Louisville Commercial Auto Insurance

Your Complete Guide to Louisville, KY Commercial Auto Insurance

Find the right commercial auto insurance policy for you.

Many businesses in Louisville employ vehicles, from companies that transport goods and materials to area warehouses to building firms that own a fleet of construction vehicles. The state of Kentucky requires all business-owned vehicles to be covered by suitable commercial vehicle insurance policies. An independent insurance agent in Louisville can help you find an affordable policy that meets your business’s coverage needs and is also compliant with state laws. Find an insurance agent near you to learn more.

Why Does My Louisville Business Need Commercial Vehicle Insurance?

Accidents happen. Commercial vehicle insurance is designed to protect your business from large financial losses due to liability lawsuits, property damage, and the potential loss of income that may occur if your business is left without its necessary mode of transportation.

Louisville, 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 26,386 crashes occurs in the city of Louisville per year.
  • Louisville has an annual crash rate of 44 collisions per every 1,000 residents.

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

Because businesses use a wide range of vehicle types for various purposes, the cost to cover business-owned vehicles can vary significantly from one company to the next. Rates are calculated individually according to a number of factors such as:

  • The number of vehicles you are insuring
  • The types of vehicles you are insuring (e.g., cars, vans, semis, dump trucks, etc.)
  • Whether the vehicles will be used to transport people, and if so, each vehicle’s passenger capacity
  • Whether the vehicles will be used to transport hazardous materials
  • Information about the employees who will be operating the vehicles
  • Where and how often the vehicles will be driven
  • The amount of coverage you wish to purchase

To find out how much a policy will cost for your business, you can ask a local independent insurance agent to obtain a selection of customized quotes.

How Much Commercial Vehicle Insurance Does My Louisville Business Need?

There are a number of different types of vehicles that can be covered under a commercial vehicle insurance policy. In the state of Kentucky, there are different minimum coverage requirements depending on factors like the vehicle’s weight and purpose. 

Minimum Coverage Requirements for KY Commercial Vehicles

  • 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

Your local independent insurance agent can be extremely helpful with finding you a policy that is in full compliance with Kentucky state laws.

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Louisville will provide, at the very least, liability insurance that meets the minimum coverage requirements set forth by the state of Kentucky. Commercial vehicle liability insurance is designed to provide compensation for third-party property damage and bodily injuries if your drivers are responsible for a collision. Optional coverage you may want to consider adding to your commercial auto insurance policy includes:

  • Collision insurance: This can compensate your business for vehicle damage caused by a collision, regardless of fault.
  • Comprehensive insurance: This can compensate your business for the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as falling objects, heavy winds, floods, fire, and theft.
  • Personal injury protection insurance: This can cover medical treatment for your drivers if they are injured in a collision. In most cases, this will be covered by workers’ compensation insurance.
  • Uninsured motorist insurance: This can provide coverage for property damage and medical costs if your commercial vehicle is involved in an accident caused by an uninsured, underinsured, or hit-and-run driver.
  • Roadside assistance insurance: This can provide coverage for towing or assistance if your company vehicle becomes disabled while out on the road.
  • Non-owned auto insurance: This can cover the additional liability costs if one of your employees or contractors is in an accident while operating their personal vehicle to carry out company business.
  • Rental car reimbursement insurance: This can cover the cost of renting a loaner vehicle while your company-owned vehicle is being repaired.

A local independent insurance agent can help you determine which coverage types are right for your Louisville business.

Why Work with an Independent Insurance Agent in Louisville?

Because it can cover everything from small cars to large construction vehicles, there is no such thing as a one-size-fits-all commercial vehicle insurance policy. Obviously, a business that relies on one or two cars for making local deliveries will have vastly different needs than one that transports hazardous materials in big-rig trucks. A local independent insurance agent can help you find a competitively priced policy that meets all mandated coverage requirements. 

Contact an insurance agent in or near Louisville to start comparing a selection of 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