Commercial auto insurance is probably the most popular type of auto insurance in the United States and in most countries of the world. While it may seem as though homeowner insurance takes the lead, not everybody owns a home, but then, there are more car owners than homeowners in the US. This brings us to the insurance which every car owner needs. However, this article is specifically about insurance for commercial automobiles. Let’s begin by knowing what commercial auto insurance is all about.
What Is Commercial Auto Insurance?
Simply put, it is the protection which insurance companies provide for automobiles that are used for commercial purposes. Holders of this policy can be sure to receive aid from their insurers in the event that any automobile they use for business purposes – such as interstate buses and delivery trucks – gets involved in an accident or gets damaged.
Although many people continue to mistake one for the other, commercial auto insurance is pretty much different from personal auto insurance. Very certainly, you can tell whether you own an auto or not; everyone can do that, but knowing the policy which suits you best may be a different ball game. To make things clear enough, consider using the services of a progressive insurance agent, Houston TX.However, the following factors before deciding on which policy to purchase.
Ownership and Usage: Ownership of a vehicle is an important factor to consider when deciding on which insurance to purchase. You definitely cannot purchase auto insurance for a vehicle given to you by the company you work for. A commercial auto insurance will be the best fit in this situation. but should you own a small business that you manage by yourself, there is practically no need to have commercial auto insurance. So, the choice depends reasonably on the owner of the vehicle and what the vehicle will be used for.
Frequency of Use: No matter how much your automobile is worth, you will have to settle for personal auto insurance so long you do not use it for commercial activities. But you already know this. Now you have to estimate how frequently the vehicle will be used and the number of people who will likely be driving it. If you or a few people will only need to use the vehicle once or twice in a week, the personal auto insurance package may be great for it. However, frequent use by multiple individuals and on multiple occasions will mean necessitate that you opt for the commercial type.
Type of Automobile : Usually, no two vehicles will cost the same in terms of insurance when one is noticeably larger than the other. In auto insurance, the size of a vehicle – as well as its type – plays a significant role in determining the amount it will cost to insure it and the type of insurance that’s best for it. Understandably a tow truck or dump truck costs way more to insure than a regular SUV and will most definitely be insured as a commercial vehicle.
Limitation of Liability: Here, you have to analyse the degree of liability your business may incur in the near future, and decide on which type of insurance to purchase based on your estimation. As you may have guessed, commercial auto insurance provides more limited liability than the regular personal auto insurance.
Commonly Insured Commercial Vehicles
Having already learnt a great deal about commercial auto insurance in the preceding chapters, you may now observe some of the most commonly insured commercial vehicles
Business Auto
This is the ideal plan for businesses that wish to use their personal automobiles for certain commercial purposes such as conveying their products from one location to the other.
Sport Utility Vehicles
You wonder what business a sport vehicle has to do with commercial auto insurance, but then, if you have any reason to use your sport vehicle for some commercial activity, you may need to get it insured. some insurers have a 2-in-1 package that included both personal and commercial coverage, and at fairly competitive rates too.
Motorhome
They may have been built for a different purpose but if they ever get to frequently serve the owner in any commercial way, they really deserve to be and can be insured.
Bus
For businesses that use buses in the transportation of the products, or to convey people, there is need for commercial coverage. Fortunatly, most insurance companies will happily give you a deal.
Limousine
When we talk about limousines, it is difficult to think they should get anything other than a special personal auto coverage. But it is worth knowing that these limousines are sometimes used commercially especially in picking and dropping off high profile individuals at airports, hotels, wedding venues; hence need commercial
How to Save on Commercial Auto Insurance
Assuming you own a commercial vehicle which needs some insurance, you would naturally want the best deal possible. Taking your budget and needs into consideration, here are some simple tips that will help you save money.
- First of all, never be in a hurry to purchase a policy. Carefully shop around before you seal the deal. You will get help when you seek out a Progressive Insurance Agent Houston, TX
- Most companies provide discounts of up to 20% when you pay you premium at once. So cash in on this opportunity if you have the money at hand.
- If your business does not run on all seasons, do well to find that special insurance that provides the most coverage for your business – taking seasonal operations into consideration.
- Save even more money by sticking to the same company as most companies offer their long term customers better rates and more perks.
- You may reduce the cost of your premium if the risks that surround your business reduce significantly.
- Depending on the size and influence of your business, you can affiliate with your insurer to not only reduce your premium, but perhaps, earn for referring new clients to them.
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Don’t wait till you have all possible information about a good coverage for your commercial automobile. Start shopping around now and you will save yourself