Hialeah Commercial Vehicle Insurance

Your Complete Guide to Hialeah, FL Commercial Vehicle Insurance

From pizza delivery cars to heavy construction trucks, it is easy to find commercial vehicles on Hialeah’s roadways. If you own a Hialeah business that uses vehicles as part of your company’s normal business operations, you will want to be sure that these vehicles are properly insured.

An independent agent can help you find a competitively priced commercial vehicle insurance policy that is compliant with state and federal laws. Find an insurance agent in or near Hialeah to learn more.

Why Do Hialeah Businesses Need Commercial Vehicle insurance?

Commercial motor vehicles (CMVs) include any type of vehicle that is owned and used by a business. These vehicles can include cars, trucks, tractor-trailers, cargo vans, dump trucks, and more. Accidents involving CMVs are not uncommon. The state of Florida tracks these collisions by county. 

Miami-Dade County, FL commercial vehicle crash statistics

  • Average annual number accidents involving CMVs: 8,114
  • Average annual number of CMV accidents involving injuries: 902
  • Average annual number of CMV accidents involving fatalities: 18

These accidents can results in expensive liability lawsuits against your business, large financial losses due to property damage, and loss of income if you do not have access to a working vehicle that is necessary for your business operations. Commercial vehicle insurance covers you against these risks so that your business finances are protected.

How Much Does Commercial Auto Insurance Cost in Hialeah, FL?

The cost to cover commercial vehicles can vary significantly from one business to the next. This is because insurance companies calculate rates based on several different considerations, such as:

  • The number of vehicles your business needs to insure
  • The type(s) of vehicle(s) you are insuring (e.g., car, truck, van, etc.)
  • The year, make, model and safety features of each vehicle on your policy
  • Each vehicle’s passenger capacity if they will be used for transporting people
  • Whether your vehicle(s) will be used to transport hazardous materials
  • Whether your vehicle(s) will be used locally or for interstate commerce
  • Information about the employees who will be driving the vehicles
  • The amount of coverage you wish to include in your policy

Often, commercial vehicle insurance companies will offer policy discounts to policyholders who provide routine safety training and materials to their drivers and manage a fleet of well-maintained vehicles.

How Much Commercial Vehicle Insurance Does My Hialeah, FL Business Need?

Commercial vehicles that are only driven locally must comply with Florida’s state-mandated minimum coverage requirements. CMVs that are used for interstate commerce, however, must have policies that are also compliant with federal regulations. Most Hialeah small businesses operate their vehicles only within the state.

Because Florida is a no-fault state, all commercial auto insurance policies are required to include at least $10,000 of personal injury protection (“PIP”) coverage. It 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 a one-time $5,000 death benefit in the event of a fatal accident.

All commercial vehicle policies must also include a certain amount of liability coverage. This is designed to provide coverage for third-party injuries and property damage if your driver is responsible for a vehicle collision. In Florida, the minimum liability coverage requirements vary according to the commercial vehicle’s type, size, and purpose. 

Florida liability coverage requirements for commercial trucks, by weight

  • Under 26,000 pounds: At least $10,000 in property damage liability coverage;  bodily injury liability insurance is not required.
  • 26,000 to 35,000 pounds: At least $50,000 in combined bodily injury and property damage liability insurance.
  • 35,000 to 44,000 pounds: At least $100,000 in combined bodily injury and property damage liability insurance.
  • More than 44,000 pounds: At least $300,000 in combined bodily injury and property liability insurance.

Commercial vehicles that are used to transport people or hazardous materials will have higher liability coverage requirements. Your local independent insurance agent can review and explain the specific coverage needs of your company’s vehicles.

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Hialeah will include personal injury protection and liability coverage, since it is required by law. Insurance companies also offer several other types of optional coverage. A few providers may even include some of these options as a standard part of their commercial vehicle policies. 

  • Collision coverage: Covers the cost to repair damage sustained by your company vehicle in a collision, regardless of who was at fault.
  • Comprehensive coverage: Covers the cost to repair damage sustained by your company vehicle due to non-collision events such as hurricanes, floods, and property crimes.
  • Gap insurance coverage: Bridges the gap if your company vehicle is totaled and its assessed value is less than the amount you still owe on it.
  • Uninsured motorist coverage: Covers your employee’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
  • Towing and roadside assistance coverage: Covers the cost of a service call if your company vehicle becomes disabled while it is out on the road.
  • Non-owner auto coverage: Provides liability coverage if one of your employees or contractors is in an accident while driving for company business in a vehicle that is not owned by your company. 
  • Umbrella insurance: This stand-alone supplementary insurance provides liability coverage that goes well beyond the limits of your commercial vehicle policy.

Your local independent insurance agent is available to help you decide which of these optional coverage types will benefit your Hialeah business.

Why Work with an Independent Insurance Agent?

You will want a commercial vehicle insurance policy that is designed to meet the specific needs of your particular business. A local independent insurance agent can answer your insurance insurance-related questions and offer advice and guidance when you are building a suitable policy and shopping around for the best rates.

Contact an insurance agent in Hialeah to start comparing a selection of customized commercial vehicle insurance quotes.

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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