Owensboro Commercial Auto Insurance

Your Complete Guide to Owensboro, KY Commercial Auto Insurance

Find the right commercial auto insurance policy for you.

From the trucks that deliver supplies to the Owensboro Health Regional Hospital to the pizza delivery cars that are out in full force on Friday evenings, a large number of commercial vehicles are on the roads of Owensboro. Business-owned vehicles are required by law to be covered by a commercial auto insurance policy. An independent insurance agent in Owensboro can help you find a commercial vehicle insurance policy that is both affordable and compliant with Kentucky state laws. Find an insurance agent near you to learn more.

Why Does My Owensboro Business Need Commercial Vehicle Insurance?

Accidents in Owensboro are not uncommon. They can happen even to the most careful and experienced drivers. 

Owensboro, 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 2,662 crashes occurs in the city of Owensboro per year.
  • Owensboro has an annual crash rate of 47 crashes per 1,000 residents.

If one of your drivers causes an accident that results in significant injuries or, worse, a fatality, your business is likely to face a very expensive liability lawsuit. It is therefore important that you have a sufficient amount of liability coverage. Commercial vehicle insurance is designed to protect your company from large financial losses due to liability lawsuits, property damage, and the loss of income that can occur due to not having access to a necessary vehicle while it is being repaired.

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

The cost to cover business-owned vehicles is likely to vary from one company to the next. This is because rates are calculated according to a number of factors such as:

  • How many vehicles your company is insuring
  • The types of vehicles that are being insured (e.g. car, cargo van, bus, semi truck, dump truck, etc.)
  • The vehicle’s passenger capacity if it will be used to transport people
  • The types of materials the vehicles will be transporting
  • The driving histories of the employees who will be operating the vehicles
  • The amount of insurance and the coverage options you are purchasing

Because taking steps to increase driver safely can reduce the risk of accidents, many commercial vehicle insurance providers offer discounts to policyholders who provide their drivers with routine safety training and educational materials. Talk to your local insurance agent to learn more.

How Much Commercial Vehicle Insurance Does My Owensboro Business Need?

All commercial vehicle insurance policies in Owensboro must, at the very least, include liability insurance coverage that meets or exceeds the state’s mandated minimums. Commercial vehicle liability insurance is designed to pay for third-party property damage and bodily injuries if an employee is responsible for a vehicle collision while driving a company vehicle. The minimum liability requirement amounts vary according to factors about your vehicle. 

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 in finding you an affordable policy that is in full compliance with the law.

What Does Commercial Vehicle Insurance Cover?

In addition to the commercial vehicle liability coverage that is required by law, your insurance company can provide you with several policy selections that can help you further protect your business finances. Some coverage options you may want to consider adding to your commercial auto insurance policy include:

  • Collision insurance: This can cover the cost to repair vehicle damage sustained in a collision, regardless of fault.
  • Comprehensive insurance: This can cover the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as falling objects, floods, fire, or theft.
  • Gap insurance: This is designed to bridge the coverage gap if your vehicle is totaled and its assessed value is lower than the amount you still owe on it.
  • Uninsured motorist insurance: This can provide coverage for damage and medical expenses if your employee is involved in an accident caused by an uninsured driver.
  • Towing and roadside assistance insurance: This can cover the cost of assistance if your company vehicle becomes disabled while out on the road. This is particularly cost-effective for companies that have larger vehicles that require specialized towing.
  • Non-owner auto insurance: This is designed to provide liability coverage if one of your employees or contractors is in an accident while operating a vehicle that is not owned by your company while doing a job for your business.
  • Rental reimbursement insurance: This can cover the cost of renting a loaner vehicle that enables to you continue normal operations while your company-owned vehicle is being repaired.

Additionally, if you wish to protect your business with more liability coverage than your commercial vehicle insurance policy will allow, you can purchase an umbrella insurance policy. These affordable policies pick up where your commercial vehicle policy leaves off and can provide millions more dollars’ worth of coverage. A local independent insurance agent can help you determine which optional coverage types are ideal for your Owensboro business.

Why Work with an Independent Insurance Agent in Owensboro?

Commercial vehicle insurance can cover everything from small cars to large buses, so businesses have varying coverage requirements and needs. As an Owensboro business owner, it is to your advantage to seek the advice of a local independent insurance agent when you are shopping for appropriate coverage for your company cars.

Find an insurance agent in or near Owensboro to learn more, and you can soon be 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