From trucks making deliveries to the Twin Hills Country Club to cargo vans carrying HVAC equipment, there are many commercial vehicles on the roads of Longmeadow at any given time. If you are among the local business owners who have company vehicles, you will want to be sure to have a reliable and sufficient commercial vehicle insurance policy in place.
An independent insurance agent can help you find an affordable commercial vehicle policy that is compliant with all state and federal laws. Find an insurance agent in or near Longmeadow to start comparing customized commercial vehicle insurance quotes.
Why Do I Need Commercial Vehicle Insurance?
Commercial motor vehicles (CMVs) include any type of vehicle that is owned and used by a business. This includes vehicles such as cargo vans, buses, trucks of varying sizes, including 18-wheelers, and construction vehicles such as dump trucks and front loaders.
From major accidents on I-91 to fender benders on Bliss Road, when a commercial vehicle is involved in a collision, the business that owns it can experience large financial losses if it's not covered by sufficient amounts of the right insurance.
Commercial vehicle insurance is designed to cover your business against the financial losses that may be caused by liability lawsuits, expensive vehicle repairs, and loss of income due to not having access to a necessary vehicle. That way, your business finances can remain well-protected.
How Much Does Commercial Vehicle Insurance Cost in Longmeadow, MA?
Insurance companies assess risk and calculate rates according to a number of different factors, so commercial vehicle insurance costs can vary considerably from one company to the next. Your price for coverage may be influenced by such considerations as:
- The number of vehicles your business needs to insure
- The types of vehicles you are insuring as well as each vehicle’s year, make, model and safety features
- What you will be using the vehicles to transport (i.e., household goods, hazardous materials, people, etc.)
- The approximate number of miles your vehicles will be driven each year
- The driving records of any employees who may be operating the vehicles
- The amount of coverage you are purchasing
Because each insurance company has its own proprietary formula for calculating costs, you can save a lot of money by obtaining and comparing quotes before making a purchase. Independent insurance agents make comparison shopping easy.
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What Are the Commercial Vehicle Insurance Requirements in Longmeadow?
In Massachusetts, commercial vehicle insurance policies must include liability insurance, personal injury protection insurance, and uninsured motorist coverage.
Commercial vehicle liability insurance is arguably the most important part of your commercial vehicle policy. It can protect your business from losses due to lawsuits if one of your drivers causes third-party property damage or injuries in an accident. This is particularly important with larger, heavier vehicles, which can cause significant damage.
In this state, the minimum amount of liability insurance you need depends on the type of vehicle you are insuring and the materials being transported.
- Trucks used to transport oil must have a minimum of $1,000,000 in liability coverage.
- Trucks used to transport hazardous materials (hazmat) must have a minimum of $5,000,000 in liability coverage.
- Trucks used to transport household goods must have a minimum of $300,000 in liability insurance.
- Trucks used to transport general freight must have a minimum of $750,000 in liability insurance.
If your business engages in interstate commerce and your vehicles will be driven across state lines, you will also need to be compliant with federal liability coverage laws. This is particularly important, given Longmeadow’s proximity to the Connecticut border. Your local independent agent can help you review your specific coverage requirements.
Massachusetts is a no-fault state, so all insurance policies must include a minimum of $8,000 in personal injury protection insurance (PIP). This can cover the cost of medical treatment if your driver or an employed passenger is injured in an accident.
Finally, because medical costs can easily exceed what PIP will cover, you policy must also include uninsured motorist insurance to cover medical bills. You must have a minimum of $20,000 per person and $40,000 per accident.
Talk to a local independent insurance agent for help finding a competitively priced policy that meets these state-mandated minimum requirements.
What Does Longmeadow Commercial Vehicle Insurance Cover?
All commercial vehicle insurance in Longmeadow must include liability coverage, uninsured motorist coverage, and personal injury protection at levels that meet or exceed the state’s minimum requirements. Insurance companies also offer several other types of coverage that you may opt to purchase. These include:
- Collision coverage: This is designed to cover the cost of repairs to your company vehicle if it has sustained damage in a collision, regardless of fault.
- Comprehensive coverage: This is designed to cover the cost of repairs to your company vehicle if it has sustained damage in a non-collision event such as a windstorm, flood, or property crime.
- Gap insurance coverage: This is designed to bridge the coverage gap if your company vehicle is totaled and its assessed value is lower than the amount you still owe for it.
- Towing and roadside assistance coverage: This is designed to cover the cost of a service call if your company vehicle becomes disabled while out on the road. Larger vehicles like trucks and buses require specialized towing.
- Non-owner auto coverage: This is designed to provide your company with necessary liability coverage if an employee is in an accident while doing a job for your company in a vehicle that your business does not own.
- Rental reimbursement coverage: This is designed to cover the cost of renting a comparable vehicle while repairs to your company vehicle are made. It enables your business to continue normal operations without experiencing a large financial loss.
- Umbrella insurance: This supplementary coverage is designed to provide your company with liability coverage above and beyond what your commercial vehicle liability policy can offer.
Your local independent insurance agent can help you determine which of the many available coverage options may be beneficial to your Long Meadow business.
Why Work with an Independent Insurance Agent in Longmeadow?
Finding an ideal commercial vehicle insurance policy doesn't have to be difficult or time-consuming. Independent insurance agents in Longmeadow are available to answer your insurance insurance-related questions, offer trustworthy advice, and provide you with a selection of customized quotes from reputable providers.
Contact an insurance agent near you to start your search for the best commercial vehicle insurance policy for your Longmeadow business.