Whether your commercial vehicle is a passenger car, van, truck, or semi truck, commercial vehicle insurance is the proper way to transfer your risks to a highly rated insurance company.
The insurance professionals at Protective Agency are uniquely qualified to help you navigate the landscape of the commercial auto policy in order to help meet your commercial vehicle needs.
Protective Agency has a proven track record of providing comprehensive commercial vehicle insurance at the most affordable rates throughout North Carolina.
There are state requirements for commercial vehicle use in North Carolina and the licensed professionals at Protective Agency are familiar with the limits required for your vehicle type. According to the North Carolina Division of Motor Vehicles, there are certain requirements for larger commercial vehicles operating within the state:
The Motor Vehicle Laws of North Carolina state that any owner of a commercial vehicle shall have financial responsibility for the operation of the motor vehicle in an amount equal to that required for for-hire carriers transporting non-hazardous property in interstate or foreign commerce. (G.S. 20-309. a1) The minimum required is $750,000.
Vehicles weighing less than 10,000 pounds typically do not have a minimum liability requirement, but the company is better protected financially if it selects the higher limits provided under a commercial vehicle insurance policy.
Commercial Vehicle Insurance
Although the commercial vehicle insurance policy is a package of coverages similar to a personal auto policy, the available liability limits are usually much higher, and there isn’t a limit on the number or types of vehicles that need to be covered. Coverage includes:
- Bodily Injury Liability: This coverage pays for medical expenses that you or your business may be liable for in the event of an at-fault accident.
- Property Damage Liability: If you or another insured driver are in an at-fault accident, Property Damage Liability will pay to repair or replace the other driver’s vehicle or other property.
- Medical Payments: This coverage will pay for your injuries as well as injuries to passengers in your insured vehicle, no matter who’s at fault in an accident.
- Uninsured Motorist Bodily Injury: This coverage pays if you or an insured driver are injured by another driver who is uninsured or underinsured in an accident.
- Uninsured Motorist Property Damage: This optional coverage pays if your insured vehicle is damaged by another driver who is uninsured or underinsured.
- Comprehensive: This provides coverage if your vehicle is damaged for reasons other than an accident, such as vandalism or theft.
- Collision: Collision coverage pays for repairs or replacement of your insured vehicle in the event of an at-fault accident.
Optional Coverage Available
Depending on your vehicle’s use, there are optional coverages available to help meet your business needs:
- On-hook Coverage – If your vehicle is a tow-truck it covers the vehicle being towed.
- Non-owned Liability – This provides liability coverage for vehicles that are used but not owned by the business.
- Hired Auto Liability – This endorsement provides coverage if the business must rent or lease a replacement vehicle.
For commercial vehicle insurance in North Carolina, look to Protective Agency for a policy that meets your commercial needs at affordable rates. Please feel free to call us at (877) 739-9367. for a free and confidential insurance quote.