Florence Commercial Vehicle Insurance
Do you have the right amount of commercial vehicle insurance?
Written by
Environmental and natural resource advocate and business owner, Rene Todd Fields, has more than 10 years of experience working within both private and public sectors and enjoys helping individuals understand their options and make solid coverage decisions.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
In Kentucky, most commercial vehicle accidents happen on state roads. The top causes of these accidents are driver error and overweight or improperly loaded trucks. Business owners in Kentucky can protect their company finances by investing in a robust commercial vehicle insurance policy.
An independent insurance agent in Florence, KY can help you find a competitively priced commercial vehicle insurance policy that follows both state and federal laws. Contact an insurance agent near you to learn more and start comparing personalized 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 businesses that own one or more vehicles are legally required by the state to cover their buses, cars, trucks, or vans with commercial vehicle insurance. When a commercial vehicle is involved in a collision, the business that owns it has an increased risk of being identified 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 may occur due to court costs, liability lawsuits, and vehicle damage, and the prospective loss of income that may arise if your business is left without its necessary mode of transportation.
How Much Does Commercial Vehicle Insurance Cost in Florence, KY?
Commercial vehicles range from taxis to buses to semi-trucks. Therefore, the cost to cover these vehicles can vary significantly from one business to the next. Commercial vehicle insurance rates are calculated according to several factors, including the following:
- The types of vehicles you are insuring
- The number of vehicles you are insuring
- The estimated number of miles your vehicles will be driven per year
- The weight of your vehicles and the types of materials that they will be used to transport
- Whether the vehicles are used locally or for interstate commerce
- The driving records of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
- Your company’s claims history and safety rating
The best way to get a good idea of what a policy will cost 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 groundwork for you.
What Are the Commercial Vehicle Coverage Requirements in Florence, KY?
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.
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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
In addition, commercial vehicles engaging in national 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 your policy meets all federal guidelines as well as Kentucky’s state requirements.
What Else Can Florence, KY Commercial Vehicle Insurance Cover?
While liability coverage is a required part of your commercial vehicle policy, you can also include a few optional coverage types in your policy. This can help to protect your business finances if one of your drivers is involved in an accident. Commercial auto brokers will normally offer the following coverage options:
- 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 worker's compensation insurance.
- Collision insurance: This covers the cost to repair or replace your company vehicle if it is damaged in an accident, regardless of fault.
- 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.
- 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.
- 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.
- Rental car insurance: This covers the cost of renting an equivalent 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 Florence, KY business. Your agent can also help you find an affordable umbrella insurance policy if you wish to add more liability coverage than your commercial vehicle policy allows.
Why Work with an Independent Agent in Florence, KY?
A local independent agent can help you find a competitively 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 Florence, KY business to start comparing customized commercial vehicle insurance quotes.
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