From the trucks used by landscaping companies to the 18-wheelers making their way out of town on I-195, many commercial vehicles can be found on the New Bedford roadways. If you are a local business owner who has company-owned vehicles, you will want to be sure they are covered with the right commercial vehicle insurance policy.
An independent insurance agent can help you find a competitively priced policy that is compliant with all state and federal coverage requirements. Find an insurance agent in or near New Bedford to learn more about your options when it comes to commercial vehicle insurance.
Why Do New Bedford Businesses Need Commercial Vehicle Insurance?
Commercial vehicles are any vehicles that are owned and operated by a business. This can include delivery cars, cargo vans, pickup trucks, semi-trucks, dump trucks, taxis, buses and more. These vehicles are required by law to be covered by commercial vehicle insurance.
When a commercial vehicle is involved in a collision, the business that owns it may be subjected to large financial losses unless the vehicle covered by sufficient insurance. These losses can be the result of costly liability lawsuits, extensive property damage, or loss of income due to the company not having access to a necessary vehicle.
Commercial vehicle insurance is designed to cover your business against these risks so that your company’s finances can remain well protected.
How Much Does Commercial Vehicle Insurance Cost in New Bedford, MA?
There is no average cost for coverage when it comes to commercial vehicle insurance. Costs can vary significantly from one business to the next because insurance companies assess risk and calculate rates according to a variety of unique factors. Your price for coverage may be influenced by such things as:
- The number and types of vehicles your business is insuring
- Each vehicle’s make, model, year and safety features
- Each vehicle’s passenger capacity if they will be used for transporting people
- Whether your vehicles will be used to transport hazardous materials
- The estimated number of miles your vehicles will be driven annually
- Whether your vehicles will be used locally or for interstate commerce
- Information about the drivers 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 all the coverage you need at a competitive price.
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What Does New Bedford Commercial Vehicle Insurance Cover?
Commercial vehicle insurance is made up of several different coverage types. Some are required by the state of Massachusetts, while others are optional. If your vehicles are used for interstate commerce, such as if you are transporting manufactured materials to a distribution hub in Rhode Island, you will also need to comply with federal requirements.Required Coverage
- Commercial vehicle liability insurance: This is designed to cover any property damage and injuries your drivers may cause to others if they are responsible for a collision. In Massachusetts, the minimum amount of liability coverage you need can range from $40,000 to $5 million, depending on the kind of vehicle you are insuring and what it will be used to transport.
- Personal injury protection insurance (“PIP”): This is designed to cover medical bills and other associated expenses if your driver is injured in a collision. While this coverage is optional in many states, as a “no-fault state,” Massachusetts requires you to carry a minimum of $8,000 in coverage.
- Uninsured motorist insurance: This is designed cover medical expenses incurred by your driver if an uninsured, underinsured, or hit-and-run driver causes a collision with your company vehicle. While this is optional in many states, Massachusetts requires you to carry a minimum of $20,000 per person/$40,000 per accident worth of coverage.
- Collision insurance: This is designed to cover the cost to repair or replace your company vehicle if it is damaged in a collision, regardless of fault. This includes coverage for damage incurred if your vehicle rolls over while making a turn.
- Comprehensive insurance: This is designed to cover the cost to repair or replace your company vehicle if it is damaged by a non-collision event. It includes damage caused by falling objects, windstorms, floods, structure fires, vandalism and property theft.
- Towing and roadside assistance insurance: This can cover the cost of a service call if your company vehicle experiences problems while out on the road. This can be of particular value to companies with large vehicles that require specialized towing.
- Rental reimbursement insurance: This can cover the cost of renting a comparable vehicle while repairs to your vehicle are made. It enables your business to continue normal operations without incurring a large financial loss.
- Gap insurance: 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 on it.
- Non-owner auto insurance: This is necessary only if you have employees doing work for your business while driving vehicles that your business does not own. It protects your company by ensuring you have sufficient liability coverage in the event of an accident.
Some businesses may also want to consider purchasing an umbrella insurance policy. This is a stand-alone supplementary policy that provides additional liability coverage at an affordable price. It picks up where your standard commercial vehicle insurance policy leaves off. Your local independent insurance agent can help you determine which coverage types may be beneficial to your New Bedford business.
Why Work with an Independent Insurance Agent in New Bedford?
Finding the right commercial vehicle insurance coverage doesn't have to be difficult or time-consuming. A local independent insurance agent can answer your insurance-related questions, offer trustworthy advice, and obtain customized quotes from multiple insurance companies so you don't have to do the comparison shopping on your own.
Contact an insurance agent near you to begin your search for the best commercial vehicle insurance policy for your New Bedford business.
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