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Plantation, FL 33024

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Commercial Auto Insurance

business auto insurance

What Is It?

Commercial auto insurance is required for vehicles used solely for business use. If you have a vehicle titled in a company name you are also required to carry commercial auto coverage. Coverage is required similarly to the personal auto coverage. The state of Florida requires that a business vehicle maintain coverage for $10,000 personal injury protection and $10,000 property damage. In addition, any truck weighing 26,000 and 35,000 pounds is required to carry a minimum combined coverage for bodily injury and property damage coverage for $50,000.

Why Is It Important?

There are many factors to consider when insuring a business vehicle. The type of vehicle is first and foremost. The type and size of the vehicle will make a difference as far as coverage requirements and premium base rating. Also, commercial auto insurance will take into consideration all regular drivers, the use of the vehicle such as transporting goods, driving back and forth to job sites or driving clients regularly in your car such as a realtor would do and number of stops per day along with the driving radius of the vehicle. It is important to remember when insuring company vehicles that all attached trailers and/or equipment is not covered unless it can be added back to the policy for an additional premium.

How Much Coverage Is Needed?

Just like personal auto coverage, the commercial auto policy will offer coverage for bodily injury liability, uninsured/underinsured motorist, comprehensive and collision coverage, rental and towing. For comprehensive and collision it is important to discuss with your agent the value of the vehicle you are insuring. You will have the option of choosing agreed value or actual cash value. Agreed value is highly recommended however the premium may be higher.

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