Commercial Auto Insurance Quotes

What is "Auto Insurance" ?

Meaning:

More commonly Auto Insurance known as motor vehicle insurance, this type of insurance provides coverage for loss or damage to any vehicle such as a car, two-wheeler or commercial vehicle, etc.

This insurance helps mitigate monetary damages caused by accidents in which vehicles are damaged. The amount of premium payable by a person insuring their vehicle depends on various factors such as the declared value, type of vehicle, age of the vehicle, type of fuel, age of the insured, etc.

Commercial Auto Insurance Quotes

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What is Commercial Auto Insurance ?

Commercial auto insurance protects small businesses when a company-owned vehicle is involved in a collision, theft, vandalism or other damage.

How Commercial Auto Insurance Protects Business

Commercial auto insurance covers damage to a company vehicle and injuries when you or an employee cause an accident.

Commercial auto insurance provides five types of coverage:

Auto liability: covers legal costs if someone sues for damage caused by your vehicle.
Medical payments: for medical bills related to accidents.
Collision insurance: pays to repair damage to your car caused by a collision with another vehicle.
Comprehensive coverage: covers vehicle theft and damage from other causes such as vandalism.
Uninsured motorist coverage: protects you in the event that an uninsured driver injures the driver or passengers in your vehicle. In some states, it also covers damage to your vehicle from uninsured motorists.

Some types of coverage are optional, such as collision coverage. Other types of coverage are mandated by state law. Business-owned vehicles must usually be covered by commercial auto insurance.

Who needs Commercial Auto Insurance?

You need commercial car insurance if your business owns vehicles and uses them to:

Traveling to and from jobs
Transport tools and equipment used for business purposes
Transportation of employees or clients

Commercial vehicle insurance does not cover personal vehicles. Commercial vehicle insurance, also known as utility vehicle insurance, only covers vehicles owned by commercial companies. It does not apply to passenger vehicles used for business purposes unless that is their primary use.

If your employees use their own vehicles for business trips, they may need hired and non-owned auto insurance.

This policy also excludes:

Items you carry in your vehicle
Using a vehicle to provide a ride through Uber or Lyft
Workers' compensation injuries (usually covered by workers' compensation insurance)
Incidents involving rented or leased vehicles

What is an Commercial Auto insurance quote?

Commercial Auto insurance quotes are estimates of how much you will pay for a specific type and amount of coverage based on the information you provide. It is also known as Auto premium quote, car insurance quote, auto quote

Before you decide which insurance is right for you, you can collect quotes from different car insurers through agents or websites - and they're free. You may even get more than one quote from an insurer for different coverage amounts or types of insurance.

So if you want both motor vehicle liability coverage and comprehensive and collision coverage for your Car, an insurer will provide you with an estimate. You can ask other insurers how much the same coverage would cost and then compare those quotes to find the best rate.

How Auto insurance quotes work

What happens when you request a quote from an agent or through an insurance company's website? Let's look at the quote process from both the insurer's and the consumer's perspective.

Quotes from an insurer's perspective:

Prices are based on the insurer's initial assessment of your risk as a driver, combined with any discounts you may be entitled to. The risk equation depends on a variety of factors, including the insurance regulations in your state. For example, in some states, insurance companies may consider your credit history. In other states, insurers may not consider your credit history.

In general, the following factors can affect• Your driving record, marital status, gender and age

Your location and how you use the vehicle
Previous insurance coverage
Any discounts you are entitled to (such as combined car and home cover)
Your choice of deductible
Optional coverage such as car rental reimbursement coverage

Insurers evaluate factors differently, so their quotes will vary. To make accurate rate comparisons from different insurers, you should provide the same information to each.

Your final car insurance rate may differ from the quote you receive. This is because the insurer will likely request your official driving history and a report from CLUE (Comprehensive Loss Underwriting Exchange) before issuing you a policy. CLUE is an insurer information database that collects past and present claims history. The information in these reports can affect the final cost of the policy.

Quotes from the consumer's perspective

When you get a quote, be specific about what kind of auto insurance you need and discuss any concerns with the agent. The California Department of Insurance recommends that you avoid asking “best coverage” because the agent will guess what you need.

Also, avoid asking for "full coverage," which is not a true type of coverage. Instead, make sure you understand your state's minimum coverage, your coverage needs, and what automatic coverage you'd like to add.

You will need to provide several pieces of information to the agent or online site, such as your date of birth, car VIN, your driving history, and other personal information. Keep this information handy when gathering auto insurance quotes.

When examining the offer, make sure you understand what the offer includes, for example:

Coverage: You buy the amount of liability and other coverage
Deductible: Your portion of the payment when your vehicle is damaged
Discounts: What discounts are available
Payments: Payments can be made in one lump sum or in monthly or quarterly installments, although these smaller payments may be accompanied by fees or other costs.
Optional coverage: In some states, insurance companies must offer you specific coverage but allow you to decline coverage. Make sure you understand what is and isn't optional in your state

Consider gathering at least three to four quotes for the same coverage and with the same deductibles and discounts. With this information, you can more accurately compare costs and customer service approaches.

If you get a quote over the phone, ask the broker to send you the quote in writing. This way you can easily compare policies and check for any inaccuracies. If you find errors, request correction in writing.

If you have more accidents, damages or traffic violations on your driving record than you reported for your quote, you will likely face higher rates. The price of your policy may also change if you change your coverage options.

Before finalizing your coverage, call or check your state's regulatory agency website to make sure the agent is licensed.

NOTE:

An auto insurance quote is an estimate (not final) of the amount you will pay per policy term.
Before requesting an auto insurance quote, learn about the types of coverage you need and want.
Consider getting quotes from at least three insurers, either through a website or through an agent.
Insurers can change their quoted price with new information, including information they get from driving records.

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