Commercial Vehicle Insurance Key Terms

Learn about commercial vehicle insurance terms

Selecting the right commercial vehicle insurance can be a complex process. Auto insurance may seem like just an expense, but when you need to file a claim, you will be happy to have it available to you. Before you select an insurance provider, it is important to know a few commercial vehicle insurance terms commonly found on quotes and policies. Terms like bodily injury liability coverage, hired automobile coverage and new vehicle replacement cost coverage are often found on policies. Learn more about what these and other terms mean.

 

Single deductible endorsement

Single deductible endorsement provides insured individuals with protection in cases where an accident may involve multiple deductibles. It can help the insured avoid paying toward multiple deductibles for a single accident.
Try: Progressive Commercial provides a full explanation of the single deductible endorsement.

Bodily injury liability coverage

In a commercial auto insurance policy, bodily injury liability coverage is a staple. This coverage pays for any costs associated with an accident to a person, including injury or death.
Try: CarInsurance offers more details about bodily injury liability coverage, while providing a thorough look at commercial auto insurance.

New vehicle replacement cost coverage

A type of commercial coverage many businesses will benefit from is new vehicle replacement cost coverage. Having this type of coverage will pay to replace the vehicle if there is an accident in which the vehicle is a total loss.
Try: Erie Indemnity provides more information about new vehicle replacement cost coverage.

Hired automobile coverage

Hired auto coverage is either supplemental or replacement coverage on rented vehicles. It does not cover physical damage. It only protects the employee driving the vehicle.
Try: TechInsurance provides more details on hired auto coverage and non-owned automobile coverage, which is similar.

Liability insurance, business liability, commercial general liability

Liability insurance for a business protects business assets should the business be sued. It pays the cost of damages, legal fees and other costs associated with the lawsuit filed against a business.
Try: AllBusiness provides more information on liability insurance for commercial automobiles.

Loading and unloading coverage

Loading and unloading coverage provides protection to the commercial vehicle owner when there is damage or an accident during the loading or unloading process.
Try: The American Educational Institute gives more details on loading and unloading coverage, including examples of its effects.

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