Commercial vehicle insurance is a
policy of physical damage and liability coverages for amounts, situations, and
usage not covered by a personal auto policy. This type of insurance covers a
variety of vehicles used for business purposes ranging from automobiles used
for business, including company cars, to a wide variety of commercial trucks.
Box trucks, food trucks, work vans,and
service utility trucks are also a few examples of larger commercial vehicles
which also require coverage. Commercial vehicle insurance also covers the
employees operating the vehicle and possibly the equipment inside. Commercial vehicle
insurance covers the following;
Bodily injury liability coverage – pays for bodily injury
or death resulting from an accident for which you are at fault.
- Property damage liability
coverage – provides you with protection if your vehicle accidentally damages another person’s property.
- Combined single limit –
Liability policies typically offer separate limits that apply to bodily injury
claims for property damage. A combined single limits policy has the same dollar
amount of coverage per covered occurrence whether bodily injury or property
damage, one person or several.
- Medical payments, no-fault or
personal injury coverage – usually pays for the medical
expenses of the driver and passengers in your vehicle incurred as a result of a
covered accident regardless of fault.
- Uninsured motorist coverage – pays
for your injuries and, in some circumstances, certain property damage caused by
an uninsured or a hit-and-run driver. In some cases, underinsured motorist
coverage is also included. This is for cases in which the at-fault driver
has insufficient insurance.
- Comprehensive physical damage
coverage – pays for damage to your vehicle from theft,
vandalism, flood, fire, and other covered perils.
- Collision coverage – pays
for damage to your vehicle when it hits or is hit by another object.
that all registered vehicles be covered by liability insurance. Some states even require you to purchase uninsured motorist coverage and no-fault car insurance.