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Who Needs Commercial Vehicle Insurance?

Whether you have a fleet of one or 50 commercial vehicles, keeping both your drivers and business safe is essential. By providing the necessary peace of mind and assurance to operate effectively on a day-to-day basis, commercial vehicle insurance helps protect companies reliant on automotive transportation against unforeseen accidents.

At Marathon Insurance Group, we understand that it takes a reliable, regularly maintained fleet of trucks, vans, and cars to reach a wider customer base, which allows you to grow your business. However, despite the implementation of proper driving training and regular safety checks, the road can still be incredibly unpredictable with both changing weather conditions and other drivers.

For businesses that go the extra mile in order to compete, having commercial vehicle insurance ensures that you are protected against the unexpected.

What is commercial vehicle insurance?

Commercial vehicle insurance provides coverage for businesses that maintain a complete fleet of cars, regardless of the fleet size. Equivalent to personal vehicle insurance, this type of insurance offers businesses similar overall coverage along with a few extra features that are specific to operational needs.

Why is commercial vehicle insurance necessary?

If you’re the owner of a small business, then your personal vehicle insurance policy may be enough to cover the business’ needs. However, if you rely heavily on your vehicle or are a larger company that lends out vehicles to its employees, then commercial vehicle insurance is necessary.

Commercial vehicle insurance is an essential part of owning and operating any fleet of cars. In addition to the legal ramifications of not having insurance, if you or one of your drivers has an accident without coverage, the consequences can be significant.

Between the possibility of financial costs, as well as physical damages, you put your business at risk on a daily basis by choosing not to have comprehensive commercial vehicle insurance.

What is covered by commercial vehicle insurance?

Commercial vehicle insurance provides similar coverage as your personal vehicle insurance plan, such as protection in the event of collisions and personal injury payouts. However, in addition to the features you’d expect, there are also specific elements included that extend across all vehicles in your business, from cars to bikes to trucks.

The full extent of coverage will depend on the type of policy you choose, and can involve a variety of customized options. Most commercial vehicle insurance policies can include some or all of the following:

  1. Damage or loss to your commercial cars: Provides coverage towards repairs needed for damaged delivery trucks and other service vehicles in a timely manner.
  2. Liability coverage: Commercial vehicle insurance also covers liability claims against you and your fleet of vehicles. This can include legal fees, damages, and accident benefits paid out to an affected third party for their injuries or death, and damage to their vehicle.
  3. Accident benefits: Commercial vehicle insurance provides accident benefits to cover medical and other treatment expenses while they recover, or funeral expenses in case of their death.
  4. Fleet coverage: Fleet insurance provides flexible coverage, ensuring company employees can drive any vehicle registered in the fleet, as long as they’re licensed.
  5. Collision and comprehensive coverages: This type of commercial vehicle insurance coverage protects against vehicles damaged in a collision with another vehicle or object with a minimal deductible.
  6. Uninsured motorist: In the event that the other driver in an accident is found at fault, but they are not insured or the coverage is insufficient, then this option will help cover damages.
  7. Roadside assistance: Commercial vehicle insurance also comes with roadside assistance coverage, including engine problems or flat tires.

How much does commercial vehicle insurance cost?

As with other insurance policies, the price of your premiums will depend on several different factors. To get an idea of what your business’ commercial vehicle insurance might cost, consider the following factors:

  • How many vehicles are in your fleet?
  • What type of vehicles do you use?
  • Will there be people driving on behalf of the company? If so, how many?
  • Does anyone driving the company vehicles have a poor driving record?
  • How often do you or your employees drive?
  • Is there long-distance travel involved?
  • Is there out-of-country travel involved?
  • Do you drive in poor weather and high-risk terrain?
  • Do you transport/handle dangerous or flammable materials?
  • Do you have valuable equipment in your vehicle?

Traditionally, farming and construction vehicles are more cost-effective to insure, whereas heavy cargo trucks and transport vehicles can be more expensive. You can contact our experts at Marathon Insurance Group for a direct quote on your commercial vehicle insurance options.

Who needs commercial vehicle insurance?

If your business requires a vehicle fleet in order to operate, then you should consider looking into commercial vehicle insurance. First, start by reviewing your personal vehicle insurance to confirm whether or not it provides the needed coverage.

In the event that it does not, then commercial vehicle insurance is the best option. This is true for all vehicles in your fleet, not only cars. Everything from motorbikes to food trucks will fall under the necessary criteria for this.

Commercial vehicle insurance is typically only required if you use a vehicle for extensive periods of time or if it’s crucial to your business. When deciding the type of policy you need to protect your business, consider what you offer, what types of materials you deal with, and the number of employees that drive for you.

Do you need protection against property damage or liability claims? Perhaps you like the peace of mind that roadside assistance guarantees?

We recommend that any businesses that regularly do the following activities should consider obtaining commercial vehicle insurance:

  • Making deliveries
  • Airport transportation
  • Drive share services
  • Maintenance and/or sales visits
  • Medical house calls or home care
  • Driving to and from events
  • Driving to job sites with equipment
  • Transporting housekeeping equipment for business use
  • Transporting hazardous or flammable materials
  • Towing other vehicles
  • Using, carrying, or transporting cranes
  • Freight transportation

If you use your vehicle often for company purposes, use a commercial license plate, or if it is registered as a company vehicle, then commercial vehicle insurance will be required to secure coverage.

How to Get the Best Commercial Vehicle Insurance

Marathon Insurance Group offers customizable fleet insurance plans that can protect your vehicles through every mile of the journey.

To start building your commercial vehicle insurance plan today, call our team of experts at 844-429-0837 or contact us online.

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