Commercial vehicle insurance will cover vehicles used in the operation of your business, from a courier vehicle to a large transport vehicle. There are seven main types of commercial vehicle insurance plans, all of which cover your vehicle for different damages and liabilities. Understanding the differences between the types of plans available allows you to pick the plan that best fits your situation and needs.
- Bodily Injury Liability Insurance: Covers all bodily injuries or pays death benefits that occur in an accident involving your business vehicle for which you are at fault. Most plans will also offer payments for legal fees if you wish to mount a defense in court.
- Property Damage Liability Coverage: Covers you for damages your vehicle inflicts to someone else's property, which includes homes, buildings, and other vehicles. Again, most plans will come with payments that can be used to pay for a legal defense.
- Collision Insurance: The simplest type of coverage, collision insurance will pay for any damages that your vehicle suffers when it hits another object, including other vehicles. This type of coverage is usually only sufficient for moderate mechanic bills.
- Combined Single Limit: Provides a single sum that is used to cover both personal injury and property damage. This means that the same amount of coverage will be applied no matter the extent of the damage of the amount of people affected.
- Comprehensive Physical Damage Coverage: Covers your vehicle against any sort of damage by natural forces, which can result from hail, fire, theft, vandalism, flooding, heavy snowfall, earthquakes, and other similar situations.
- No Fault Personal Injury Coverage: Covers the medical expenses of the driver and any passengers in your business vehicle that result from an accident, regardless of fault. No fault insurance is not available in every state, so check with local laws before inquiring for this type of insurance policy.
- Uninsured/Underinsured Motorist Coverage: Covers you for any injuries suffered by your driver and passenger that result from an uninsured driver, or a driver who does not have enough insurance to cover the damages under his policy.
Different insurance providers will offer different plans depending on your personal situation and your location. Most companies will offer you bundled coverage deals that protect you from multiple threats and offer a wider range of coverage than any single coverage plan could. Check with your local insurance agent at http://www.xmetropolitan.com to see which plans are offered in order to choose the plan that best fits your situation.