Covington Commercial Auto Insurance

Your Complete Guide to Covington, KY Commercial Auto Insurance

Find the right commercial auto insurance policy for you.

Many businesses in Covington use vehicles in the course of their normal business operations. From vehicles that are used to pick up or deliver goods and materials to those that transport people or perform construction work, all business-owned vehicles in the state of Kentucky must be covered by a suitable commercial vehicle insurance policy. An independent insurance agent in Covington can help you find the best policy to meet the state’s coverage requirements as well as your business’s particular coverage needs. Find an insurance agent near you to start comparing customized commercial vehicle insurance quotes.

Why Does My Business Need Commercial Vehicle Insurance?

Motor vehicle accidents can happen anytime, anywhere, and to anyone. Drivers of commercial motor vehicles (CMVs) are sometimes at fault for vehicle accidents. If this happens, your company can face large financial losses unless it is covered by sufficient commercial auto insurance.

Covington, KY Crash Statistics

  • There is an average of 102,600 collisions in Kentucky every year.
  • Approximately 8,500 of these collisions involve trucks weighing 10,000 lbs or more.
  • An average of 1,728 crashes occurs in the city of Covington per year.
  • This city has an annual crash rate of 43 crashes per 1,000 residents.

Commercial vehicle insurance is designed to protect businesses that own or use vehicles, due to the increased risk of liability lawsuits as well as the loss of income that can arise if your business is left without its necessary transportation.

How Much Does Commercial Vehicle Insurance Cost in Covington, KY?

The cost to cover business-owned vehicles can vary considerably from one business to the next. Rates are calculated according to a number of different factors including:

  • The number of vehicles your business is insuring
  • The types of vehicles your business is insuring
  • Whether the vehicles will be used to transport people
  • Whether the vehicles will be used to transport hazardous materials
  • The estimated number of miles the vehicles will be driven each year
  • Information about the employees who will be driving the vehicles
  • The amount of coverage you wish to purchase

You can minimize your risk of a collision by hiring experienced drivers with good driving records and by ensuring that your company’s vehicles are well-maintained. It is also a good idea to limit the number of hours your employees spend on the road each day to prevent problems with driver fatigue. Some commercial vehicle insurance providers offer a discount to policyholders who provide their drivers with safety education and training. A local independent agent can help you find an affordable policy from a reputable insurer.

How Much Commercial Vehicle Insurance Does My Covington Business Need?

Commercial vehicles vary by industry. They can range from smaller vehicles, such as delivery cars and vans, to construction vehicles like dump trucks and front-loaders. They can also include 18-wheeler cargo trucks, large passenger vehicles like shuttle buses, and motor coaches. In Kentucky, commercial vehicle minimum coverage requirements are as follows:

Minimum Coverage Requirements for Commercial Vehicles in Kentucky

  • Passenger carriers with a 1 to 7 passenger capacity: Bodily injury liability coverage of $100,000 per person, $300,000 per accident; property damage liability coverage of $50,000 per accident
  • Passenger carriers with an 8 or more passenger capacity: Bodily injury liability coverage of $100,000 per person, $600,000 per accident; property damage liability coverage of  $50,000 per accident
  • Property carriers with gross vehicle weight of 18,000 lbs or less: Bodily injury liability coverage of $100,000 per person, $300,000 per accident; property damage liability coverage of $50,000 per accident
  • Property carriers with gross vehicle weight of more than 18,000 lbs: Bodily injury liability coverage of $100,000 per person, $600,000 per accident; property damage liability coverage of $50,000 per accident
  • Motor carriers of petroleum or petroleum products under 10,000 lbs: Bodily injury liability coverage of $100,000 per person, $300,000 per accident; property damage liability coverage of $50,000 per accident
  • Motor carriers of all other hazardous materials: $1 million in combined single-limit coverage

Talk to an independent insurance agent near you for help finding an affordable policy that is compliant with Kentucky’s coverage requirements.

What Does Covington Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Covington will provide, at the very least, liability coverage that meets the requirements set forth by the state of Kentucky. Liability coverage is designed to provide compensation for third-party property damage and bodily injuries if your drivers are responsible for a vehicle collision. Additionally, you can choose from among the following coverage options:

  • Collision coverage: This provides compensation for damage sustained by your vehicle in a collision, regardless of fault.
  • Comprehensive coverage: This covers the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as severe weather, falling objects, flood, fire, or property crimes.
  • Personal injury protection (PIP): This covers necessary medical treatment if your driver is injured in a collision, regardless of fault.
  • Uninsured motorist coverage: This covers property damage and medical costs if your vehicle is involved in an accident that was caused by an uninsured or hit-and-run driver.
  • Roadside assistance coverage: This provides coverage for towing or assistance if your company vehicle becomes disabled on the road.
  • Rental car coverage: This pays for the cost of renting a loaner vehicle while your company-owned vehicle is being repaired so that you can continue normal business operations.
  • Non-owned auto coverage: This covers liability costs if an employee is in an accident while using their personal vehicle to carry out company business.

Talk to your local independent insurance agent for help determining which coverage options are a good fit for your Covington business.

Why Work with an Independent Insurance Agent in Covington?

Company vehicle use is varied, so there is no such thing as a one-size-fits-all policy when it comes to commercial auto or commercial truck insurance policies. A business that relies on a small cargo van for making local deliveries will have vastly different needs than one that uses big-rig trucks for interstate commerce. A local independent agent can help you find a competitively priced policy that meets Kentucky’s coverage requirements. 

Contact an insurance agent in or near Covington to begin comparing customized commercial vehicle insurance quotes.

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https://uknowledge.uky.edu/cgi/viewcontent.cgi?article=2595&context=ktc_researchreports
https://www.fmcsa.dot.gov/international-programs/canada/commercial-motor-vehicle-cmv-operations-kentucky