Aside from a home, a vehicle is probably one of the most important personal investments outside of a home. For companies that provide transportation for employees, auto insurance can also provide protection from any on the job mishaps. In addition, auto insurance is required in most states, ensuring that anyone that owns a vehicle should be looking into getting auto insurance to protect their investment.
There are several types of auto insurance coverage: liability, comprehensive, and collision, along with several other types of more specialty coverages, such as medical, uninsured/underinsured motorist, and rental reimbursement. In addition, for commercial auto insurance, other factors need to be addressed, such as the amount of drivers and their driving record. Otherwise, many factors tied to the auto insurance premium are the same for personal and commercial auto insurance policies.
Liability auto insurance is the basic minimum coverage required in most states; however the value of the minimum auto insurance coverage varies by state. Liability auto insurance covers injury and property damage to others, but not to the owner of the vehicle itself. Collision auto insurance is specifically for damages caused in a collision, while comprehensive auto insurance covers vehicle damage from just about anything not collision related: whether it is fire, weather related, or even vandalism or theft. Medical coverage is for medical expenses regardless of fault resulting from an auto accident. Increasingly, uninsured and under insured motorist auto insurance is needed, protecting the insured when the accident is caused by a driver who has no insurance or does not have enough insurance to cover the damages. As a boutique type of policy, rental reimbursement auto insurance is also available; which pays for a rental car while the primary car is being repaired due to an auto accident. All these coverages can be mixed and matched to create the best auto insurance policy for your needs.
For business vehicles, commercial auto insurance is a little different. While many coverages pertaining to personal auto insurance can be used, there are certain requirements for commercial, or work vehicles that must be noted. The number of vehicles and drivers also can affect a commercial auto insurance policy. Fleet insurance may also be a better alternative if there are a large number of commercial vehicles owned by the business. Getting business insurance quotes can help get the best commercial auto insurance for the price.
States are generally doing everyone a favor by requiring motorists to hold an auto insurance policy. The protection even basic liability insurance affords can go a long way in helping get those affected by an accident back on their feet.