Fort Lauderdale Commercial Auto Insurance

Your Complete Guide to Fort Lauderdale, FL Commercial Auto Insurance

From tour buses to DHL trucks to take-out delivery cars, there are a number of commercial vehicles on the streets of Fort Lauderdale at any given time. If you are among the many local business owners who use company vehicles, you will want to be sure to protect your company’s finances by having the right commercial vehicle insurance policy in place. 

An independent insurance agent can help you find an affordable policy that is compliant with all state and federal laws. Find an insurance agent in or near Fort Lauderdale to start comparing customized commercial vehicle insurance quotes.

Why Do Fort Lauderdale Businesses Need Commercial Vehicle insurance?

Commercial motor vehicles ( CMVs) include any type of vehicle that is owned and used by a business. This includes cars, cargo vans, buses, trucks of varying sizes, including semis, and construction vehicles like front loaders and dump trucks. The state of Florida tracks and reports accidents involving CMVs by county. 

Broward County, FL commercial vehicle crash statistics

  • Average annual number of accidents involving CMVs: 3,902
  • Average annual number of CMV accidents involving injuries: 651
  • Average annual number of CMV accidents involving fatalities: 15

From major accidents on I-95 to fender benders on Sunrise Boulevard, when a commercial vehicle is involved in a collision, the business that owns it can experience large financial losses if not covered by sufficient amounts of the right insurance. 

Commercial vehicle insurance is designed to cover your business against losses caused by liability lawsuits, expensive vehicle repairs, and loss of income due to not having access to a necessary vehicle. That way, your company’s finances are well protected. 

How Much Does Commercial Auto Insurance Cost in Fort Lauderdale, FL?

Commercial vehicle insurance costs can vary considerably from one company to the next. This is because insurance companies assess risk and calculate rates according to a number of different considerations. Your price for coverage can be influenced by such factors as:

  • The number of vehicles your business needs to insure
  • The types of vehicle(s) you are insuring as well as each vehicle’s year, make, model and safety features
  • What you will be using the vehicle(s) to transport (i.e., food, hazardous materials, people, etc.)
  • The estimated number of miles your vehicle(s) will be driven each year
  • The driving records of any employees who may be operating the vehicle(s)
  • The amount of coverage you are purchasing

Because each insurance company has its own proprietary formula for calculating costs, you can save a lot of money by shopping around for the most competitive price. Independent insurance agents make comparison shopping easy.

What Are Commercial Vehicle Insurance Requirements in Fort Lauderdale?

In Florida, all commercial vehicle insurance policies are required to include:

  • Personal injury protection (PIP) insurance: This is designed to cover 80% of your drivers’ medical bills and 60% of their lost wages if they are injured in a collision. It can also provide family members with a one-time $5,000 death benefit in the event of a fatality. This is required because Florida is a no-fault state, and most drivers are not required to carry bodily injury liability coverage. You are required to have at least $10,000 in PIP coverage.
  • Commercial vehicle liability insurance: This is designed to provide coverage for property damage and bodily injury if an employee is responsible for a collision. The amount of liability coverage you are required to have will depend on your vehicle’s weight and whether it is used to transport people or hazardous materials. Commercial vehicles that are used for interstate commerce will need to have coverage in amounts that meet federal, as well as state, requirements.

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance in Fort Lauderdale includes both personal injury protection and liability coverage at levels that meet or exceed the state’s requirements. Insurance companies also offer several other types of coverage. In some cases, certain coverage types may come standard with your policy; in others, it may be offered as a policy option. These include:

  • Collision insurance: This is designed to cover the cost of repairs to your company vehicle if it has sustained damage in a collision, regardless of fault.
  • Comprehensive insurance: This is designed to cover the cost of repairs to your company vehicle if it has sustained non-collision damage due to events such as hurricanes, floods, falling objects, or property crimes.
  • Uninsured motorist insurance: This is designed to cover your employee’s medical expenses and any damage to your company vehicle if an uninsured driver causes a collision.
  • Gap insurance: This is designed to bridge the coverage gap if your company vehicle is totaled and its assessed value is lower than the amount you still owe on it.
  • Towing and roadside assistance insurance: This is designed to cover the cost of a service call if your company vehicle becomes disabled while out on the road.
  • Non-owner auto insurance: This is designed to provide your company with the necessary liability coverage if an employee is doing a job for your company while driving a vehicle that your business does not own.  
  • Rental reimbursement insurance: This is designed to cover the cost of renting a comparable vehicle while  your company vehicle is being repaired. It enables your business to continue normal operations without experiencing a large financial loss.
  • Umbrella insurance: This supplementary coverage is designed to provide your company with liability coverage above and beyond what your commercial vehicle liability policy can offer.

Your local independent insurance agent can help you determine which of the many available coverage options may be beneficial to your Fort Lauderdale business.

Why Work with an Independent Insurance Agent?

Finding an ideal commercial vehicle insurance policy does not have to be difficult or time-consuming. Local independent insurance agents are available to answer your insurance insurance-related questions, offer trustworthy advice, and provide you with a selection of customized quotes from reputable providers.

Contact an insurance agent near you to start your search for the best commercial vehicle insurance policy for your Fort Lauderdale business.

Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://flhsmv.gov/pdf/crashreports/crash_facts_2016.pdf
https://www.fmcsa.dot.gov/sites/fmcsa.dot.gov/files/docs/Financial-Responsibility-Study.pdf

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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