From pizza delivery cars and mobile pet-grooming vans on local roads to semi-trucks traveling on the Interstate, it’s hard to avoid commercial vehicles on the streets of Roswell. If you're a local business owner who operates even one commercial vehicle, you need commercial auto insurance to protect your business assets when accidents happen. An independent insurance agent in or near Roswell can help you find competitively priced coverage that 's compliant with all state and federal laws and affordable for your business.
Why Do I Need Commercial Auto Insurance?
Commercial vehicles are generally exposed to more risks than most personal vehicles. Business autos tend to be out on the road more, and for that reason alone they have a greater risk of being involved in a crash. 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. Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result after a crash. And accidents are all-to-common on the busy New Mexico roadways.
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 accidents.
- A semi/large truck crash occurred every 4 hours.
- Crashes involving heavy trucks totaled 2,326, their highest level in five years.
- Heavy trucks were involved in 5.2% percent of all accidents, but 10.4% of all fatalities.
Roswell had the sixth-highest number of total crashes in New Mexico.
- There were 1,134 total motor vehicle accidents in Roswell in recent years, or 23.5 crashes per 1,000 residents.
How Much Does Commercial Auto Insurance Cost in Roswell, NM?
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. When obtaining a quote for commercial auto insurance, expect to provide the following information, and more:
- 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
- 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 the coverage you want at a competitive price.
How Much Commercial Auto Insurance Does My Business Need?
All New Mexico drivers, 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 several factors, including:
- The truck’s weight
- Whether the truck is involved in interstate commerce
- Whether the truck is transporting people, household goods, hazardous materials, etc.
What Does Commercial Auto Insurance Cover?
All commercial auto insurance policies in Roswell 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 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.
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 auto 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.
Contact an agent near you to begin your search for the best commercial auto insurance policy for your Roswell business.
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