Most commercial vehicle accidents in Kentucky happen on state roads, and the top two causes are driver error and improperly loaded, or overweight trucks. Kentucky business owners can protect their company’s business assets by investing in a strong commercial vehicle insurance policy.
An independent insurance agent can help you find a reasonably priced commercial vehicle insurance policy that follows both state and federal laws. Contact an insurance agent near Henderson, KY, to learn more and 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:
- In Kentucky, there are approximately 89,000 vehicle accidents every year
- An estimated 1 out of 9 accidents in Kentucky involves a commercial vehicle
- Every year in Kentucky, accidents are responsible for more than 700 fatalities
What Is Commercial Vehicle Insurance?
Kentucky companies that own one or more commercial vehicles are by law required to cover their buses, cars, trucks, and vans with commercial vehicle insurance. When a commercial vehicle is involved in an accident, the company that owns it has an increased risk of being named in a costly liability lawsuit, so this coverage can prove critical to your business’s finances.
Commercial vehicle insurance can protect your business from the large financial losses that occur due to court costs, liability lawsuits, and vehicle damage, and the prospective loss of income that may occur if your business is left without a necessary mode of transport.
How Much Does Commercial Vehicle Insurance Cost in Henderson, KY?
There are a variety of commercial vehicles that range from small cars to SUVs to semi-trucks, and the cost to cover them can vary greatly from one business to another. Commercial vehicle insurance rates are calculated according to some of the following factors:
- The number of vehicles you are insuring
- Your company’s claims history and safety rating
- The driving records of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
- The types of vehicles you are insuring
- The estimated number of miles your vehicles will be driven per year
- Your vehicle's weight and types of materials that it will transport
- Whether the vehicles are used locally or for interstate commerce
The way to get a really good idea of what a commercial vehicle insurance policy will cost is to request quotes from several commercial vehicle insurance providers. A local independent insurance agent can save you time by doing the comparison shopping groundwork for you.
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What Are the Commercial Vehicle Coverage Requirements in Henderson, KY?
All commercial vehicle insurance policies in Kentucky must include liability insurance. The minimum amount required is based on the type of vehicle being insured 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
Furthermore, commercial vehicles that engage in national commerce are subject to the US Department of Transportation regulations. If your commercial vehicles will be driven out of state, a local independent insurance agent can help you be certain your policy meets all federal guidelines as well as Kentucky’s state requirements.
What Else Does Henderson, KY, Commercial Vehicle Insurance Cover?
Liability coverage is a required part of your commercial vehicle insurance policy. You can also incorporate a few optional coverage options into your policy. This can help to protect your business’s investments if one of your drivers is involved in an accident. Commercial auto dealers will normally offer the following coverage options:
Collision insurance: This covers the cost to repair or replace your company vehicle if it is damaged in an accident, regardless of fault.
Uninsured motorist insurance: This provides coverage for property damage and medical costs if your commercial vehicle is in an accident that was caused by an uninsured driver.
Personal injury protection (PIP): This covers the cost of medical treatment for your employees if they are injured in a motor vehicle collision, regardless of fault. This can work in combination with your workers’ compensation insurance.
Comprehensive insurance: This covers the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as falling objects, floods, and property crimes.
Rental car insurance: This covers the cost of renting an equivalent loaner vehicle while your company-owned vehicle is being repaired.
Towing and roadside assistance: This covers 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 contracts for your business.
Why Work with an Independent Agent in Henderson, KY?
A local independent insurance agent can help you decide which coverage types are right for your Henderson, KY, business. Your agent can also help you find an affordable umbrella insurance policy if you wish to add more liability coverage than your current commercial vehicle policy allows.
A local independent agent can help you find a fairly priced policy that meets all of your coverage requirements. Trustedchoice.com agents can also serve as great resources when it comes to safety and claims assistance. Find an insurance agent near your Henderson, KY, business to start comparing tailor-made commercial vehicle insurance quotes.
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