Maryland Commercial Vehicle Insurance
Get a full analysis of Maryland commercial vehicle costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Commercial Vehicle Insurance Options in Maryland
There are thousands of small businesses based in Maryland, and these businesses encompass many different industries and have varying insurance coverage needs. Those that have company-owned vehicles that they use as part of their day-to-day operations will need to carry commercial vehicle insurance.
Commercial vehicle insurance can prevent a serious accident from impacting your company’s bottom line.
An independent insurance agent can help you find competitively priced coverage that is compliant with all state and federal laws and affordable for your business.
Best Commercial Vehicle Insurance Companies in Maryland
Numerous insurance companies offer commercial vehicle insurance in Maryland. The following are some of the best commercial vehicle insurance companies in Maryland. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio but offers commercial vehicle insurance across all 50 states, including Maryland. Maryland residents can look to Progressive for most of their business insurance needs.
- Nationwide: Nationwide provides commercial auto insurance and other popular types of business insurance coverage in Maryland. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multi-line range of coverages, including commercial vehicle insurance, designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated commercial vehicle insurance in Maryland. The company provides a variety of other business insurance options, including inland marine, workers' compensation, and general liability.
- EMC Insurance Companies: EMC is one of the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
An independent insurance agent in your area can help you learn more about these and other Maryland commercial vehicle insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
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Maryland Commercial Vehicle Insurance Requirements
All motorized vehicles registered in Maryland, whether used for personal or business purposes, are required to carry automobile liability insurance. The minimum amount of liability coverage required by Maryland law is:
- $30,000 for bodily injury per person
- $60,000 for bodily injury per accident
- $15,000 for property damage
Maryland vehicles must also be covered by:
- Uninsured/underinsured motorist coverage: $30,000 bodily injury per person, $60,000 bodily injury per accident, and $15,000 property damage
- Personal injury protection (PIP): $2,500
It is almost always a good idea to purchase liability coverage in amounts that are much higher than the state’s required car insurance minimums. This is because accidents in company vehicles often lead to higher liability lawsuits since the injured party will see a greater chance of receiving a large cash award.
Larger commercial vehicles will have additional liability requirements. These requirements will be determined by:
- The vehicle’s weight
- The type of cargo it transports (hazardous materials will have great insurance needs)
- Whether or not the vehicle is used to transport people, and if so, the number of people the vehicle can carry
- Whether or not the vehicle is used for intra- or inter-state transportation
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance in Maryland.
What Commercial Vehicle Insurance Covers in Maryland
Commercial auto insurance is a specialized form of insurance that covers company-owned cars, vans, trucks, and other vehicles such as limousines. Unlike personal auto insurance, these policies often carry higher insurance coverage amounts.
Even if you are a small business owner, you will most likely need commercial vehicle coverage if you use your personal vehicle for work-related purposes.
All commercial vehicle insurance policies in Maryland will include at least the state-mandated coverage.
- Bodily injury liability coverage: Protects your business if you or one of your drivers injures or kills someone else while driving a company-owned vehicle. It covers an injured party's claims for damages, including medical expenses, lost wages, and pain and suffering. It also covers your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you or one of your drivers cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
- Personal injury protection (PIP): Helps pay for medical, dental, and funeral expenses for your drivers or passengers, regardless of who is at fault for an accident.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
In addition, insurance companies offer several other types of coverage that may be included as standard in their policies or offered as optional coverage.
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles being used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Your local independent insurance agent can help you determine which coverage types may benefit your unique needs.
Average Cost of Commercial Vehicle Insurance in Maryland
The cost of commercial vehicle insurance in Maryland can vary significantly from one business to the next. Insurance companies assess risk and calculate rates according to a variety of factors that are unique to your business, including:
- 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 vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Because each insurance company has its own method for determining costs, it pays to compare rates before purchasing a policy. That way, you can be sure you are getting the coverage you want at a competitive price.
An independent insurance agent can help you understand all the risks you face and get quotes for affordable commercial auto insurance in Maryland.
How to Find the Best Commercial Vehicle Insurance Quote in Maryland
Finding the best commercial auto insurance quote in Maryland requires comparing several insurance companies and making an informed choice. But you don’t have to go it alone.
An independent insurance agent in Maryland can help you obtain quotes and choose the one that offers the best coverage for your needs and budget. A local agent can answer your insurance-related questions, offer trustworthy advice, and obtain customized quotes from multiple insurance companies. And an independent agent works for you, free of charge, to help you through the process.
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Maryland Commercial Vehicle Insurance FAQs
Commercial vehicles are assumed to face greater risks than most personal vehicles. They are out on the road more, and for that reason alone, they are at a greater risk of being involved in a crash.
If your commercial vehicle is involved in an accident that results in serious injuries or fatalities, you can be faced with a very expensive lawsuit. And even minor fender-benders can result in property damage costs and loss of income for your business.
Any Maryland business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result from a car accident.
All motorized vehicles registered in Maryland, whether used for personal or business purposes, are required to carry automobile liability insurance in Maryland. Commercial auto policies in Maryland must include at least bodily injury liability coverage, property damage liability coverage, uninsured/underinsured liability coverage, and personal injury protection (PIP).
All commercial vehicle insurance policies in Maryland will include at least the state-mandated coverage.
- Bodily injury liability coverage: Protects you if one of your drivers injures or kills someone else while driving a company-owned vehicle. It covers an injured party's claims for damages, including medical expenses, lost wages, and pain and suffering. It also covers your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you or one of your drivers cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
- Personal injury protection (PIP): Helps pay for medical, dental, and funeral expenses for your drivers or passengers, regardless of who is at fault for an accident.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
In addition, insurance companies offer several other types of coverage that may be included as standard in their policies or offered as optional coverage.
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
The minimum amount of liability coverage required by Maryland law is:
- $30,000 for bodily injury liability per person
- $60,000 for bodily injury liability per accident
- $15,000 for property damage liability
Maryland vehicles must also be covered by:
- Uninsured/underinsured motorist coverage: $30,000 bodily injury per person, $60,000 bodily injury per accident, and $15,000 property damage
- Personal injury protection (PIP): $2,500
Larger commercial vehicles will have additional liability requirements.
Business owners in Maryland can deduct from their taxes the ordinary and necessary cost of any business insurance policy as a business expense. This includes any insurance policy that is common, helpful, and appropriate for your industry.
What’s more, most businesses are required to carry some types of business insurance — including commercial auto insurance — because of state laws, industry regulations, or contracts. Premiums for these policies are tax-deductible.
In addition, self-employed people who use their cars for business-related purposes can deduct many of the expenses associated with that vehicle, including car insurance premiums. If you use your car strictly for work-related purposes, you can write off all costs associated with operating and maintaining it. If your car use is mixed between business and personal reasons, you can only deduct costs that are related to the business usage of the vehicle.
Commercial vehicle insurance costs in Maryland can vary significantly from one business to the next. In general, commercial auto insurance costs more than personal auto insurance.
What you’ll pay for commercial vehicle insurance in Maryland depends on:
- 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 vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Liberty Mutual, Nationwide, Travelers, Progressive, and EMC are some of the best commercial vehicle insurance companies in Maryland. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Searching for the best and most affordable commercial auto insurance in Maryland can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in Maryland now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
https://insurance.maryland.gov/Consumer/Documents/publications/commercialinsurance.pdf