Commercial Vehicle Insurance | Buy Taxi, Truck, Auto Insurance (2024)

FAQs

What type of commercial auto policy would best suit a taxi company? ›

Some of the types of business auto insurance you should carry on your taxi includes: Liability Insurance – Commercial auto liability insurance protects you from financial losses when you are at fault in an auto accident. This coverage applies to taxi cabs that you own, lease or rent.

The most notable difference between personal and commercial auto insurance is the liabilities they cover. Both types of coverage cover accidents, however, commercial insurance typically covers higher claims.

Earlier this year, New Jersey enacted a law that increased the minimum limits of liability insurance coverage required for covered commercial motor vehicles (CMVs) to $1.5 million for CMVs 26,001 pounds or higher and $300,000 for CMVs weighing between 10,001 and 26,001 pounds.

Typically, commercial auto insurance will cost more than personal auto insurance because it protects you against more expensive risks and provides a higher level of coverage.

Hired coverage means your business has coverage when you or employees drive a rented, leased or borrowed car for business. Non-owned auto applies to employees using their own cars for business. It provides extra coverage over the employee's personal auto coverage for bodily injury and property damage liability.

Includes every type of motorized vehicle used for commercial purposes, such as transportation of goods, wares, and merchandise (N.J.S.A.

The maximum dollar amount of coverage in force for a property damage policy or liability policy. This maximum amount can be figured on a per occurrence basis or as a general aggregate for the complete policy term.

How to save money on commercial truck insurance? ›

How can I deduct car insurance on my taxes? If you qualify, you can either (1) deduct all your business-related vehicle expenses, including your car insurance premiums, or (2) deduct an amount based on the actual miles you drove for your business using a cents-per-mile rate.

Commercial General Liability (CGL) is the standard commercial liability policy used to insure businesses. There are three primary coverage sections that make up a CGL policy: premises liability, products liability and completed operations.

D Garage Coverage Form: Specifically designed to cover risks associated with businesses like parking garages, including liability for vehicles in storage.

The Business Auto Coverage Form (BACF) is the standard insurance form used by many insurers to provide commercial auto coverage. Although the form refers only to “autos,” autos are defined to include cars, trucks, trailers, vans or other vehicles designed for use on public roads.

How Many Types of Limits Are Found in Commercial Auto Policies? The types of insurance/limits found in a commercial auto policy include bodily injury and property damage if the policy is a split policy. Combined single-limit policies have one limit for both bodily and property coverage.