Importance of Commercial Vehicle Insurance
Commercial Vehicle Insurance covers the damage to the vehicle. In which it uses for business only and not for personal use because there is another insurance for that. This can cover the vehicle’s damage due to collision with other vehicles. Additionally, it can also cover the damage that will cause collision or in other words “comprehensive”. This damage will cause vandalism, theft, fire, earthquake and other named perils only. This insurance also covers the medical payment for the injuries that will cause the accident. Also, the uninsured motorist, and liability coverage.
Different Coverages of Commercial Vehicle Insurance
Collision – This insurance covers the repair for the damage that is due to an accident of the business vehicle. In which it collides with the other vehicle.
Comprehensive – This covers the repair of the damage that is caused when the business vehicle is not moving. Like theft, vandalism, fire, and other accepted named perils only.
Medical Payment Coverage – covers the cost of medical treatment for the passengers of the insured vehicle that is caused by a collision regardless of who’s at fault.
Auto Liability Coverage – Covers your legal responsibility to the person whom you cause physical injury and property damage. It can also help to pay for your legal lawyer if the person you cause harm to file a case against you.
Uninsured or Underinsured Motorist – This covers your medical payment and the repair for your damaged car if the person who hits your car defies the law by not carrying a car insurance policy.
Take note: Commercial Vehicle Coverage has a different limit depends on what commercial premium a business auto owner purchases. More so, the higher the premium you will get, the lesser the deductible you will pay. The deductible is the amount you will pay first out of your pocket for covered losses before the insurer will pay for the rest of the covered damage.