North Carolina Commercial Auto Insurance

Living in North Carolina is incredibly affordable. AreaVibes reports that the state's overall cost of living index is 95, five points less than the 100 average for the entire country. Additionally, even in major urban regions, property costs are very affordable. Housing has a cost of living index score of 85, which is 15 points lower than the national average.

Nine hundred thirty-four thousand small businesses in North Carolina require commercial auto insurance to guard against company vehicle accidents. A commercial auto policy is available for the specialist coverage options and higher limits frequently required by work-related vehicles.

Nationwide, we have the trust of over 750,000 small company owners to safeguard their livelihoods and work cars. Whether a real estate agent in Greensboro or a wholesale distributor in Ashville, each receives personalized coverage to suit their particular needs.

Requirements For North Carolina Commercial Auto Insurance 

Regardless of who is to blame for an accident, North Carolina state law requires you to obtain personal injury protection (PIP) coverage to cover your drivers' and passengers' medical costs.

The minimum liability limits for all commercial auto policies must be $30,000 per person, $60,000 per accident for bodily injury, and $25,000 for property damage (i.e., 30/60/25). Based on the kinds of vehicles they cover, some plans are required to have greater limits.

What Does North Carolina Commercial Auto Insurance Cover?

Commercial auto insurance in North Carolina covers any accident-related property damage and medical costs. It also covers any possible legal costs and third-party liabilities. You can select a policy based on the coverage you require for your business and the kind of car you drive. The insurance requirements in North Carolina are:

• Bodily injury liability of $25,000 per person
• $50,000 in responsibility for each accident's injuries
• Property damage liability per accident is $25,000
• Your insurance company can advise purchasing larger liability coverage levels based on the kinds of vehicles you possess and how you use them.

Quick Statistics on Commercial Auto Insurance In North Carolina

Legal fees and other costs are covered by commercial auto insurance if a company vehicle is involved in an accident. In North Carolina, it is necessary for all commercial vehicles. 

However, people in North Carolina continue to suffer injuries at work while not having adequate insurance from their employers without proper business insurance or commercial car insurance coverage.

• According to Value Penguin, in North Carolina, the average monthly cost of auto insurance is $88 for each person and vehicle.
• All of the recorded auto accidents in 2014 took place between 7:00 am and 6:59 pm.
• Compared to men, women file more vehicle insurance claims. However, the majority of women's claims are for minor damages and non-injuries.
• Collision coverage, including rear-end collisions, windshield problems, and damage to a parked car, is the most frequent insurance claim. Hail damage, vandalism, and even single-car collisions are some additional frequent claims.

Statistics On Vehicular Accidents In Georgia

• According to the CDC, drivers between the ages of 16 and 19 are three times as likely to be involved in a fatal collision than those who are 20 or older.
• 247,214 traffic accidents were reported in 2020, a drop of more than 9% from 2019.
• Despite a 9% drop in overall collisions, the number of fatalities rose by 12.8% from 2019 to 1,658.
• 11,475 collisions included alcohol in 2020.
• In 2020, distracted driving contributed to 44.128 collisions.

Frequently Asked Questions About North Carolina Commercial Auto Insurance

Here are some questions car owners often ask about when getting commercial auto policies in North Carolina:

What are North Carolina's three vehicle insurance requirements?

1. The continual maintenance of Automobile Liability coverage is required by North Carolina Motor Vehicle Law. The required minimums for bodily injury coverage are $30,000 per person, $60,000 for all parties involved in an accident, and $25,000 for property damage.

Who in North Carolina requires a commercial auto insurance policy?

1. Any North Carolina business that uses a car for work-related activities must have the necessary insurance. While hired and non-owned auto insurance (HNOA) covers personal, rented, and leased automobiles used by your business, commercial auto insurance only covers the vehicles owned by your company.

What is contributory negligence?

1. According to North Carolina's Contributory Negligence Law, if the injured party was also at fault for the collision, they are not eligible to receive any compensation from the other driver. Even if the wounded party is just 1% at fault and the other driver is 99% at fault, this still holds true. Injury victims are hurt by this strict law.

Other Insurance Types

Knowing the different types of auto insurance and their coverages is important in getting the right policy for you if you want to cover your bases and get your commercial vehicles insured. Here are some of the most common types of car insurance, how they work, and what they cover:

• Liability Insurance
• Collision Insurance
• Comprehensive Insurance
• Uninsured Motorist Insurance
• Personal Injury Protection Insurance
• Towing And Labor Insurance

Reliable commercial or business auto insurance remains competitive in small and large enterprises. However, finding the right commercial auto policy can make a big difference in your business's future.

To learn more about commercial auto insurance policies for your business in North Carolina, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like.