Orlando Commercial Vehicle Insurance

Your Complete Guide to Orlando, FL Commercial Vehicle Insurance

(Find the right commercial vehicle insurance policy for you.)

Many businesses in Orlando use vehicles, from businesses that transport tourists to and from the Orlando airport to companies that own a fleet of construction vehicles. The state of Florida requires that all business-owned vehicles be covered by suitable commercial vehicle insurance policies. 

An Independent Insurance Agent in Orlando can help you find an affordable policy that meets your business’s coverage needs and is also compliant with state and federal laws. Find an agent near you to learn more.

Why Is Commercial Vehicle Insurance So Important?

If your business owns vehicles, these cars, trucks, vans, or buses must be covered by commercial vehicle insurance. When a commercial motor vehicle (CMV) is involved in an accident, the company that owns it has a high risk of facing a liability lawsuit. Accidents involving CMVs are not uncommon. The state of Florida tracks these collisions by county. 

Recent FL commercial vehicle statistics

  • Average annual number of large trucks involved in fatal crashes: 194
  • Average annual number of truck registrations: 8,733,000
  • Average annual number of fatal truck accidents per capita: 0.0010%

Commercial vehicle insurance is designed to protect your business from large financial losses due to liability lawsuits, property damage, and the potential loss of income that may occur if your business is left without its necessary mode of transportation.

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Orlando will provide, at the very least, liability coverage that meets or exceeds the legal requirements and personal injury protection.  There are also a number of optional coverage types that you may want to consider adding to your commercial auto insurance policy. These include:

  • Collision insurance: This can compensate your business for vehicle damages caused by a collision, regardless of fault.
  • Comprehensive insurance: This can compensate your business for the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as falling objects, heavy winds, floods, fire, or theft.
  • Uninsured motorist insurance: This can provide coverage for property damage and medical costs if your commercial vehicle is involved in an accident caused by an uninsured driver.
  • Roadside assistance insurance: This can provide coverage for towing or assistance if your company vehicle becomes disabled while out on the road.
  • Rental car insurance: This can cover the cost of renting a loaner vehicle while your company-owned vehicle is being repaired.
  • Non-owner auto insurance: This can cover the additional liability costs if one of your employees or contractors is in an accident while operating their own personal vehicle to carry out company business.
  • Umbrella insurance:  This supplemental insurance can significantly boost your liability coverage limits to well beyond what your commercial vehicle insurance will cover.

A local independent insurance agent can help you determine which coverage types are right for your Orlando business.

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

Because of the wide range of commercial vehicle types and purposes, the cost to cover business-owned vehicles can vary significantly from one company to the next. Rates are calculated according to a number of factors, including:

  • The number of vehicles you are insuring
  • The type(s) of vehicle(s) you are insuring (e.g. cars, vans, semis, dump trucks, etc.)
  • Whether the vehicle(s) will be used to transport people, and if so, each vehicle’s passenger capacity
  • Whether the vehicle(s) will be used to transport hazardous materials
  • Whether the vehicle(s) are used locally or for interstate commerce
  • The driving records of the employees who will be operating the vehicles
  • The amount of coverage you wish to purchase

It is a good idea to hire experienced drivers with good driving records and to ensure that your company’s vehicles are consistently well-maintained. Also, limiting the number of hours your employees spend on the road each day can reduce problems with driver fatigue. Preventive steps like these not only lower the risk of a collision, they can also lead to lower insurance rates. Many commercial vehicle insurance providers offer discounts to policyholders who provide their drivers with routine safety training and educational materials.

How Much Commercial Vehicle Insurance Does My Orlando Business Need?

Florida is a no-fault state, so all vehicle insurance policies must, therefore, include personal injury protection (PIP) insurance with a minimum of $10,000 in coverage.  

Your PIP coverage is designed to cover 80% of your drivers’ medical bills, 60% of their lost wages if they are injured in a collision. There are a number of different types of vehicles that can be covered under a commercial vehicle insurance policy; and in this state, different weights of vehicles have different minimum liability coverage requirements. 

  • For vehicles under 26,000 pounds, you must have at least $10,000 in property damage liability coverage, but bodily injury liability insurance is not required
  • For vehicles weighing between 26,000 and 35,000 pounds, you must have a minimum of $50,000 in combined bodily injury and property damage liability insurance.
  • For vehicles weighing between 35,000 and 44,000 pounds, you must have a minimum of $100,000 in combined bodily injury and property damage liability insurance.
  • For vehicles weighing 44,000 pounds or more, you must have a minimum of $300,000 in combined bodily injury and property liability insurance.

These minimum requirements are for vehicles that are used in-state only. If you own a truck that is used for interstate commerce, you will need to have liability coverage in amounts that comply with federal regulations. If your vehicle is used to transport people, you will have different coverage levels as well. Your local independent insurance agent can be very helpful in finding you a policy that is in full compliance with the law.

Why Work with an Independent Insurance Agent?

Because it can cover everything from small cars to large buses, there is no such thing as a one-size-fits-all commercial vehicle insurance policy. Obviously, a business that relies on one or two cars for making local deliveries will have vastly different needs than one that transports hazardous materials using big-rig trucks. 

A local independent agent can help you find a competitively priced policy that meets all state and federal coverage requirements. Contact an agent in or near Orlando to start comparing a selection of customized commercial vehicle insurance quotes.

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