Whether your Virginia business uses its commercial vehicles to deliver pizza, attend meetings across town in Richmond or to haul goods across state lines, a comprehensive auto insurance policy is a good idea to protect your investment and drivers. Big or small, most commercial vehicles require specialized insurance protection. Before you search for commercial auto insurance quotes, however, there are a few things to consider.
The Virginia Highway Safety Office provided these statistics:
As you can see, no matter how well trained or reliable your driver or how sturdy your commercial vehicle, accidents can and do happen. Protect your business and personal finances with commercial auto insurance for those worst case scenarios.
Determining whether you need commercial insurance or whether a personal auto policy is sufficient can be challenging. If you need some guidance, ask yourself the following:
Your answers can lead you in the right direction. Most business-owned vehicles in VA do require commercial coverage; this includes those used for deliveries and for farming. If you're an employee and your company requires you to drive its vehicles as part of your job, your firm's policy might protect you.
Some self-employed Virginians or sole proprietors might be able to get by with their personal policies, especially if the only business use of their vehicles is business trips across town.
If any of the following apply to your situation, the odds you'll need commercial protection increases:
In the end, you might need to partner with both the Virginia Department of Motor Vehicles and your insurance agent. The DMV can advise you on the legal requirements for your business, while your agent can assist you in determining the amounts and types of coverage you'll need to protect your business investments.
Always keep the Virginia's minimum liability insurance requirements in mind when you search for quotes. Virginia law requires the following minimum coverage:
Remember, these are just the minimum standards. Depending on your business and the types of commercial vehicles you use, you may want much more coverage.
There are many coverage options applicable to commercial auto insurance. Some Virginia businesses use vans to deliver furniture. Others allow top executives to drive the company's four-door sedans. And some businesses use large trucks and semis to haul goods great distances. Because there are so many different uses and types of commercial vehicles, Virginia insurance providers offer a variety of policies to choose from. Your provider may include some of the following features in your comprehensive commercial vehicle policy or let you buy them as options:
What happens if you allow your policy to lapse and have no proof of insurance?
You could face license and registration suspension. Reinstatement is by filing an SR-22 form for three years with the Virginia Department of Motor Vehicles and paying both a $500 fee and a $30 reinstatement fee.
The quotes you receive from Virginia insurance providers depend on a variety of factors, including the following:
Some Virginia insurance providers will offer a discount on your quote for the following:
Be sure to ask your insurance agent if any of these discounts apply to your commercial auto insurance quotes.
As a business owner, you probably want to prepare for anything. The perfect commercial auto insurance policy will help protect your Virginia company's investments. A knowledgeable Trusted Choice® independent insurance agent can answer any questions you may have, find a variety of commercial auto insurance quotes at competitive rates and even help you file a claim.
Contact a Trusted Choice agent in your area to find a comprehensive commercial auto insurance package.