Commercial Auto Insurance

Commercial auto insurance helps provide financial protection if your company driver is in an accident. Depending on the coverages you choose, your commercial auto insurance may help pay for your company’s legal liability and help pay to repair or replace your company’s damaged vehicle.  

Contact McGuire Insurance Agency today to get a personalized commercial auto insurance quote.  

What Is Commercial Auto Insurance? 
Commercial auto insurance is part of your company’s total insurance plan. Like other types of business insurance, commercial auto coverage is a contract between a business and an insurer. This highly customizable group of insurance policies and endorsements can be tailored to help mitigate the risk your company takes when you use vehicles for business purposes.  

How Commercial Car Insurance Works 
Kentucky companies must carry minimum amounts of commercial auto insurance if they use vehicles to conduct everyday business. To remain compliant with state laws, your policy must include the following: 

• Property damage liability may help cover your company’s legal liability for third-party property damage after a covered auto accident.
• Bodily injury liability may help cover your company’s legal liability for third-party injuries after a covered auto accident. 
• Personal injury protection (PIP) may help cover your driver and their passengers’ medical expenses, regardless of who caused the accident.  

After an accident, your company’s commercial auto insurance policy pays for damages as outlined in the policy’s declarations up to the policy’s limits. Depending on your company’s risks and exposures, your agent may recommend that you purchase more than the minimum required amount of commercial auto insurance liability and PIP coverage.  

They may also recommend purchasing an umbrella insurance policy to help extend the liability limits across all your business insurance policies.  

What Does Commercial Auto Insurance Cover? 
In addition to the required minimum amounts of liability and PIP coverage, your agent may also recommend that you purchase the following: 

• Collision insurance helps pay for damages to the covered company vehicle after colliding with another vehicle or object. Your lienholder typically requires collision coverage as part of your full coverage auto insurance policy.
• Comprehensive insurance helps pay for non-accident-related damages, including fire, vandalism, weather damage or theft. Your lienholder typically requires comprehensive insurance as part of your full coverage auto insurance policy.
• GAP insurance helps cover the “gap” between the amount you owe on your company vehicle and the settlement from your insurance company after an accident that renders the vehicle a total loss. It may be required by your lienholder. 
• Uninsured/Underinsured motorist insurance helps cover damage to your covered company vehicle if you are in an accident with a driver that doesn’t have enough, or any, insurance coverage. 

How to Get Commercial Auto Insurance 
Contact McGuire Insurance Agency in Prestonsburg and Lexington, Kentucky, to get started building a commercial auto insurance plan tailored to meet your company’s needs.  

 

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