Kentucky Commercial Vehicle Insurance

Your Complete Guide to Commercial Vehicle Insurance in Kentucky

man standing outside of his van

In Kentucky, most commercial vehicle accidents occur on state roads like Newtown Pike, Todds Road, and the Frankfort East-West Connector. The top causes of these accidents are driver error and overweight or improperly loaded trucks. Business owners in Kentucky can protect their company’s finances by investing in a solid commercial vehicle insurance policy.

An independent agent in Kentucky can help you find competitively priced commercial vehicle insurance that is compliant with state and federal laws. Contact an insurance agent near you to learn more and to start comparing customized quotes.

Kentucky Commercial Vehicle Crash Statistics

The Kentucky Office of Highway Safety tracks vehicle accidents in the state. According to their reports:

  • There are approximately 89,000 vehicle accidents in Kentucky per year
  • An estimated 1 out of 9 accidents in this state involves a commercial vehicle
  • Every year in KY, collisions are responsible for more than 700 fatal injuries 

What Is Commercial Vehicle Insurance?

Kentucky businesses that own a vehicle or vehicles are required by state law to cover these cars, trucks, vans, or buses with commercial vehicle insurance. When a commercial vehicle is involved in an accident, the company that owns it has increased risk of being named in an expensive liability lawsuit, so this coverage can prove crucial to your bottom line.

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

How Much Does Commercial Vehicle Insurance Cost in Kentucky?

Commercial vehicles can range from taxis to dump trucks to 18-wheelers. Therefore, the cost to cover these business-owned vehicles can vary significantly from one business to the next. Rates are calculated according to a number of factors, including :

  • The number of vehicles you are insuring
  • The types of vehicles you are insuring
  • Your vehicle's weight and types of materials it will be used to transport
  • The estimated number of miles your vehicle will be driven per year
  •  Whether the vehicles are used locally or for interstate commerce
  • The driving records of the employees who will be operating the vehicles
  • How much coverage you wish to purchase
  • Your company’s claims history and safety rating

The only way to get a good idea of what a policy will cost your business is to request quotes from a variety of commercial vehicle insurance providers. A local independent insurance agent can save you time by doing the comparison shopping legwork for you.

What Are Commercial Vehicle Coverage Requirements in Kentucky?

All commercial vehicle insurance policies in Kentucky must include liability insurance. The minimum amount required is based on the type of vehicle you are insuring and the materials it will be used to transport. 

Kentucky’s Minimum Liability Requirements for Commercial Vehicles

  • Passenger vehicles with a 1 to 7 person capacity: Bodily injury liability  minimum coverage: $100,000 per person / $300,000 per accident; property damage liability minimum coverage: $50,000
  • Passenger vehicles with an 8 or more person capacity: Bodily injury liability  minimum coverage: $100,000 per person / $300,000 per accident; property damage liability minimum coverage: $50,000
  • Property carriers weighing up to 18,000 pounds: Bodily injury liability  minimum coverage: $100,000 per person / $300,000 per accident; property damage liability minimum coverage: $50,000
  • Property carriers weighing more than 18,000 pounds: Bodily injury liability  minimum coverage: $100,000 per person / $600,000 per accident; property damage liability minimum coverage: $50,000
  • Property carriers transporting less than 10,000 gallons of petroleum products: Bodily injury liability  minimum coverage: $100,000 per person / $300,000 per accident; property damage liability minimum coverage: $50,000
  • All other property carriers transporting hazardous materials: Liability coverage of at least $1 million in combined single-limit coverage

Additionally, commercial vehicles that engage in interstate commerce are subject to US Department of Transportation regulations. If your commercial trucks will be driven out-of-state, a local independent insurance agent can help you be certain that your policy meets all federal guidelines as well as the Kentucky state requirements.

What Else Can Kentucky Commercial Vehicle Insurance Cover?

While liability coverage is a required part of your commercial vehicle policy, you can also include a number of optional coverage types in your policy. Doing so can help protect your business finances if one of your drivers is involved in a collision. Commercial auto insurers will typically offer the following coverage options:

  • Personal injury protection  (PIP): This can cover the cost of medical treatment for your employees if they are injured in a motor vehicle collision, regardless of fault. This can work in conjunction with your workers’ compensation insurance.
  • Collision insurance: This can cover the cost to repair or replace your company vehicle if it is damaged in a collision, regardless of fault.
  • Comprehensive insurance: This can cover the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as tornadoes, falling objects, floods, and property crimes.
  • Uninsured motorist insurance: This can provide coverage for property damage and medical costs if your commercial vehicle is in an accident that was caused by an uninsured driver.
  • Towing and roadside assistance: This can cover the cost of assistance if your company vehicle becomes disabled while out on the road. This may be of particular benefit if your business owns larger vehicles that require specialized towing.
  • Non-owned or hired auto liability insurance: This is designed to cover your company’s additional liability exposures if an employee or contractor uses a non-company-owned vehicle to do jobs for your business. 
  • Rental car insurance: This can cover the cost of renting a comparable loaner vehicle while your company-owned vehicle is being repaired.

A local independent insurance agent can help you decide which coverage types are right for your Kentucky business. Your agent can also help you obtain an affordable umbrella insurance policy if you wish to have even more liability coverage than your commercial vehicle policy allows.

Why Work with an Independent Agent in Kentucky?

A local independent agent can help you find a competitively priced policy that meets all of your coverage requirements. These agents can also serve as a great resource when it comes to safety and claims assistance. Find an insurance agent near your Kentucky business to start comparing customized commercial vehicle insurance quotes.

Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://transportation.ky.gov/HighwaySafety/Pages/Resources.aspx

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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