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Commercial Auto Insurance Quotes
So you have a business? Good for you! You use a vehicle to get there or to deliver shipments? This means you need to get commercial auto insurance quotes if you aren’t already covered.
We’re going to tell you about what types of coverage you may need, but first, why do you need it?
Because sorry, it doesn’t matter if you use your personal vehicle for business purposes, you will still need commercial car insurance to cover it. Your regular auto insurance won’t cover you. (Bah Humbug!)
Why is this important? If you or an employee cause an accident and you don’t have the right type of insurance, you could very well lose your entire business. Yeah, that would make you nothing less than DUMB!
Therefore, you need to click below to get a FREE quote to get the best rates possible using Hiscox.
They are the best place to get rates from the top carriers. It doesn’t matter what type of plan you are looking for, Hiscox should be your first stop. Go ahead and request your free quotes online to simplify the process!
Ok, so your business automobile insurance policy will be very similar to your personal auto policy. They basically do much the same crap- provide indemnification for the use of a vehicle.
The big difference is that a commercial policy will cover you for business use, and a personal policy usually excludes coverage for business use or really restricts the protection it will provide.
A business car insurance policy will typically offer a variety of coverages, including:
Physical Damage Protection – Both collision and comprehensive coverage make up the physical damage portion of the policy. Collision pays for damages caused by an accident, where comprehensive pays for noncollision related damage, which includes fire, theft, and vandalism. Physical damage coverage is for damage to an insured vehicle, not to a third party’s vehicle.
Liability Coverage – When a covered company vehicle causes either bodily injury or property damage, the liability portion of the policy pays out. This coverage is for at-fault accidents involving a vehicle specifically insured by the commercial policy. Damages or injuries are to a third-party, not to occupants of the car, or to the covered vehicle itself.
Uninsured Motorist Coverage – When a vehicle without insurance, (or not enough), causes damage to your covered business auto and/or its occupants, your uninsured/underinsured motorist coverage pays out. This is an important protection due to the fact that many people drive around without any insurance, or not high enough limits to pay for all of the damages caused by their actions.
Medical Payments – The portion of your policy that covers medical bills incurred by anyone occupying a covered company auto operated by your organization is called medical payments. This does not include injuries sustained by a third party. The liability portion of a business auto policy covers these.
Business Auto Insurance Made Simple!
Why didn’t I get business auto insurance?
Below you will find more coverage explanations in our chart. You will find out which parts of the business auto insurance policy provides first party (the insured) protection, and which part provides third party (other than the insured) protection.
Depending on what you use your commercial vehicles for, there are different coverages you may need. Check with your Hiscox agent to make sure that your company vehicles are covered properly.
Your vehicles should have policy limits that will protect your company in the event that you are sued. Without the right insurance, your company is exposed.
What’s the bottom line? You may be held liable for damages caused by the operation of your vehicles without it. This could be a very expensive mistake!
Go Ahead, Get Your Commercial Auto Insurance Quotes. What Do You Have to Lose?
With Hiscox, you can get a FREE quote. Of course, there is no obligation on your part. It’s just a quote. Look at the options then pick the one that is right for you.
Simply fill out the online form (it’s secure) and in no time you will have the quotes you are looking for. Locating the right commercial policies has honestly never been easier!
Hiscox is truly a no-obligation service that allows you to see what commercial vehicle insurance will cost you. Once you provide Hiscox with some basic information and the coverage you need, they provide you with no-obligation quotes from several providers. Pick and choose who you want to follow up with, or choose to contact none of the providers. It is up to you.
Receive FREE, no-obligation business auto insurance quotes from Hiscox today and get the right type of coverage for your company! You may even find cheap commercial auto insurance quotes with Hiscox. You have nothing to lose!
Liability Coverage – Pays for injuries or damages to a third party. Broken into two parts – bodily injury and property damage (see below). Policy limits are often abbreviated with a series of three numbers – for example, limits of 50/100/25 would pay a maximum of $50,000 for bodily injury to a single person, and a maximum of $100,000 in bodily injury claims for the entire accident. The third number represents maximum policy limits for property damage – in this case, $25,000.
Bodily Injury Coverage – Pays for injuries sustained by a third party due to the actions of the insured when operating a covered vehicle. This can include injuries to people in a vehicle hit by an insured vehicle, as well as parties outside of covered vehicles (such as pedestrians).
Property Damage Coverage – Pays for damages to the property owned by a third party (not the insured vehicles). This can include other people’s vehicles, as well as physical property, such as buildings, houses, mailboxes, streetlights, etc.
Medical Payments Coverage – Pays when people inside the insured vehicle are injured. This includes the named insured, their family members, and any other person inside the covered vehicle. Medical payments may also cover the insured if they are a pedestrian injured by a motor vehicle. Medical payments may also include extended benefits that compensated a covered individual for lost wages and other damages.
Uninsured/Underinsured Motorist Coverage – An uninsured motorist is one that either doesn’t have their own vehicle insurance policy, or they have one that doesn’t meet the state-required minimum liability limits. An underinsured motorist is one that has a vehicle policy, but their policy limits are not sufficient to cover the damages caused by an accident for which they are found to be at fault. In most states, uninsured/underinsured coverage is optional, but highly recommended, and pays when your vehicle is hit by an uninsured or underinsured driver. Generally, you cannot purchase more coverage then what you carry for your liability limits.
Physical Damage Coverage – Pays for damages to the vehicles listed on the policy and is broken into two parts – comprehensive and collision (see below). Rates are determined by a variety of factors, including the make and model of the vehicle, and the loss history for a particular vehicle. There is a deductible associated with physical damage coverage, which the insured must come up with before the insurance company will pay. Deductible limits vary from $0 to $1000, or more. Usually, the higher the deductible (the more risk the insured is willing to take on), the lower the premiums.
Comprehensive Coverage – Pays for damage to an insured vehicle caused by events such as fire, hail, flood, water, wind, theft, vandalism, riots, explosions, and earthquakes. In other words, for most events not associated with collision damages (see below).
Collision Coverage – Pays for damages to an insured vehicle due to impact with an object. This can include other vehicles, as well as stationary objects like trees, light poles, buildings, etc.
Coverage for the persons and vehicles named on the policy, as well as any occupants of the insured vehicle at the time of the accident.
First Party Coverage*
Coverage for injury or damage to individuals, vehicles, or property, caused by the insured (first party).
Third Party Coverage**
* First Party Coverage – Coverage for the persons and vehicles named on the policy, as well as any occupants of the insured vehicle at the time of the accident.
** Third Party Coverage – Coverage for injury or damage to individuals, vehicles, or property, caused by the insured (first party).
The second party, in terms of commercial auto insurance policy, is the company that issues the coverage (the insurance company). Therefore, the first party purchases a policy from the second party to provide coverage for damages to the third party (as well as the first party as outlined above).