated #2 in the nation for workforce quality and availability. 

Arizona business owners are required to carry liability insurance on their commercial vehicles. If the business owns more than nine vehicles, they do have the option to express financial responsibility by self-insurance or a certificate of deposit. These options are generally more difficult, so purchasing commercial vehicle insurance is usually the more feasible option. The insurance required depends on vehicle weight, length, type, and intended use.

What Is Commercial Vehicle Insurance?

Commercial vehicle insurance is a set of policies to protect your business, assets, drivers, and vehicles in case of accidents. Even the safest drivers are involved in accidents. This is what a typical commercial vehicle policy may look like in AZ:

  • Property and injury liability: This type of insurance is designed to repair damage caused by your vehicles. This may be a simple fender bender or a major accident. It can also help pay for the damaged party's medical bills. Liability insurance is required by law in Arizona. This insurance does not repair your vehicles.
  • Collision insurance: This insurance can help repair any damage to vehicles that your business owns, regardless of fault.
  • Comprehensive insurance: Comprehensive insurance is also known as "everything other than collision." Whether it's a run-in with wildlife, fire, or a dropped piano, comprehensive insurance can help repair your vehicles.
  • Underinsured/uninsured motorists: Unfortunately, not everyone follows the law. If you're involved in an accident with someone who is underinsured/uninsured, you may have a difficult time getting the funds to repair your vehicles or pay medical bills from the responsible party. This coverage may help cover those expenses.

How Much Is a Commercial Vehicle Insurance Quote?

Every business is different in the risks it faces. The insurance coverage a manufacturing business needs will differ from those of a small downtown cafe. Here are just a few averages:

  • Commercial car insurance cost: $1,200 to $2,400 per year
  • Commercial truck insurance cost: $800 to $2,000 per year
  • Commercial taxi insurance cost: $5,000 to $10,000 per year
  • Commercial bus insurance cost: $35,000 per year
  • Commercial tractor trailer insurance cost: $2,500+ per year

However, your rate will vary depending on the following factors:

  • Number of vehicles
  • Type of vehicles
  • How far vehicles travel
  • How vehicles are used
  • Driving record of every driver
  • If vehicles will be using trailers
  • What type of cargo will be in trailers
  • Desired coverage types
  • Desired deductibles

You should familiarize yourself with these aspects of your business before getting commercial vehicle quotes in order to get the best quote for your business.

What Type of Vehicles are Covered with Commercial Vehicle Insurance?

The insurance industry understands that businesses use all types of vehicles in order to conduct business. Below is a list of some of the most common types of vehicles covered by commercial vehicle insurance in AZ:

  • Pickup trucks
  • Commercial trucks
  • Semi-trucks
  • Cars
  • Delivery vans
  • Passenger vans
  • Tractors
  • Buses
  • SUVs
  • Hearses

When searching for commercial vehicle insurance, be sure to be familiar with the types of vehicles you're looking to secure coverage for.

When Does a Commercial Vehicle Insurance Policy Need to be Updated?

When it comes to keeping your insurance coverage effective, it's important that you keep your insurance company informed of any changes to your policy. If you have a current commercial vehicle insurance policy, or are beginning to search for one, it's important that you make your insurance company aware any time the following circumstances occur:

  • When an insured employee leaves or is terminated
  • When you hire a new employee who will be driving an insured vehicle
  • When an employee is involved in an accident
  • When an employee gets a ticket
  • When your business purchases a new vehicle
  • When your business sells a vehicle

Each of these circumstances can affect your policy, so be sure to keep your agent aware of any changes.

Are There Discounts Available on Commercial Vehicle Insurance?

Typically, there are discounts available on the majority of insurance policies. The discounts you may be eligible for can include the following:

  • Multi-policy discount
  • LoJack discount
  • Paid-in-full discount
  • Safety program discount
  • Claims-free discount
  • Industry affiliation discount

Each insurance agency has different discounts available, so be sure to ask your agent about any discounts you may not be aware of.

How Do I Get Commercial Vehicle Insurance in Arizona?

When it comes to getting the best insurance for your investment, finding the right policy can be hard. A TrustedChoice.com® agent is always available to help you discuss coverages, suggest ways to lower prices, and even help you file a claim.

The agent has years of experience working with Arizona insurance providers and can find you a number of quotes from a variety of companies. Contact a TrustedChoice.com agent near you today to find the most comprehensive commercial vehicle insurance quotes at the best rates.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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