Whether you are in the market to buy a new commercial vehicle or looking for an insurance policy to protect your current one, there are several key things you should know before making any decision. Here is what you need to know about commercial vehicle insurance policies.
Commercial Vehicle Insurance Explained
How It Works:
Under a commercial vehicle insurance policy you can select the amount of business use for each individual vehicle. This is known as the 'endorsement' on your policy. For example, if 80% of your driving is for business purposes you would purchase an endorsement allowing coverage up to 80%. This endorsement works in conjunction with the manufacturer's warranty and the limits you select. What You Need: You will need to list each vehicle and its use percentage on your insurance policy. For example, if you have a passenger van that is used 50% of the time for business it should be added to your policy as such. Once all vehicles and their associated uses are listed, you can select the limits for each one.
What It Covers:
Commercial Truck insurance Texas can be more comprehensive than a personal policy and might include bodily injury and property damage liability, physical damage coverage for your vehicle(s), medical payments including passengers in your commercial vehicle, uninsured/underinsured motorist bodily injury if you are involved in an accident with another driver, collision including other vehicles and objects you hit, comprehensive including fire, theft and glass breakage.
Commercial truck insurance requirements
The most common factors that insurers use to determine whether you're approved is your driving record, your age, and the amount of time on the policy. If you have a good driving record, are over 25 years old with at least three years of continuous coverage then you should be ok.
Insurers also typically require proof of an annual physical by a physician in order for insurance to continue without interruption
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