When you are running a business, it is important to make sure that your employees and property are protected in case of an accident. Commercial vehicle insurance is a type of insurance that covers vehicles used for business purposes. This type of insurance is different from personal car insurance, which only covers cars owned by individuals. Commercial vehicle insurance can cover a variety of vehicles, including cars, trucks, vans, and buses. It is important to have the right type of coverage for your business, and in New Jersey, there are a few things to know about commercial vehicle insurance. In this post, we will discuss how commercial vehicle insurance works in New Jersey and what you need to know to get the right coverage for your business!
NJ Commercial Vehicle Insurance Coverage
Commercial vehicle insurance coverage can vary depending on the insurer and the policy you purchase. However, there are a few types of coverage that are typically included in most policies. These types of coverage include liability, collision, and comprehensive. Liability coverage protects you from financial responsibility if your business’ employees or vehicles cause damage to other people or property. Collision coverage protects your business’ vehicles from damage caused by collisions with other vehicles or objects. Comprehensive coverage protects your business’ vehicles from damage caused by events such as theft, vandalism, or weather events.
Coverage Requirements
In New Jersey, the minimum amount of coverage you must carry is $500,000 per occurrence. However, it is important to note that this type of coverage will not cover damage to your own property or vehicles. If you want coverage for damage to your own property or vehicles, you will need to purchase additional coverage.
Purchasing Coverage
When you are ready to purchase commercial vehicle insurance, there are a few things you will need to do. First, you will need to provide some information about your business and the vehicles you wish to insure. Next, you will need to get quotes from several insurers. Once you have compared the quotes and coverage options, you will be able to choose the policy that is right for your business.
The minimum age to apply for a commercial vehicle insurance policy in New Jersey is 18 years old. If you are under the age of 18, you will not be able to get a policy. This is because commercial vehicle insurance is designed for businesses and individuals who are using vehicles for business purposes. If you are under the age of 18 and need insurance for your business, you will need to find another type of insurance that can cover your business’ vehicles.
Rates & Yearly Cost
The cost of commercial vehicle insurance depends on a variety of factors, including the type of vehicle you are insuring, the amount of coverage you need, and the location of your business. In New Jersey, rates for commercial vehicle insurance can be higher than in other states due to the state’s stringent liability requirements.
The yearly cost of commercial vehicle insurance can vary depending on the factors mentioned above. However, the average cost of commercial vehicle insurance in New Jersey is $1000 per year. This includes both liability and collision coverage. You can also save on your insurance by bundling it with other types of insurance, such as business liability insurance. Another way to save is to purchase a policy that covers more than one vehicle. Some insurers also offer discounts for things like installing safety devices in your vehicles or having a good driving record. Ask us about our cost saving options!
For more information, contact an MPL Risk Insurance agent. We can help you find the commercial vehicle coverage that is right for your business in New Jersey!
