What is Commercial Auto Insurance and what will qualify your Vehicle for Auto Insurance?
Florida
commercial auto insurance offers protection and coverage for the vehicle you
lease along with the name of the company which owns it. The insurance protects
the commercial vehicle of your company, your assets and also your employees.
So, whatever comes along with your business ownership, stays protected. Having
such insurance can really protect companies from financial losses on the
occasion when the vehicle causes some damage. It is there to protect your
business and simultaneously offers high level of accountability, financial benefits
to fight out the claims.
What actually is a commercial vehicle?
A
commercial vehicle may be of different sizes, makes and models. It can be
tractor trailer or a semi-truck. You can classify buses, vans, trucks, lorries,
coaches, etc, as commercial vehicles. In Florida, a commercial vehicle is
defined as that vehicle which is not state or government owned. Vehicle having
gross weight of 26,001 pounds or more are classified as commercial vehicles. It
is Gross Vehicle Weight Rating or GVWR that is used to classify the commercial
vehicle.
Qualifying your vehicle for commercial auto insurance
There
are various factors that determine whether a vehicle qualifies for commercial
auto insurance or not. So, if you own an SUV, a truck or a coach, it is great
to buy commercial auto insurance to protect it. Following are the determining
factors:
·
The title of your vehicle
must be under the name of a company
·
There must be a sole
proprietor of the vehicle even if it is used for commercial purpose.
·
The vehicle, although
being a leased one, should be under the name of a company
·
The commercial vehicle
must have the minimum weight of 26,001 pounds. If it does so, the vehicle will
be a commercial one.
·
A variety of commercial vehicles used for
offering services to people can qualify for auto insurance. They include
flatbed trucks and dump trucks, garbage trucks, tow trucks and semi trucks,
front loader trucks, etc.
·
Some other vehicles like
cargo vans, vans, SUVs are commercial vehicles qualifying for auto insurance.
So
basically it is the GVNR which qualifies a vehicle for commercial auto
insurance. There are many companies offering insurance policy.
The need for taking auto insurance coverage
Commercial
auto insurance may cover you for variety of claims. The most important coverage
it offers is the bodily injury. You may get involved in an auto accident
unfortunately. The insurance will protect you from the claim. The body injury
protection will cover medical cost incurred by the other person. Some of the
auto insurances also offer collision coverage whereby the damages done to the
other vehicle or your vehicle during an accident gets covered. If the
deductible is lower, your monthly premium will be higher. It even covers the
claims for damage done to the personal property.
Florida
commercial auto insurance offers a
complete round of protection. It covers the vehicle, the medical costs and
offers a protection from personal injury claim.
About the Author:
The
author of the article has an extensive knowledge in the field of Florida
Auto Insurance Quotes and Homeowners
Insurance Miami.
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