There are more than 117,000 businesses based in Hawaii. These businesses encompass many different industries and have varying commercial auto insurance coverage needs. If your business has company-owned cars or trucks, the law mandates that you carry commercial auto insurance. Whether you own a manufacturing company like Silkwood Wholesale, Inc. or a transportation-based company like Royal Star Hawaii Motorcoach Tours & Destination Services, if you have company-owned vehicles, you can benefit from the extra liability protection that these policies can provide. Make sure you compare a variety of commercial auto insurance quotes before obtaining a policy.
When it comes to insurance, any company-owned vehicle is a commercial vehicle for purposes of registration and credentialing in HI. The following characteristics define a commercial vehicle:
As far as insurance goes, commercial vehicles come in all sizes and types. They can range from small cars to construction vehicles to tractor-trailers. It doesn’t matter whether your business uses cars, vans, trucks, taxis, buses or limousines. If a vehicle is company-owned, you must cover it with commercial auto insurance.
Different vehicle types will have different insurance coverage requirements as mandated by the state of Hawaii. For example, company-owned cars must meet the same liability minimums as passenger cars. These are the requirements:
In addition, Hawaii is a no-fault state, so vehicle owners must also carry a minimum of $10,000 in personal injury protection to cover medical costs for injuries sustained in an accident.
Commercial trucks such as construction vehicles and tractor-trailers generally have much higher liability insurance requirements. The minimum amounts you must carry are determined by the following:
The National Safety Council recently issued a report in which they revealed the average costs associated with traffic accidents across the country. These figures may give you a general idea of how much your company stands to lose in the event that one of your drivers is responsible for a major vehicular accident:
Keep in mind, however, that these figures represent averages. Your actual liability costs are likely to be higher. This is because the likelihood of injury and damage increase when the vehicle involved is a large, heavy truck. Also, injured parties and attorneys have a tendency to pursue higher liability awards when a company, rather than an individual, is responsible for the payments.
Commercial auto insurance provides consumers with a variety of coverage options. That way, business owners can create a policy that is appropriate for their vehicle or fleet of vehicles. Because a collision involving your company-owned vehicle has the potential to result in significant financial losses for your company, it is a good idea to purchase high levels of coverage.
Coverage options you can expect to find include the following:
You can customize your commercial car or truck insurance policy to meet your specific business needs. When shopping for quotes, you may find it beneficial to enlist the help of an insurance agent in the Trusted Choice® network. These independent agents are available to answer your insurance-related questions and help you assess your coverage needs. They can also obtain a variety of competitively priced commercial vehicle policies for your review.
Contact an agent near you to get more information and to start comparing commercial auto insurance quotes in Hawaii.