Many Elizabethtown businesses use vehicles to deliver their products, make house calls to clients, and travel between locations. Company vehicles require commercial vehicle insurance to help protect your business from the negative financial effects of being in an accident while conducting company business.
When you work with an Elizabethtown independent insurance agent, you'll have an expert on your side that understands local and state rules about commercial vehicle insurance. Your agent can help you get the most value for your insurance dollar by matching you with a reputable insurer with great rates.
Get competitively priced coverage today by contacting a local independent insurance agent right away.
Why Do Elizabethtown Businesses Need Commercial Vehicle Insurance?
Any vehicle owned and used by a business is classified as a commercial motor vehicle. Your company's delivery cars, buses, trucks, construction vehicles, and cargo vans must be covered under a commercial vehicle insurance policy.
When a company car is involved in an accident, the business is legally responsible for the financial ramifications of the incident. Without the right types and amounts of insurance, your business could be financially devastated by even a small accident.
In Hardin county, there were 12,949 car crashes between 2014 and 2018, of which 2,536 were fatal. One out of every nine car accidents in Kentucky involves a commercial vehicle.
Commercial vehicle insurance covers your business against the financial risks associated with owning and operating business vehicles.
How Much Does Commercial Auto Insurance Cost in Elizabethtown, KY?
Your commercial vehicle insurance rates depend on a number of factors specific to your business, how you use your vehicles, and who drives your vehicles. Your rates may be affected by the following:
- The number of vehicles your business is insuring
- Each vehicle’s type, year, make, model, and safety features
- Each vehicle’s passenger capacity if used for transporting people
- Whether your vehicles will be used to transport hazardous materials
- The estimated number of miles your vehicles will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Each insurance company uses its own algorithms to determine your commercial vehicle insurance premiums. It's crucial to get multiple quotes, and your agent can help you balance low rates with the reputation of the insurer.
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How Much Commercial Vehicle Insurance Does My Elizabethtown Business Need?
All commercial vehicle policies for Kentucky businesses must include liability insurance, which is designed to provide coverage for third-party injuries and property damage if your driver is responsible for a vehicle collision. In Kentucky, the minimum liability coverage requirements for commercial vehicles are assigned according to the vehicle’s type, size, weight, and/or purpose.
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
Commercial vehicles that frequently cross state lines must also follow US Department of Transportation regulations. Your agent can help you make sure your policy meets every state and federal guideline.
What Does Commercial Auto Insurance Cover?
In Kentucky, you must have liability coverage with your commercial vehicle policy. You have a number of options for additional coverage, as well. Choosing insurance policies that meet your company's unique needs is a smart way to protect your finances. Talk with your agent about how each of these policies may work for your business:
- Collision insurance: This can cover the cost to repair your company vehicle if it has sustained damage in a collision, regardless of who was at fault.
- Comprehensive insurance: This can cover the cost to repair your company vehicle if it has sustained non-collision damage due to events such as hurricanes, floods, fires, falling objects, or property crimes.
- Uninsured motorist insurance: This can cover your employee’s medical expenses and your vehicle’s damage if an uninsured or underinsured driver causes a collision.
- Towing and roadside assistance insurance: This can cover the cost of a service call if your company vehicle experiences problems while out on the road.
- Rental reimbursement insurance: This can cover the cost of renting a comparable vehicle while repairs to your vehicle are made. It enables your business to continue normal operations without sustaining a large financial loss.
- Gap insurance: This is designed to bridge the coverage gap if your company vehicle is totaled and its assessed value is lower than the amount you still owe on it.
- Non-owner auto insurance: This is necessary only if you have employees doing work for your business while driving vehicles that your business does not own. It protects your company by ensuring you have sufficient liability coverage in the event of an accident.
- Umbrella insurance: This is a stand-alone supplementary policy that provides additional liability coverage. It picks up where your standard commercial vehicle insurance policy leaves off.
Your agent will be there for you to make sure you are in compliance with all laws regarding commercial vehicle insurance. They'll help you design a policy that meets your company's needs, and they'll even be there for you if you ever need to make a claim.
Why Work with an Independent Insurance Agent?
Your Elizabethtown independent insurance agent can help you get the coverage that you won't find through a generic online search engine. They'll match you with an insurer with a great reputation for paying claims, so if you ever need to use your insurance policy, you'll have a powerful company standing behind you.
Contact an Elizabethtown independent insurance agent today to put together your company's ideal commercial vehicle insurance policy.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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