Commercial vehicle insurance is a type of coverage that protects the owner of a commercial vehicle. This type of insurance offers financial assistance if you are involved in an accident and it’s your fault. It also protects against loss caused by theft or damage to your vehicle.
Commercial vehicles can include any business car insurance, trucks, buses, tractors, semi-trailers, motorcycles and trailers.
Liability coverage protects you from legal liability for bodily injury or property damage to others. This coverage is mandatory in most states and can be purchased with a minimum amount of $1 million in coverage. Liability insurance can also be increased to $2 million, depending on your needs and budget.
If you are a landlord, liability insurance can help cover the costs of legal claims from tenants. You may also want to consider business interruption coverage if you run a business out of your home, or property damage coverage if you own a home with valuable personal property.
Comprehensive Coverage covers:
- Damage from fire, vandalism, explosion and natural disasters (e.g., flood)
- Theft of your vehicle by an unknown person who uses it for their benefit without your permission
This coverage can help protect you from the financial burden of repairing or replacing your vehicle if it’s stolen or damaged in an event not covered by liability insurance. However, there are some limitations on who pays for what when filing a claim under this type of policy; it may be necessary to check with your agent before filing any claims so they can explain how each situation will be handled regarding payment amounts per incident/accident.
Collision coverage is the most common type of business car insurance for commercial vehicles. It covers your vehicle in the event it collides with another car or object, such as a telephone pole or tree. The cost of collision coverage varies depending on several factors:
- The value of your vehicle
- Your deductible (the amount you pay before your insurance company starts paying)
- Whether or not you have comprehensive and/or physical damage coverage
Rental reimbursement is a type of business car insurance NZ that reimburses you for the cost of renting a vehicle while you’re waiting for your commercial vehicle to be repaired or replaced. While there are many types of rental reimbursement policies, most will cover:
- The rental fee itself, up to a certain amount
- Collision damage waiver (CDW) fees if applicable
In summary, there are a number of types of business car insurance available in commercial vehicle insurance. Liability coverage protects injury or property damage caused by your vehicles. Comprehensive coverage covers damage from things like fire and theft. Collision coverage pays for repairs to your vehicle if it’s struck by another object, such as another car or truck.