A COMPLETE GUIDE ON CHOOSING THE RIGHT KIND OF AUTO INSURANCE – STREETSMART INSURANCE AGENCY
We at StreetSmart Insurance Agency get several queries from customers whether they need to buy correct auto insurance or not. Before discussing the benefits of commercial automobile insurance, we would like to educate you on who needs a commercial vehicle insurance in the first place. Typically, you are supposed to buy insurance if your:
- Vehicle Is Used For Business Purposes
- Vehicle/s are used for picking up goods or passengers
- Business owns or leases a fleet
- Company provides vehicles to employees
- Employees use their personal vehicles for business purposes
So if any of these describes the nature of your vehicle’s usage, you need to buy business car insurance, not personal car insurance. We also understand that our customers have many concerns about choosing the right business automobile insurance. This article will help you to understand how to buy the right coverage so that your business vehicle insurance is not under-insuring or over-insuring your business. In our opinion, both will affect your profits so finding a balance is very important.
Every commercial auto insurance has three fundamental components. They are:
- Physical Damage Insurance
- Liability Insurance
- Other Coverage
These are, however, fundamental coverages of a commercial car insurance package but some companies need additional coverages as part of their commercial automobile insurance such as:
- Roadside Assistance – Many fleet operators use this as a part of their commercial vehicle insurance because it covers soem of the common issues that fleet cars face including but not limited to: battery recharge, inflating flat tires, being locked out of the car etc.
- Replacement Cost Coverage – Replacement cost coverage of business auto insurance covers the gap of a leased vehicle and full replacement of totalled vehicles.
- Contractual Obligations Coverage – if you are fleet operator, your business car insurance should also cover the damages caused by the business loss. This is where contractual obligations coverage can help you.
- Auto Loan and Lease Coverage – Business automobile insurance can be extended to cover the unpaid amount on loan or lease in the event of an accident. Fleet operators find this business vehicle insurance coverage desirable as it offers them full protection.
CHOOSE THE BEST BUSINESS VEHICLE INSURANCE WITH STREETSMART INSURANCE AGENCY
Physical damage coverage is crucial in business automobile insurance as it covers the vehicle, personal and property damage in the event of an accident. This is a standard part of any business car insurance and protects your vehicle against:
- Accidental repair costs and replacement costs if it’s total damage.
- Business Auto Insurance coverage for the property damaged by your vehicle.
- Coverage for personals, including others involved in the accident.
- Coverage for underinsured personals.
Your commercial vehicle insurance can include comprehensive coverage that ensures full protection against an accident. However, making the right choice with your comprehensive commercial automobile insurance is very important because the price of the vehicle is proportionate tot eh premium. While expensive cars attract a higher commercial car insurance premium, cars below $5,000 sometimes isn’t worth the cost of a commercial auto insurance coverage; even in the event of total damage.
We know that choosing the right kind insurance can be tricky and time consuming. The perfect balance of premium and coverage from commercial car insurance is hard to come by without the assistance of a highly experienced commercial automobile insurance company. This is where StreetSmart Insurance Agency can help you to get a great deal.
LIABILITY INSURANCE COVERAGE
Liability Commercial vehicle insurance coverage protects your business from financial loss. It covers the damage cause by your vehicle to a third person or a third party property. Liability coverage is a mandatory part of business auto insurance in all the 50 states but the mandated amount in most states is not adequate to protect everyone against medical and other costs. A company needs to make careful decisions to geth the right business car insurance because it can’t afford to spend thousands of dollars on lawsuits against accusations of inadequate coverage.
Such lawsuits are not only time consuming but they also put your company’s name in bad light. Choose a business automobile insurance program that also covers costs associated with the lawsuits because even if your business vehicle insurance coverage against their party property damage and personal injury is adequate, someone can still go ahead and sue you. In such events, you will end up losing money and business.
In a nutshell, Liability business vehicle insurance coverage covers:
- Medical Expenses of the occupants of the vehicle and third party
- Cost of medical services and emergency aid
- Compensation for the loss of income
- Death and funeral expenses compensation
- Legal defence charges and court proceeding charges
Make sure that your auto insurance program ensures adequate protection against property damage and other miscellaneous expenses. If you are running a transport company, the goods needs to be insured so that your client won’t suffer a loss when your vehicle collapses. The commercial car insurance is, in fact, a vague term. Every company has their own unique requirements and it is not wise to follow a one size fits all approach. This is why our highly trained commercial vehicle insurance agents work closely with you so that we can help you to create a custom insurance program for your business.
This way, you can balance the amount you pay as a premium yet enjoy the full benefits of insurance coverage. A construction company needs different insurance than a fleet operator but many business vehicle insurance agents don’t understand this difference. This is where StreetSmart Insurance Agency can help you.
Don’t wait anymore! Contact Us Today!
Now what are you waiting for? Go ahead and give us a call or email us to get the best commercial auto insurance program for your business. We can tailor the insurance policy to match your business’s demands like no one else. Gives us when you need commercial car insurance and we are here to help you!