This is coverage that will pay for medical expenses and lost wages for you (the insured) and your passengers injured in an accident. PIP pays whether or not you are at fault.
It’s any vehicle used for business purposes. Commercial auto insurance—also referred to as commercial vehicle insurance, business c insurance, or business auto insurance—is the policy that protects any vehicle you use in the course of business.
These are some of the coverages your commercial auto policy may include:
The most common type of business auto insurance is liability coverage. Most states in the US require liability auto insurance. Liability covers you personally when you are liable for damaging someone’s car or causing injury to a person.
Collision is another form of commercial auto insurance. Collision insurance will cover the damage that is done to the policyholder’s car as long as the policyholder is at fault. If another party wrecks your car, their liability pays for repairs.
Gap Insurance will cover the difference between what the car is worth and what you owe as the lessee in the event of an accident that totals the vehicle. Gap Business Auto Insurance is very important for companies that provide leased autos for their employees to drive.
If your vehicle is involved in an accident, this part of the policy covers their medical bills, legal expenses if sued, loss of income, and funeral expenses. This can also be referred to as medical payments coverage.
This covers the damage to a third-party’s vehicle (repair or replacement).
Uninsured and Underinsured coverage is required by most states and will cover you if the other party is liable and they do not have coverage. Why is it important? Recent statistics indicate that one in eight motorists does not have car insurance.
Some insurance carriers will help cover the cost of a rental vehicle until yours is replaced (usually capped at a certain length of time).
Business vehicles can encompass a wide range, from your personal auto in which you deliver your produce to the local farmer’s market, to the trucks used for your construction company and beyond:
Find out how easy and affordable great trucking insurance can be.
Convoy Trucking Insurance agency is an insurance agency that specializes in commercial truck insurance. We are an independent agency with the customer in mind.