Tampa Commercial Vehicle Insurance

Your Complete Guide to Tampa, FL Commercial Vehicle Insurance

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

From the TDS trucks and vans out transporting packages to the large construction vehicles used by ARCO Murray, there are many commercial vehicles on Tampa’s roadways. If you are a business owner in this city, you will want to be sure that your company-owned vehicles are covered by the right insurance coverage. 

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

Why Is Commercial Vehicle insurance Necessary?

Accidents involving commercial motor vehicles (CMV’s) 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%

Many businesses own vehicles that they use as part of their normal operations. These can include cars for making local deliveries, trucks and cargo vans for hauling heavy loads, semi trucks for interstate commerce, buses for tourism or travel, and construction vehicles like dump trucks. These vehicles must be covered by commercial vehicle insurance. This insurance is designed to protect your company from the large financial losses that can arise due to liability lawsuits, property damage, or loss of income due to not having access to a necessary vehicle if it is being repaired.

What Does Commercial Auto Insurance Cover?

In addition to the personal injury protection and the liability coverage that is required by law, commercial vehicle insurance offers several policy options that can help you further protect your business finances. Here are some coverage options you may want to consider including in your commercial auto insurance policy:

  • Collision insurance: This is designed to cover the cost of repairing damage sustained by your company vehicle in a collision, regardless of fault.
  • Comprehensive insurance: This is designed to cover the cost to repair non-collision-related damage your company vehicle, caused by events such as falling objects, fire, flood, or property crimes.
  • Gap insurance: This is designed to bridge the gap if your vehicle is totaled and its assessed value is lower than the amount you still owe on it.
  • Uninsured motorist insurance: This is designed to provide coverage for medical expenses and property damage following an accident caused by an uninsured driver.
  • 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 liability coverage if one of your employees or contractors is in an accident while doing a job for your business in a vehicle that is not owned by your company. 
  • Umbrella insurance: This supplementary coverage can boost your liability coverage limits well beyond what your commercial vehicle policy can provide so that you can further protect your business finances.

Your local independent insurance agent can help you determine which of these optional coverage types make a good fit for your Tampa business.

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

The cost to cover commercial vehicles will vary from one company to the next. This is because rates are calculated according to several factors such as:

  • How many vehicles you need to insure
  • The type(s) of vehicle(s) you are insuring (e.g., car, van, truck, etc.)
  • The vehicle’s passenger capacity if it will be used for transporting people
  • Whether your vehicle(s) will be used to transport hazardous materials
  • Whether the vehicle(s) will be used locally or for interstate commerce
  • Information about the employees who will be operating the vehicles
  • The amount of coverage you are purchasing

Taking steps to increase driver safety can reduce the risk of accidents. It is, therefore, a good idea to limit the amount of time your drivers spend on the road, make sure your vehicles are consistently well-maintained, and provide your drivers with routine safety training and educational materials. Doing so can often earn you discounts on your commercial vehicle insurance policy.

How Much Commercial Vehicle Insurance Does My Tampa Business Need?

Florida is a no-fault state, so all commercial auto insurance policies are required to include at least $10,000 of personal injury protection insurance (PIP). It is designed to cover 80% of your drivers’ medical bills and 60% of their lost wages if they are injured in a collision. All commercial vehicle policies must also include liability coverage. This is designed to provide coverage for third-party property damage and bodily injuries if your driver is responsible for a vehicle collision. The state-mandated minimum liability coverage requirements vary according to the commercial vehicle’s type and size. In the state of Florida, the amount of liability coverage you must carry for commercial trucks is determined by the vehicle’s weight:

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

These minimum requirements apply to commercial vehicles that are used within the state of Florida only.  If your trucks are used for interstate commerce, your liability coverage must be high enough to comply with federal rules and regulations. Your insurance agent can help you find an affordable policy that is in full compliance with the law.

 Why Work with an Independent Insurance Agent?

Commercial vehicle insurance covers everything from small cars to large buses, so you will want to be sure that you have a policy that is designed to meet the specific needs of your particular business. A local independent insurance agent can offer advice and guidance when you are shopping for appropriate coverage for your company vehicles.

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

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