When you’re shopping for commercial auto insurance, you may be wondering how much is per month. And if you happen to have a business with a fleet of vehicles, you may be even more confused. Fortunately, we’ve put together a guide to help you figure out the cost of commercial auto insurance per month. From types of coverage to deductible amounts, this guide will help you get a better idea of what’s necessary for your business. So whether you have one car or a fleet, read on to learn about commercial auto insurance rates and how they can benefit your business.
Types of Commercial Auto Insurance
Commercial auto insurance is a type of insurance that covers vehicles used for business purposes. These policies may cover cars, trucks, buses, and RVs. The cost of commercial auto insurance can vary depending on the coverage options chosen and the state in which the policy is written. The most popular types of coverage include personal injury protection (PIP), property damage liability (PDL), and comprehensive coverage.
Cost of Commercial Auto Insurance
Commercial auto insurance rates vary depending on the state, the age of your vehicle, and your driving record. A standard policy for a new car may cost around $100 per month. For a truck or SUV, rates can be upwards of $1,200 per month. The cost of commercial auto insurance can also depend on the type of coverage you need. Collision coverage typically costs more than comprehensive coverage. To find out how much commercial auto insurance costs in your area, contact your local insurance company or online resource like insuretheroad.com.
How Commercial Auto Insurance Works
Commercial auto insurance works a little differently than personal auto insurance. For one, the coverage is usually broader, covering more types of accidents. And because commercial vehicles are often used for business purposes, they’re generally covered for more losses than personal vehicles.
One factor that affects how much commercial auto insurance costs is the type of vehicle being insured. Trucks, buses, and other heavy vehicles will typically cost more than cars or light trucks. And since commercial vehicles are used for transportation rather than leisure activities, they tend to be targeted by insurers as high-risk customers.
It’s also important to keep in mind that commercial auto insurance doesn’t just cover accidents – it covers theft and damage too. This means that if your vehicle is damaged while you’re on business trip and can’t take it back to the rental car company or hotel, your policy will help cover the expense of a new vehicle.
What are the Different Coverages Available Under Commercial Auto Insurance?
Commercial auto insurance comes in many different forms, each with its own benefits and drawbacks. The four types of commercial coverage are physical damage, liability, collision, and comprehensive.
Physical damage coverage pays for damages to the vehicle itself, such as broken windows or smashed headlights. Liability coverage protects you from legal action taken against you by others involved in the accident, such as drivers or pedestrians. Collision coverage pays for damages to the car caused by another vehicle, including theft or a hit-and-run. Comprehensive coverage covers everything from property damage to medical expenses in the event of an accident.
The amount of commercial auto insurance per month will vary depending on the type of insurance you need and your zip code. The minimum required for physical damage coverage is $100,000 for vehicles up to $200,000 worth of value, while liability insurance requires at least $500,000 in coverage. Comprehensive insurance typically costs more than collision or liability insurance but less than physical damage coverage.
How Much Does Commercial Auto Insurance Costs Per Month?
Commercial auto insurance costs vary depending on the make and model of the vehicle, driving history, location, and the type of coverage requested. The average cost for a midsized sedan is about $175 per month. For a large van, the average cost is about $600 per month. Factors that can increase or decrease the commercial auto insurance costs include: age of vehicle, liability claims made, credit score, and state of residence.
