Get New York commercial auto insurance quotes, cost & coverage fast. NY business auto helps pay for damaged vehicles, property, bodily injury and medical expenses if you or an employee is found at fault for an accident.
NY Business Auto Insurance
It's pretty obvious that a company that has a fleet of vehicles and uses them to transport goods or perform services should have New York commercial auto insurance. However, if you own a small company or are a sole proprietor and don't have commercial drivers, it can be hard to determine if this type of insurance is right for you. Your personal auto insurance may not cover you or any of your employees in the event of an accident, so it's essential to find out immediately if New York commercial auto insurance is necessary.
Business auto insurance is a policy that covers any NY vehicles that are used for your business, as well as the people who drive those vehicles. It provides financial protection for you and any employees that drive for reasons related to your business if an accident or some other type of incident occurs.
While business vehicle insurance has some similarities to personal auto policies, there are notable differences in eligibility, coverages, exclusions, definitions & limits. Commercial car insurance is needed for certain type of vehicles (think heavy vehicles like tractors, dump trucks etc.). This can include cars used for business purposes as well as box trucks, food trucks, service utility trucks, etc.
Does My Business Need New York Commercial Auto Insurance?
The best way to determine whether or not you need New York commercial car insurance is to speak to an insurance agent or someone else who has ample knowledge of the topic. However, if the business you operate uses vehicles on a regular basis, it's a pretty safe bet that you are going to need it, no matter what size your business is.
Some professions that require New York commercial auto insurance include the following:
- Home heating oil companies
- Delivery companies (food, packages, etc.)
- Livery drivers
- Tow truck operators
If your profession isn't listed above, don't assume that you don't need NY business auto insurance. As mentioned, if your business uses vehicles, there's a pretty good chance that you are going to need it. Also you might be contractually required to have it of a customer requires it as part of a deal.
What Does New York Commercial Auto Insurance Cover?
You might already have some familiarity with some of the different types of business car insurance since many polices share names with personal vehicle insurance policies. Some of the most commonly used coverages in policies include:
- Collision. This covers any damages that a vehicle may receive if it is involved in an accident.
- Comprehensive. This policy covers any losses that occur if your vehicle becomes damaged in an accident that does not involve a collision, such as fire, flooding, hail, damage from a fallen tree, theft, or vandalism.
- Liability. This policy covers bodily injuries that others may sustain as a result of a vehicle that is used for your company. It also covers any expenses to replace or repair someone else's property should a business vehicle cause an accident. It is the most commonly needed - and required - New York commercial auto insurance coverage.
- Uninsured / Underinsured Motorist. With this coverage, any injuries that are sustained or damages to your vehicle will be covered if an accident occurs with someone who does not have insurance or who does not have enough coverage to pay for the damages or injuries.
Whatever policy you choose, you should consider extending it so that it will cover any employees who may drive in order to complete tasks that are related to your NY business. For example, if you own a restaurant that delivers food, it's a wise idea to have your delivery drivers covered.
What New York Commercial Auto Insurance Doesn't Cover
Know as exclusions, which elimiate risks for the insurer, New York commercial auto insurance typically does not cover:
- Intentionally damage caused by the business owner or employees.
- Workers compensation.
- Employer's liability.
- Contractual liability.
- Amounts beyond the policy limits and auto value.
How Much New York Commercial Auto Insurance Coverage Do I Need?
It can be tricky to figure out how much vehicle insurance you will need for your business. An agent that specializes in this type of insurance will be able to help you determine an appropriate amount for your specific needs. It's important to be aware that at the bare minimum, you have to make sure that you have enough coverage to comply with any insurance requirements that are set forth by New York.
The following factors can be used to help you figure out how much coverage your business will need:
- Your business' size
- How much your assets are worth
- The amount of vehicles your company uses
- The number of people who drive for your business
- How much you will be able to afford to pay out of pocket in the event that an accident does occur
How Much Does New York Commercial Auto Insurance Cost?
How much does New York commercial auto insurance cost? The average price of business vehicle insurance varied widely based on certain factors. The premiums vary depending on the company and their underwriting rules, and it depends on the coverages and deductible selected. Following are some of the main factors that go into the price of a policy based on the business:
- Geographical location - The more dangerous your location is the higher premiums you will pay as there is a higher probability for claims. If you live in a highly populated urban area accidents and insurance claims happen more often and rate are higher.
- Previous insurance coverage - Continual auto insurance history can help get you a better rate.
- Vehicle types - Purchase price, theft rate, cost of repairs, accident rate and safety tests weigh heavily in car insurance cost.
- Vehicle use - A vehicle used to haul hazardous waste more of a risk than the van used to drive to a worksite.
- Miles driven annually - The less you drive, the less risk you have of being in an accident.
- Business credit history - The better credit you have, the lower your rates. Most insurers look at credit and weight it heavily.
- Coverages - The more coverage you choose with higher limits, the more it will cost you since the insurer is taking on additional risk.
- Deductibles - The deductible is your out of pocket cost before your policy kick in. Lower deductible = higher premium, and higher deductible = lower premium.
And the following factors have an effect on the price based on the acutal drivers:
- Age - Typically drivers under 25 pay more because statistically shown to be inexperienced behind the wheel, easily distracted and to crash more often. They are on of the riskiest category of drivers to insure.
- Gender - Data shows males are more likely to crash, hence men's premiums are higher.
- Marital status - Married people have been found to be less of a risk to insurers than singles, including divorced or widowed drivers.
- Years of driving experience - Inexperienced drivers pose more risk. That is why under 25 have some of the highest rates.
- Driving record - Drivers with a clean driving record qualify for better rates and can be eligible for a safe driver discount.
- Claims history - More claims = more premium. Insurers actually count frequency (how many claims in a time frame) more than severity (how large the claim was).
What Are New York's Financial Responsibility Requirements?
According to the NY Department Of Motor Vehicles:
To register a vehicle in New York State you must have New York State issued automobile liability insurance coverage. If you do not maintain the coverage, the DMV can suspend your vehicle registration and your driver license. New York law requires that you have auto liability insurance coverage. The minimum amount of liability coverage is:
- $10,000 for property damage for a single accident
- $25,000 for bodily injury and $50,000 for death for a person involved in an accident
- $50,000 for bodily injury and $100,000 for death for two or more people in an accident
Your liability insurance coverage must remain in effect while the registration is valid, even if you don't use the vehicle (there are exceptions for motorcycles) be New York State insurance coverage, issued by a company licensed by the NYS Department of Financial Services and certified by NYS DMV - out-of-state insurance is never acceptable be issued in the name of the vehicle registrant, and remain in the name of the registrant at all times.
The New York State Department of Financial Services website has more information about liability insurance and insurance companies licensed in New York: http://www.dfs.ny.gov
Further Reading On Business Auto Insurance
Read through helpful commercial auto insurance for small business to help you better understand polices you own or are buying.
- Business Auto Coverage Form
- Bobtail And Deadhead Coverage
- Bobtail And Physical Damage Insurance
- Bobtail Insurance vs Non-Trucking Liability
- Commercial Auto Insurance Hired And Non-Owned
- Commercial Auto Insurance vs Personal Cost
NY Business Auto Insurance Quotes
Request a New York Commercial Auto Insurance quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.
New York Insurance Rules & Regulations
In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.
NY Commercial Insurance
The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.
In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.
New York Personal Insurance
Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with $25,000 for bodily injury to one person and $50,000 total for a single accident. In addition, motorists must carry $10,000 for property damage as well.
There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.
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