Commercial Auto Insurance in Ashland, KY
Commercial Auto Insurance in Ashland, KY covers motor vehicles and trailers used for commerce and that travel on public roadways. Generally speaking, all vehicles leased or purchased by an entity (business, organization, LLC) other than a private individual are considered commercial vehicles.
Further, pickups and vans that you use for business purposes of any kind in Ashland, KY, except for farm and ranch exceptions, are rated by the state as commercial vehicles that must have commercial auto coverage.
However, some companies may list larger SUV’s and pickups (250’s) on personal auto coverage policies if the vehicle is owned by an individual and used for personal purposes. It is important to understand the difference between commercial and personal auto insurance to ensure your company vehicles are covered by the mandatory insurance coverage.
If you have questions regarding how you use your vehicle and whether personal or commercial coverage is required, contact Sharp Insurance & Financial Services, serving Ashland, KY, for clarification of your questions.
Required Commercial Auto Coverage
Commercially owned vehicles require bodily injury and property damage liability. They also must contain basic repair coverage (PIP or No Fault) for at least $25,000/$50,000 for bodily injury plus $10,000 for property damage, or $60,000 CSL (BI/PD) plus $10,000 in PIP benefits. Coverage must include all users with a reasonable claim to the benefits. Uninsured motorist coverage of $25,000/$50,000 is also required. These numbers may seem intimidating but speaking with an agent can put your mind at ease to know that these are standard.
Knowing the mandatory minimums is just the beginning. Your required commercial auto coverage is dependent on the type of business you have and how you use the vehicle.
If you have any questions on your commercial auto insurance or the requirements in Ashland, KY, please contact Sharp Insurance & Financial Services. We can also answer your questions on personal auto coverage and provide advice on personal financial services.