Southaven Commercial Auto Insurance

Your Complete Guide to Southaven, MS Commercial Auto Insurance

Find the right commercial auto insurance policy for you.

Southaven is the third-largest city in Mississippi and the second-most populous suburb of Memphis. Commercial vehicles are abundant on the streets of Southaven. If you are a local business owner who has company vehicles—from delivery vans to pickup trucks or construction vehicles—you will want to be sure you have the right commercial auto insurance policy. 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. Find an insurance agent in or near Southaven to learn more about your coverage options and make an informed choice. 

Why Is Commercial Auto Insurance So Important?

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. Commercial auto insurance is the equivalent of your personal auto insurance policy, but it protects vehicles and drivers associated with your business. If your business owns vehicles, this policy will insure your business for costs associated with collisions and other vehicle damage. It also provides liability coverage for your business if one of your drivers is at fault for an accident. 

While driving any type of vehicle can be dangerous, driving a commercial motor vehicle (CMV) can be particularly dangerous—not just for truck drivers, but for everyone on the road. If one of your vehicles is involved in a crash, your business will be held accountable for any property damage, injuries, or fatalities that occur. A single lawsuit after a fatality can cost you millions of dollars in legal fees and damages. CMVs include large trucks, passenger vehicles, small package delivery vehicles, pick-up trucks with trailers attached, box trucks, and more. CMVs are frequently involved in accidents in Mississippi and across the US. Passenger vehicles involved in crashes with CMVs are highly vulnerable to damage, injuries, and fatalities. 

CMV-Related Fatalities Recently in the US: 

  • There were 37,461 fatalities on America’s roadways in 34,439 motor vehicle crashes.
  • There were 4,564 fatalities in 4,079 crashes involving large trucks or buses.
  • Large truck occupants made up 16% of all large truck and bus fatalities.
  • While CMVs accounted for only 4% of the registered vehicles on the roads, they accounted for 9% of motor vehicle accident deaths.

Mississippi CMV Crash Statistics:

  • Two-thirds of all Mississippi CMV crashes occur on a rural road, while one-third occur on the Interstate.
  • One-third of all Mississippi fatal crashes involving CMVs occur at night.

How Much Does Commercial Auto Insurance Cost in Southaven, MS?

Commercial auto insurance costs 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 vehicles will be used to transport hazardous materials
  • The estimated number of miles your vehicles will be driven annually
  • The driving histories of the employees who will be operating the vehicles

Commercial auto insurance typically costs more than personal auto insurance because there are far more variables and risks to consider. The amount of coverage you need also affects what you pay for commercial auto insurance in Southaven. And you probably won’t need the same coverage for every vehicle. An independent insurance agent can help you assess your vehicle fleet and determine how much coverage you need for every vehicle. 

How Much Commercial Auto Insurance Does My Business Need?

Commercial auto insurance coverage is determined by either state or federal law, depending on: 

  • The type of vehicle 
  • The vehicle’s weight
  • The number of passengers
  • What the vehicle carries (e.g., innocuous goods or hazardous materials)
  • Whether it is engaged in interstate commerce

Most small business owners don’t have to worry about federal regulations for their business-owned sedans, vans, or pickup trucks. In these cases, Mississippi commercial auto insurance requirements are the same as for personal vehicles.

  • Minimum liability insurance limits: 25/50/25; coverage up to $50,000 for all persons injured in an accident, subject to a limit of $25,000 for one individual; and $25,000 coverage for property damage

Passenger carriers, certain freight carriers, trucks over 10,000 pounds, carriers that travel across state lines, and vehicles that carry hazardous substances must follow federal regulations for liability insurance coverage. For-hire taxis and tow trucks might also need to comply with additional liability insurance requirements. 

What Does Commercial Auto Insurance Cover?

All commercial vehicle insurance policies in Southaven will include state-mandated coverage. 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 damage to your vehicle due to non-collision events such as fires and property crimes. 
  • Uninsured motorist coverage: Covers your employee’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver. 
  • Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while it is out 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 be beneficial for your unique needs. 

Why Work with an Independent Insurance Agent? 

Shopping for the right commercial vehicle insurance coverage does not 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.

Contact an agent near you to begin your search for the best commercial vehicle insurance policy for your Southaven business.

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