Tallahassee Commercial Vehicle Insurance

Your Complete Guide to Tallahassee, FL Commercial Vehicle Insurance

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

From the cars used to deliver pizzas to students at Florida State University to semi-trucks making their way out of town on Interstate 10, commercial vehicles are abundant on the streets of Tallahassee. If you are a local business owner who has company vehicles, you will want to be sure you have the right commercial vehicle insurance policy. 

An Independent Insurance Agent can help you find competitively priced coverage that is compliant with all state and federal laws. Find an insurance agent in or near Tallahassee to learn more about your options when it comes to commercial vehicle insurance.

Why Do Tallahassee Businesses Need Commercial Vehicle Insurance?

Commercial motor vehicles (CMVs) are any vehicles that are owned and used by a business. This can include delivery cars, cargo vans,  buses, trucks of varying sizes including 18-wheelers, and construction vehicles like dump trucks. The state of Florida tracks accidents involving CMVs 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%

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. This can be because of expensive liability lawsuits, excessive property damage, or loss of income due to the company not having access to a necessary vehicle. Commercial vehicle insurance is designed to cover your business against these risks so that your company’s finances are well protected. 

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Tallahassee will include personal injury protection and liability coverage that meets or exceeds the state’s requirements. In addition to this mandatory coverage, insurance companies also offer several other types of coverage that may be included as standard in their policies or offered as optional coverage. 

  • Collision insurance: This can cover the cost to repair your company vehicle if it has sustained damages in a collision, regardless of who was at fault.
  • Comprehensive insurance: This can cover the cost to repair your company vehicle if it has sustained non-collision damage due to events such as hurricanes, floods, fires, falling objects, or property crimes.
  • Uninsured motorist insurance: This can cover your employee’s medical expenses and your vehicle’s damages if an uninsured or underinsured driver causes a collision.
  • Towing and roadside assistance insurance: This can cover the cost of a service call if your company vehicle experiences problems while out on the road.
  • Rental reimbursement insurance: This can cover the cost of renting a comparable vehicle while repairs to your vehicle are made. It enables your business to continue normal operations without sustaining a large financial loss.
  • 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.
  • Non-owner auto insurance: This is necessary only if you have employees doing work for your business while driving vehicles that your business does not own. It protects your company by ensuring you have sufficient liability coverage in the event of an accident. 
  • Umbrella insurance: This is a stand-alone supplementary policy that provides additional liability coverage. It picks up where your standard commercial vehicle insurance policy leaves off.

Your local independent insurance agent can help you determine which coverage types may be beneficial to your Tallahassee business.

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

Commercial vehicle insurance costs can vary significantly from one business to the next. Insurance companies assess risk and calculate rates according to a variety of factors. Your price for coverage can be influenced by such things as:

  • The number of vehicles your business is insuring
  • Each vehicle’s type, year, make, model, and safety features
  • Each vehicle’s passenger capacity if used for transporting people
  • Whether your vehicle(s) will be used to transport hazardous materials
  • The estimated number of miles your vehicle(s) will be driven annually
  • The driving histories of the employees who will be operating the vehicles
  • The amount of coverage you wish to purchase

Because each insurance company has its own method for determining costs, it pays to compare rates before purchasing a policy. That way you can be sure you are getting the coverage you want at a competitive price.

How Much Commercial Vehicle Insurance Does My Tallahassee Business Need?

Commercial vehicles that are only driven only within the state must have insurance that meets or exceeds Florida’s state-mandated minimum coverage requirements. CMVs that are used for interstate commerce, on the other hand, must have policies that are also compliant with federal regulations. Florida is a no-fault state. 

Because of this, all commercial auto insurance policies are required to include at least $10,000 in personal injury protection (“PIP”) insurance. PIP can 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. 

All commercial vehicle policies must also include liability insurance, which 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 for commercial vehicles are assigned according to the vehicle’s type, size, weight, and/or purpose. 

FL minimum liability insurance requirements for commercial trucks

  • 0 to 26,000 lbs.: $10,000 in property damage liability coverage;  bodily injury liability insurance is not required.
  • 26,000 and 35,000 lbs.: $50,000 in combined bodily injury and property damage liability insurance.
  • 35,000 and 44,000 lbs.: $100,000 in combined bodily injury and property damage liability insurance.
  • 44,000 lbs. or more: $300,000 in combined bodily injury and property liability insurance.

If your business owns vehicles that are used to transport people or hazardous materials, you will have higher liability coverage requirements. A local independent insurance agent can help you be certain that your commercial vehicle insurance coverage is in compliance with all applicable laws.

Why Work with an Independent Insurance Agent?

Shopping for the right commercial vehicle insurance coverage does not have to be difficult or time-consuming. A local independent insurance agent can answer your insurance insurance-related questions, offer trustworthy advice, and obtain customized quotes from multiple insurance companies.

Contact an insurance agent near you to begin your search for the best commercial vehicle insurance policy for your Tallahassee business.

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