Commercial vehicle owners have an investment in their cars, trucks or other machinery. Therefore, a loss to these items means a loss to the business. Comprehensive and collision insurance often make a difference in security in these cases. Though often not mandatory, you can enjoy this protection. Why should you get it?
With commercial vehicle insurance, you can often reduce your own cost losses. Still, you must get the right coverage to protect the damage that might come to you and your vehicles. Talk to your insurance agent today at 800.773.1663.
Personal Vehicle Protection for Business Owners
Most states require drivers, including commercial operators, to carry liability insurance. This coverage protects the driver in case they are at fault for accidents that harm others. What can you do to pay for your own damage, however?
Auto insurance generally accounts for the personal losses drivers experience. You cannot expect when an accident will happen, even if that accident becomes your fault in the end. Therefore, your insurer can step in to pay for many of the personal damages from these accidents. If you add the following types of coverage to your policy, you’ll often find the benefits more effective.
Collision Insurance
Car crashes in the U.S. cost over $230.6 billion per year. That’s over $800 per person. Needless to say, if a wreck occurs, the results could become expensive. You don’t want to pay out critical profit trying to repair a damaged vehicle and settle wreck costs.
That’s where collision insurance comes in handy. It’s crucial financial protection in case your vehicle sustains damage in a wreck. You can use it to pay for vehicle repairs. Generally, commercial car insurance policies will not automatically include collision protection. You’ll need to tell your insurance agent to add this protection.
Comprehensive Coverage
Still, more than wrecks could damage your company vehicles. For example, someone might steal one. A fire might destroy the vehicle. Even severe weather might leave damages in its wake.
If this occurs, you won’t be able to use the collision portion of your insurance to claim damage. Instead, you’ll need to turn to comprehensive coverage. It will cover damage vehicles sustain from non-accident hazards. It’s a big world out there, so you shouldn’t limit yourself to only collision protection. When you buy collision coverage, most insurers will add this protection as well.
Getting Enough Coverage
Most insurers recommend you receive enough insurance for the value of your vehicles. If you total your car, meaning it cannot receive repairs, your damage coverage might pay for you to buy a new car. However, the structure of your coverage might depend on how much money you can receive in the end.