Tupelo Commercial Auto Insurance

Your Complete Guide to Tupelo, MS Commercial Auto Insurance

Find the right commercial vehicle insurance policy for you.

Tupelo was the first city in the US to put in place an electrical power grid. Historically the city has served as a regional transportation hub, and today it has a strong tourism and hospitality sector, as well as many manufacturing, retail, and distribution companies. Whether your Tupelo business uses large trucks to haul goods or you own a construction company that transports building materials from place to place, you need the right commercial auto insurance. A local independent insurance agent can help you find competitively priced commercial auto insurance that is compliant with state and federal laws. 

Why Is Commercial Auto Insurance So Important? 

Commercial vehicles face greater risks than most personal vehicles. One of the reasons for this is that commercial vehicles are simply out on the roads more than most personal vehicles, making it more likely that they could be involved in a crash. If your business-owned vehicle is involved in an accident that results in serious injuries or fatalities, you can be faced with a very expensive lawsuit. 

What’s more, property damage and loss of income are real concerns after one of your company-owned vehicles is involved in a traffic accident. Without commercial auto insurance, how would you pay for damage to your vehicle? Would you have the resources to replace the vehicle quickly in order to avoid any lost productivity? Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result after accidents involving their business-owned vehicles.  

It protects you from the costs associated with motor vehicle accidents and even helps you pay for attorney fees, court costs, and more if you are sued. 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. 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 crash 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 Tupelo, MS?

Commercial auto insurance typically costs more than personal auto insurance because there are far more variables and risks to consider. The insurance company looks at what the vehicle is used for, the size and weight of the vehicle, the number of miles the vehicle is expected to travel each year, and even the items that are being transported. 

The amount of coverage you need also affects what you pay for commercial auto insurance in Tupelo. And you probably don’t need the same coverage for every vehicle. Costs for Tupelo commercial auto insurance vary from business to business. A company with a fleet of trucks will pay more than a small business with a few cars used for sales calls or deliveries. Some other factors that come into play include:

  • The driving history of the drivers listed on your policy
  • The age, make, and model of each vehicle listed on your policy 
  • The location of your business and vehicles
  • Your company’s auto claims history 

Because each insurance company has its own proprietary formula for calculating commercial auto insurance premiums, you can save a lot of money by shopping around for the most competitive price. And comparison shopping is easy when you work with an independent insurance agent who isn’t tied to one carrier.

How Much Commercial Auto Insurance Does My Tupelo 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?

Mississippi commercial auto insurance helps your business tackle expenses that are related to accidents and other mishaps with your commercial vehicles. It pays for physical damage to vehicles, medical bills for injured parties, and even repairing and replacing stolen or vandalized vehicles. Here are some typical coverage options for a commercial auto policy in Tupelo:

  • 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. 

You might also consider purchasing commercial umbrella insurance, which adds liability coverage that is beyond the limits of your commercial vehicle policy. This coverage can be invaluable if you face a lawsuit related to a serious crash involving one of your commercial autos. 

Why Work with an Independent Insurance Agent? 

Your commercial vehicle insurance should meet the unique needs of your business. A local independent insurance agent can answer your insurance-related questions and offer advice and guidance when you are building a suitable policy and shopping around for the best rates. 

Contact an independent agent in Tupelo to start comparing quotes from multiple insurance companies. 

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https://www.iihs.org/iihs/topics/t/large-trucks/fatalityfacts/large-trucks/2017

https://www.fmcsa.dot.gov/safety/data-and-statistics/2016-commercial-motor-vehicle-traffic-safety-facts-sheet

http://mdot.ms.gov/safetyeducation/parents/facts-and-stats/

http://www.mid.ms.gov/#&panel1-1