Commercial Auto Insurance
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Commercial Auto Insurance Information
Companies using vehicles in the course of everyday business must carry specific minimum amounts of commercial auto insurance coverage. This insurance helps provide financial protection for the company and may even help replace or repair company property after a covered incident.
Contact the agents at Weatherly Insurance Agency in Kill Devil Hills, North Carolina, today to get help building your custom commercial auto insurance policy.
What Is Commercial Auto Insurance?
If your business owns a vehicle or fleet of vehicles, it could be liable for damages if there’s an accident. Depending on your coverages, commercial auto insurance policies help pay for certain damages.
In North Carolina, all vehicle owners, personal and business, must meet the state’s minimum liability insurance requirements. If you have a lease or loan on a company vehicle, the lender may require your business to purchase specific amounts and types of commercial auto insurance.
What Does Commercial Auto Insurance Cover?
Depending on how your company uses vehicles, whether it owns the vehicles, and the vehicles’ value, your agent may recommend some of the following commercial auto insurance policies:
Liability insurance— This coverage includes bodily injury liability and property damage liability. Liability insurance may help pay for third-party damages if you or one of your employees causes an accident while driving for everyday business. North Carolina requires that drivers carry a minimum amount of liability coverage.
Collision insurance—This policy helps pay for damages to the covered company vehicle after an accident that involves colliding with another vehicle or object. Your lienholder may require collision coverage.
Comprehensive insurance—This policy helps pay for damages that are not accident-related, including vandalism, fire, weather damage, theft or hitting an animal in the road. Your lienholder may also require comprehensive insurance.
Medical payments/Personal injury protection—This policy helps pay for certain losses, including medical bills, if the driver of a company vehicle or their passengers are injured in an accident.
Uninsured/Underinsured motorist insurance—This policy helps pay to repair or replace your vehicle if you are in an accident and the other driver doesn’t have the right amounts or types of insurance coverage. Commercial auto insurance policies must include uninsured motorist coverage in North Carolina. You may also have to carry underinsured motorist coverage depending on your liability limits.
Hired and non-owned auto (HNOA) coverage—This policy is needed for coverage on vehicles the business is using for business reasons but are not owned. This coverage is used for rentals, leased vehicles or employee vehicles used for business purposes.
Your agent may also recommend additional commercial auto coverage or endorsements, including:
Rental car reimbursement
Custom parts coverage
Get the Commercial Auto Insurance You Need Today
Commercial auto insurance can help you comply with North Carolina’s laws and provide your company with the financial protection it needs after a damage-causing incident or accident. Contact Weatherly Insurance Agency today to get a personalized commercial auto insurance quote.