Commercial Auto Collision insurance covers your vehicle against financial losses due to collision with vehicles or objects. It complements the auto comprehensive insurance coverage that does not cover losses due to collision. This insurance cover is not a requirement by the state authority. However, it comes in handy in case of any form of damage due to collision. It covers the damages on your vehicle and that of third party. This will save you the cost that comes with repair and replacement. It also covers damages when a vehicle rolls or overturns after a major collision.
Should you take out a Commercial Auto Collision insurance cover? For private motorists, your car might be the only mode of transport with the comfort that you need. Taking this type of insurance for your vehicle will offer protection through collision. On the other hand, for individuals involved in auto business, this insurance policy comes in handy. This involves businesses in rents, leases, car dealership and trucking business operations. Commercial Auto Collision insurance is, however, purchased with other insurance policies that do not cover damages through collision like, the comprehensive auto insurance. If your vehicle is on a lease, you should ensure that you have purchased the Commercial Auto Collision insurance. For additional coverage, talk to your insurance broker on the available polices that will guarantee full protection.
The value of your policy will depend on the amount you set for the deductible. For the insurer to set the premiums for you to pay, they first need to carry out a thorough risk analysis of your business. From there, you need to select the amount of deductible to pay once the risks insured occur. The deductible provides you with an option of lowering the value of your insurance policy. To lower the value of your policy, you need to set the deductible at a higher amount. This can, however, hurt you financially, in case the risk insured occurs. It is thus advisable to balance the deductible with the premiums you will pay.
Commercial Auto Collision insurance comes with restrictions and limits. Coverage for this type of policy is limited to collision with other objects or vehicles. In that case, any financial loss suffered due to other factors will not be compensated. You should also disclose all information pertaining to the risks covered in the policy. This information should be disclosed to your insurer to help them calculate the amount of premiums you will pay. Failure to disclose essential information may lead to the contract being declared null and void. As a result, you will not receive compensation in case of the occurrence of the risks covered.
With Safepro, your vehicle is fully protected from any type of damage or injury due to collision. Having being in service for many years, we have experience auto insurance policies. We understand the risks that threaten to bring down your business. Our qualified staff will advice you accordingly on the additional insurance cover that will meet the needs of your business.