Locally-owned companies are thriving in the Hoosier state, but the financial risks of running a business increase significantly when company vehicles are part of the equation. Accidents do happen, and when they do, liability expenses can bankrupt a company that is not properly insured. Commercial vehicle insurance can protect your business from financial ruin and is mandated by state law.
As a business owner, you can benefit from having an insurance advisor review your current policy to ensure that you have enough coverage and that you are paying a competitive rate. Independent insurance agents in our network can do just that. Independent agents can review your unique coverage needs with you and show you a variety of competitively priced policies that can meet those needs. Contact a local member agent today for more information about Indiana commercial vehicle insurance.
- There were 188,132 accidents resulting in injury or property damage, a 2.5 decrease from recent years
- Of those, 674 collisions resulted in fatalities
- Most vehicular accidents occurred in Indiana’s urban and suburban areas
- Accidents resulting in serious injuries occurred most frequently in Indiana’s exurban and rural areas
- The economic impact of vehicular accidents in the state exceeded $4.3 billion
Commercial vehicles can range from small cars, such as those used for pizza deliveries, to large 18-wheel trucks. Different types of vehicles have different insurance requirements mandated by the state. In particular, vehicles used to transport passengers have strict liability coverage requirements. Make sure you discuss the nature of your business with your insurance agent so that you can make sure you’re getting the appropriate Indiana commercial vehicle insurance coverage for your needs and risks.
Indiana Commercial Vehicle Insurance Minimums: Liability Coverage
There are several types of Indiana commercial auto insurance that you are advised to carry, but state law requires the following minimums for liability coverage:
- For-hire carriers transporting non-hazardous materials in a vehicle weighing less than 10,000 lbs.: $300,000
- For-hire carriers transporting non-hazardous materials in a vehicle weighing more than 10,000 lbs.: $750,000
- Private and for-hire carriers transporting hazardous materials: $1,000,000 - $5,000,000
- For-hire carriers transporting passengers in a vehicle with seating for 15 people or less: $1,500,000
- For-hire carriers transporting passengers in a vehicle with seating for 16 people or more: $5,000,000
- Minimum liability limits for commercial cars: 25/50/10
- Coverage up to $50,000 for all persons injured in an accident, subject to a limit of $25,000 for one individual, and $10,000 coverage for property damage
Minimize Your Risks
Even the best drivers can find themselves involved in a collision. Inclement weather conditions, dangerous roadways, and other drivers can all play a role in collisions. Many accidents are preventable. You can do your part to minimize risks by keeping your company vehicles well-maintained, training your employees on safe driving habits, and limiting the number of hours your drivers spend on the road each day. Finally, be sure to purchase appropriate Indiana commercial vehicle insurance to keep your finances safe when the unexpected happens.
The Six Most Common Causes of Vehicular Accidents
- Driver distraction
- Driver fatigue
- Aggressive driving
- Drug or Alcohol impairment
- Hazardous weather conditions
Find the Best Indiana Commercial Vehicle Insurance Quotes
Each of the companies headquartered in Indiana are unique, and so are their commercial vehicle insurance needs. There is no such thing as a one-size-fits-all policy when it comes to Indiana commercial truck insurance. This can make shopping for a policy difficult, and, at times, confusing. It’s important to carry all the coverage that you need, but how will you know if you’re paying too much for coverage?
A local independent agent can find you several competitive Indiana commercial vehicle insurance quotes that will fit your needs and the state requirements. What is more, the right commercial vehicle insurance can prevent your company from experiencing undue financial hardships in the event of an accident. Your agent can also ensure that you have proper coverage for rentals or replacement if that becomes necessary for your company.
Find an agent in your neighborhood and see what working with a member of our network can do for you.