Most commercial vehicle accidents in Kentucky occur 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 holdings by investing in a solid commercial vehicle insurance policy.
An independent insurance agent can help you find a fairly priced commercial vehicle insurance policy that follows both state and federal laws. Contact an insurance agent near Hopkinsville, KY, 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 companies that own one or more commercial vehicles are required by law to cover their cars, buses, 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 identified in an expensive liability lawsuit, so this coverage can prove essential to your business’s finances.
Commercial vehicle insurance can protect your business from the large financial losses that may arise due to court costs, liability lawsuits, vehicle damage, and the prospective loss of income that may occur.
How Much Does Commercial Vehicle Insurance Cost in Hopkinsville, KY?
There are many commercial vehicles, and they range from small cars to SUVs to semi-trucks, and the cost to cover them can vary significantly from one business to another. Commercial vehicle insurance rates are calculated according to some of the following factors:
- The amount of coverage you wish to purchase
- Your company’s claims history and safety rating
- The number of vehicles you are insuring
- The driving records of the employees who will be operating the vehicles
- The types of vehicles you are insuring
- Whether the vehicles are used locally or for interstate commerce
- The estimated number of miles your vehicles will be driven per year
- Your vehicle's weight and types of materials it will transport
If you want to get a really good idea of what a commercial vehicle insurance policy will cost is, you can request quotes from several commercial vehicle insurance providers. A local independent insurance agent can save you time by doing the comparison shopping homework for you.
What Are the Commercial Vehicle Coverage Requirements in Hopkinsville, 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 participate in national commerce are subject to the US Department of Transportation rules and regulations. If your commercial vehicles are driven out of state, a local independent insurance agent can help you make sure your policy meets all federal guidelines as well as Kentucky’s state requirements.
What Else Does Hopkinsville, KY, Commercial Vehicle Insurance Cover?
Liability coverage is a mandatory part of your commercial vehicle insurance policy. You can also integrate a few optional coverages into your policy. This can help to protect your business’s assets if one of your drivers is involved in an accident. Commercial auto dealers will normally offer the following coverage options:
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.
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.
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.
Why Work with an Independent Agent in Hopkinsville, KY?
A local independent insurance agent can help you determine which coverage types are right for your Hopkinsville, 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 reasonably 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 support. Find an insurance agent near your Hopkinsville, KY, business to start comparing tailor-made commercial vehicle insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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