Rio Rancho Commercial Auto Insurance

Your Complete Guide to Rio Rancho, NM Commercial Vehicle Insurance

Find the right commercial vehicle insurance policy for you.

Rio Rancho is one of the fastest-growing cities in New Mexico. In this bustling town, it’s easy to find commercial vehicles on busy roadways. If your Rio Rancho business uses vehicles as a part of your company’s normal business operations, you'll want to be sure that those vehicles are properly insured. A local independent insurance agent can help you find competitively priced commercial vehicle insurance that is compliant with state and federal laws. 

Why Is Commercial Vehicle Insurance So Important? 

Different vehicles are used for different purposes, and for this reason they automatically face different exposures to risks on the road. Commercial vehicles, and heavy trucks in particular, presumably travel more miles than the average personal vehicle, and are therefore more likely to be involved in an accident. If one of your business-owned vehicles is involved in a crash, it’s very likely that you'll be sued for damages. What’s more, property damage (your damaged or totaled vehicle) and loss of income (the vehicle is out of service) will place an even greater burden on your business. 

Any business that owns vehicles needs commercial vehicle insurance to protect itself from the large financial losses that can result after accidents involving their vehicles. And you might even need coverage if you or your employees occasionally drive personal vehicles for business purposes. Accidents happen frequently on New Mexico’s public roads. The following recent crash statistics offer a glimpse into the dangers of operating a commercial vehicle in this state.

Recent New Mexico Crash Statistics

There were 45,071 traffic accidents along public roadways in New Mexico. These crashes involved 114,701 people, with 20,494 people injured and 405 people killed. 

  • A motor vehicle accident occurred every 12 minutes in New Mexico.

Heavy truck crashes are on the rise and were disproportionately represented in fatal crashes. 

  • A semi/large truck crash occurred every 4 hours.
  • Accidents involving heavy trucks totaled 2,326, their highest level in five years. 
  • Heavy trucks were involved in 5.2% of all crashes, but 10.4% of all fatalities. 

Rio Rancho had the fifth-highest number of total crashes in New Mexico. 

  • There were 1,210 total motor vehicle accidents in Rio Rancho in recent years or 12.6 crashes per 1,000 residents. 

How Much Does Commercial Vehicle Insurance Cost in Rio Rancho, NM?

The cost to cover business-owned vehicles can vary greatly from one company to the next. This is because insurance rates are based on your unique fleet of vehicles and risk exposures. Be prepared to provide the following information in order to obtain a quote for commercial vehicle insurance:

  • The number of vehicles your business needs to insure
  • The types of vehicles you are insuring (e.g., car, truck, van, etc.)
  • The year, make, model, and safety features of each vehicle on your policy
  • Each vehicle’s passenger capacity if they will be used to transport people
  • Whether your vehicles will be used to transport hazardous materials
  • Whether the vehicles will be used locally or for interstate commerce
  • Information about the employees who will be driving the vehicles
  • The amount of coverage you wish to include in your policy

Often, commercial vehicle insurance companies will offer discounts to policyholders who provide routine safety training and materials to their drivers and manage a fleet of well-maintained vehicles. If you're worried about the cost of your commercial vehicle insurance, making safety a top priority is a great way to help control costs. 

How Much Commercial Vehicle Insurance Does My Business Need?

All New Mexico vehicle owners, both personal and commercial, need to have a minimum amount of auto liability insurance in order to comply with state law. 

  • Minimum liability insurance limits:25/50/10; coverage up to $50,000 for all persons injured in an accident, subject to a limit of $25,000 for one individual; and $10,000 coverage for property damage

Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements. The amount of liability insurance required for trucks depends on the type of freight you transport and where you transport it. The minimum liability insurance requirements for trucks that stay within the state of New Mexico are:

  • $300,000 liability insurance for transporters of household goods
  • $750,000 liability insurance for transporters of general freight
  • $1,000,000 liability insurance for transporters of oil
  • $5,000,000 liability insurance for transporters of hazardous materials

Truck owners who participate in interstate commerce (travel across state lines) must meet all federal insurance requirements. Most small business owners don’t have to worry about federal regulations for their business-owned sedans, vans, or pickup trucks. In these cases, New Mexico commercial vehicle insurance requirements are the same as for personal vehicles. Your independent insurance agent can help you purchase commercial vehicle insurance that meets all applicable state and federal regulations. 

What Does Commercial Vehicle Insurance Cover?

All commercial vehicle insurance policies in Rio Rancho will include the specific coverage required by law, at a minimum. Insurance companies also offer several types of optional coverage. You can choose the options that are most necessary for your needs.

  • Collision coverage: Covers damage to your vehicle that is 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's 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. 

A local independent insurance agent can help you decide which coverage options are best for your unique fleet of commercial vehicles. 

Why Work with an Independent Insurance Agent? 

Your commercial vehicle insurance should meet the specific 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 Rio Rancho to start comparing quotes from multiple insurance companies. 

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