For those small businesses who utilize company cars, vans and trucks, the need for commercial vehicle insurance takes on added importance.
In breaking it down to its simplest terms, a commercial vehicle insurance policy offers coverage for business vehicles in the event of an accident involving injury, death, or some means of property damage. This policy protects a large amount of businesses that use a variety of vehicles for their daily operations; rates will range from low to high depending on the amount and type of insurance coverage required.
The Application Process and Coverage
If your company is applying for a quote, you will be required to include information on your drivers' driving background, including any accidents and/or citations. A number of the commercial vehicles that are covered via commercial vehicle insurance are passenger vehicles, pick-up trucks, tow trucks, tractor-trailers, heavy goods vehicles, light goods vehicles and farm-related vehicles.
Commercial vehicle insurance will by default, offer financial assistance for bodily injury for the driver and also any guest passengers in the vehicle when there is an accident, along with any legal work attributed to the event.
Third party cover offers financial recompense for property damage sustained that is owned by another party involved in the accident, while fully comprehensive cover will offer financial assistance for the repair or replacement of property for all involved in the accident including the insured driver.
Requirements When Purchasing a Commercial Auto Policy
When you go shopping for commercial vehicle coverage, keep these tips in mind:
1. Comparison shopping for a commercial auto insurance policy means going both offline and online, getting multiple quotes;
2. Decrease your insurance costs by installing safety devices on all vehicles along with anti-theft devices;
3. Park vehicles covered through commercial auto insurance in indoor or secure parking lots. Where a vehicle is left has an impact on the premiums as does the make of the vehicles;
4. Look into larger deductibles and greater liability limits. The higher the deductible the lower the premium;
5. Make sure all vehicles in use are listed in the policy. Also be sure that the maintenance of all vehicles is up to date.
When you have your commercial vehicles properly insured, you're bound to drive off with more success.
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