Commercial Auto Insurance
Commercial Auto Insurance Information
Commercial Auto Insurance in St. Louis, MO
Missouri law requires all drivers to carry auto insurance. However, business vehicles are not insurable under a standard auto insurance policy. Instead, they need commercial auto insurance, which will offer the proper protection for a business’s investments in vehicles and drivers.
Lakenan offers commercial auto insurance solutions for businesses in the greater St. Louis area and all of southeastern Missouri. We believe in providing you the coverage you deserve at prices you can afford. We guarantee that your coverage will always meet the highest quality standards, and we strive to be a valued resource to our clients. Don’t hesitate to entrust us with your insurance needs.
To learn more, contact us today, or request your free commercial auto insurance quote now!
What Is Commercial Auto Insurance?
No driver is immune to wrecks or other vehicle hazards. When those drivers are operating on behalf of businesses, these challenges could also affect the business. Commercial auto insurance will offer the coverage necessary to help the business afford costs that might arise. By having a policy, a company can better avoid financial setbacks even though an accident has occurred.
What Vehicles Need Commercial Auto Insurance?
Commercial auto insurance offers protection for vehicles and drivers operating on behalf of a business. Various vehicles might qualify for a policy, including:
Personal vehicles driven for business purposes
Company cars provided to employees for commercial and private use
Vehicles hired or rented by the business
Certain vehicles might qualify for coverage even if you plan to only use them privately. For example, suppose you buy a dump truck that you will only operate on your own property. In that case, you might still need commercial auto coverage. The vehicle’s weight might make it uninsurable under a standard auto insurance policy.
What Does Commercial Auto Insurance Cover?
The average commercial auto policy can offer:
Liability insurance—When an accident is your fault, this coverage helps you pay for the property damage or bodily injuries of others (e.g., other drivers) who weren’t in the car with you.
Hired/Non-owned auto liability insurance—This liability coverage extends to vehicles not owned by the business but used for business purposes. Vehicles that benefit from this coverage might include employees’ personal cars or vehicles that you hire temporarily.
Collision insurance—This coverage pays for the damage a vehicle sustained in a wreck.
Comprehensive insurance—This coverage pays for vehicle damage from non-accident mishaps such as weather damage, fires, theft or vandalism.
Medical payments (MedPay)—If a commercial vehicle driver gets hurt in an accident, this coverage can pay their medical bills. Sometimes, it will cover other costs, such as lost income.
Uninsured/Underinsured motorist (UM/UIM)insurance—This coverage insures you against damage caused by someone else who doesn’t have appropriate liability coverage. If you are the victim of a hit-and-run, for example, this coverage can pay for your car’s damage.
Other coverage that you might need alongside or as part of your commercial auto policy includes:
Inland marine insurance
Is Commercial Auto Insurance Required?
In Missouri, all drivers are required to carry auto insurance with at least the following coverage:
Bodily injury liability coverage—$25,000 per person/$50,000 per accident
Property damage liability coverage—$25,000 per accident
Uninsured motorist coverage—$25,000 per person/$50,000 per accident
Please note, commercial vehicle operators may be required to carry higher minimum levels of coverage. Additionally, you might be required to buy collision, comprehensive or gap coverage if you have financed your vehicles. Speak to your Lakenan agent to determine your exact coverage requirements. Remember, it is always recommended that you carry more than just the minimum coverage.
How Much Does Commercial Auto Insurance Cost?
Numerous factors can influence the costs of commercial auto insurance, including the type of coverage you buy, the location of your business, and the value of the vehicles to be insured. Lakenan will work with you to make sure you always pay an affordable price for your coverage.
Call us or request a quote online now, and you’ll be well on your way to savings in no time.