Reader’s Question:

How does a Commercial Vehicle Insurance differ from the car insurance I already got for our family car here in Illinois? I hear this type of insurance is expensive, is there such a thing as cheap commercial insurance?
Minty

Naperville, IL
Good question! Commercial Vehicle insurance is as different as compared to your regular car insurance as apples are to oranges. Commercial vehicle insurance policies offers much more coverage options much more relevant towards the needs of a business. It would also be good to note that most personal or family auto insurance coverage does not cover drivers or passengers if an accident occurs while the vehicle is being used for business purposes there in Illinois.

To give you a good idea why you should seriously consider commercial insurance coverage if you have a car or other types of vehicles used for commercial/ business activities, here are some of its most notable features:

1.Commercial vehicle insurance can be tailored to fit the specific needs and requirements of almost each and every kind of business that operate cars.

2.Liability insurance coverage can be extended to employees who use their own cars for your business.

3.Financial support can be granted to compensate for lost profits if the insured business vehicle is under repair.

4.Most major insurance providers offer risk management tools or options for your commercial vehicle or fleet.

5.The full price of a totaled vehicle can be reimbursed.

6.Some policies automatically add third party passengers, like your clients or vendors, under the coverage if the said party requires it during the transaction.

If you’re convinced, we recommend you search for the best commercial vehicle insurance coverage by using our free insurance search tool. You will get the most up to date rate offers and be able to compare providers quickly and conveniently.

A few simple things you can do to help get cheap commercial insurance are:

1. Raise your deductible amount, you only pay the deductible when you have a claim and that claim is paid by your insurance company

2. Improve your credit score and history, some carriers will look at it to determine your payment risk

3. Stay persistent, don’t just settle for the first rate for what you think is cheap commercial insurance, keep shopping and keep asking questions to make sure you are comparing apples to apples when it comes to coverage. You might find a policy that is considerably cheaper than the other, you need to find out why.