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    Virginia Commercial Auto Insurance

    Virginia Commercial Auto Insurance

    Many 767,000 small businesses in Virginia require commercial auto insurance to guard against mishaps and other events involving their business vehicles. Commercial automobiles are considerably more at risk than personal vehicles. Hence they are typically not covered by individual auto policies.

    Nationwide, we have the trust of over 750,000 small company owners to safeguard their livelihoods and work cars. Whether they have a single food truck in Virginia Beach or numerous contractor vans in Richmond, each receives specialized coverage to meet its particular needs.

    Read on to know more about the type of commercial auto insurance coverage your insurance company can provide for witty long-term business liability coverage and business solutions.

    Requirements For Virginia Auto Insurance 

    All commercial auto plans must comply with Virginia state law, which mandates a minimum liability limit of $25,000 per person, $50,000 per accident for bodily injury, and $20,000 for property damage (i.e., 25/50/20). Based on the kinds of vehicles they cover, some plans are required to have more significant limits.

    It's also required to carry both Uninsured Motorist (UM) and underinsured motorist (UIM) coverages. UIM coverage protects if you're injured by someone who doesn't have insurance or in the event of a hit-and-run incident. UIM coverage protects if you're injured by someone who doesn't have enough liability coverage to pay for your medical expenses.

    How much does Virginia commercial auto insurance cost?

    The annual cost of commercial auto insurance for a typical vehicle used for business is between $600-$2,400, according to Car & Driver. Delivery vans and cargo vans typically cost between $3,300 and $6,200 annually.

    The cost of commercial auto insurance depends on your level of coverage, the number of vehicles covered by the policy, and the kind of vehicles covered by the policy.

    What Does Virginia Commercial Auto Insurance Cover?

    Commercial insurance shields companies, independent contractors, and freelancers from liabilities claims, property damage, cyberattacks, and other hazards that could bankrupt your firm.

    You are covered by your auto insurance when traveling to and from work, but not when making deliveries, gathering supplies, or engaging in other activities related to your place of employment. If you cause an accident while on business, a business auto policy would protect you and your vehicle.

    Whether you own a fleet of company cars, a landscaping pickup, a food truck, or any other vehicles you use only for business, all cars need to be protected by a commercial auto policy.

    Quick Statistics On Commercial Auto Insurance In Virginia

    The National Association Of Insurance Commissioners reveal data that states:

    • Virginia has 2.26% of the U.S. market for automotive premiums, placing it in 12th place in 2020.
    • The average cost of auto insurance nationwide increased by 1.0 percent to $1,070.47.
    • The average cost to own and run a car made in 2021 was $9,666 in 2021 when the vehicle is driven 15,000 miles annually, according to AAA's 2021 Your Driving Costs report.
    • Collision insurance costs in Virginia rose to $323.76 in 2019.
    • Three years ago, Virginia had the 36th-most costly commercial auto insurance in the U.S.

    Statistics On Commercial Vehicular Accidents In Virginia

    • Virginia saw 4,296 crashes involving CMVs in 2020 alone, including 93 fatal collisions and 1,605 incidents that resulted in injuries.
    • The Virginia Department of Transportation's 2017 crash statistics shows that the truck driver is primarily to blame for around half of all truck accidents in the state.
    • There were 18,808 distracted driving crashes in 2019, a 19.1% drop from that year.
    • Fifty-two thousand six hundred sixty-eight people were hurt, a 19.9% drop from 2019.
    • In Virginia, automobile accidents result in 144 injuries daily on average.

    Frequently Asked Questions About Virginia Commercial Auto Insurance

    Here are some questions small business owners typically ask about commercial auto coverage in Virginia:

    Who in Virginia requires a commercial auto insurance policy?

    Any Virginia firm that employs vehicles for work-related activities should have the proper 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 are the primary coverages under a commercial auto policy?

    Similar coverages, including liability, collision, comprehensive, medical payments (or personal injury protection), and uninsured motorist coverage, are offered by commercial vehicle insurance, just like in your personal auto policy.

    What type of coverage is typically not included in commercial motor insurance policies?

    Gradual Wear and Tear: Loss resulting from the vehicle's natural wear and tear is not covered by a standard plan. This is the rationale behind the insured value—technically known as the Insured Declared Value (IDV) of your car—being lowered to account for depreciation at the time of policy renewal.

    Other Insurance Types

    Knowing the different types of auto insurance and their coverages is essential 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:

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

    Securing your vehicles is just one part of the equation. Dive into our article on Virginia General Liability Insurance to ensure every facet of your Virginia business is protected from potential risks.

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

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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