Commercial Auto Coverage
Fleet or Individually Rated Insurance
Commercial Auto coverage ensures that any vehicles used by your business, occasionally or full time, are protected in the case of an accident.
When you operate a business critically dependent on automobiles you may not have considered the full coverage your vehicles require. Perhaps your family daily driver is used for afternoon deliveries, or you’ve a fleet of 10 small trucks. Breakdowns and accidents can suddenly shine a headlight on gaps in your commercial coverage.
How is Commercial Auto Insurance cost determined?
The cost of your commercial auto coverage is largely determined by your specific business needs and circumstances as well as your business claims history and insurance past. Your commercial auto insurance costs will be assessed on several factors – including:
- Your drivers records
- Types of drivers you are hiring
- Length of drivers licensing
- Past traffic violations
- Fleet or individual vehicles
Your Excalibur Insurance agent is your go to for navigating tips and suggestions to look at your whole business picture and help reduce your premiums.
Can you give me a few examples of
‘coverage’ in action?
Frequently Asked Commercial Auto Coverage Questions
No two businesses are the same, and as such their coverage needs can vary. These frequently asked questions might help you navigate the Commercial Auto coverage highway a little more easily.
Excalibur Insurance can help you secure a Commercial Umbrella solution to best meet your needs. Schedule a consultation with us today.
Do individually rated vehicles used for personal and business use need a separate commercial policy?
Insurance. In some cases, commercial vehicle policies may be able to cover personal usage. An IRCA policy is necessary when you are using your vehicle to transport materials, goods, merchandise, or tools. It is also critical if you deliver items to clients’ homes or to stores. Don’t let faith that your personal insurance will cover it leave you stranded, get the facts.
Is fleet insurance right for my business? Is there any discount for multiple vehicles?
Businesses that insure five or more vehicles, not including trailers, that are being used for commercial purposes may qualify to be rated as a fleet. “Fleet rating” is a means of looking at a group of vehicles all as one. This means that the group of vehicles is rated as how the vehicles are used as a whole, as well as the claims each vehicle has had taken together to determine a premium. Fleet policies can include several different vehicles, including heavy trucks to lighter vehicles such as pick-up trucks, vans and trailers. As with any insurance policy, the safer the vehicles/the less risk, the lower the insurance rates. Discuss with your broker about a fleet rating if you have five or more vehicles that your business uses for commercial reasons.
How is IRCA Vehicle Insurance different than Fleet Insurance?
While IRCA or Individually Rated Commercial Auto insurance is Commercial Auto insurance, it functions similarly to a personal auto insurance plan as each vehicle is rated for its risk factor via its individual demographics. Those include insurance and claims history, driving record, coverage options and limits, etc. Individually Rated Commercial Auto insurance plans are distinct from Fleet Insurance. Some providers may offer one form of Commercial Auto insurance but not the other.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance, whether fleet or individual, covers several different risks and exposures while on the go, including: