Colorado Commercial Auto Insurance: Quotes From $33/mo

Auto accidents are a common form of business liability. Colorado had over 5 million total automobiles registered in 2020. With so many vehicles on the road, the chances of an accident become more likely. Your local Colorado business will need an insurance policy that can cover the risks of your road vehicles. This article will look at the requirements, components, and cost of the policy that you need, commercial auto insurance.

What is Commercial Auto Insurance?

You can use commercial auto insurance to protect vehicles you use in your business. This policy can defend your business against liability claims from other parties. It can also help you pay for damage and get a new vehicle when it is totaled.


Can My Personal Auto Policy Cover My Vehicles?

No. Personal auto policies do not cover work activities outside of your commute. This means you must have a commercial auto insurance policy to use vehicles in your business. Activities commercial auto covers include:

  • Transporting clients

  • Driving to a worksite

  • Buying office supplies

  • Delivering tools, products, or equipment

Auto Accident Statistics in Colorado

Below are a few Colorado auto accident statistics that illustrate the risks of road collisions in the state. This data came from a State Highway Safety Report in 2021.

Auto fatalities 691
Auto fatality rate 1.28 per 100 million
Serious injury accidents 3,387
Serious injury accident rate 6.29 per 100 million
Non-motorized fatalities and serious injuries 574


Denver

Getting comprehensive commercial auto insurance Denver is essential because of the operating risks. The Denver Gazette recently reported that Denver is one of the most dangerous places to live in the US.


Colorado Springs

Commercial auto insurance Colorado Springs has to protect your business from the increased rates of deadly traffic crashes. In 2020, Colorado Springs set the record for the most deadly traffic crashes. A crash can happen everywhere and when you least expect it.

Commercial truck insurance colorado springs can protect your local business if you use trailers, motor trucks, semi-trucks, or dump trucks. A dump truck business can be profitable in the area because Colorado set a record for the amount of trash it produced in 2018.


Components of Colorado Commercial Auto Insurance

Colorado commercial auto insurance covers auto liability, collision, and comprehensive policies. Colorado does not require drivers to purchase personal injury protection.


Auto Liability

Auto liability protects your business against the costs of bodily injuries and property damage your vehicles inflict on others. This policy helps you pay for legal expenses for those who sue you for these causes.


Collision

This policy helps you repair and replace your business vehicles when they get into a collision accident. Common situations you get coverage include:

  • Hitting another vehicle

  • Colliding with a road object

  • Single-vehicle accidents like your vehicle running off the road

Comprehensive

A comprehensive policy protects your vehicles from damage from events other than collisions. Common examples include:

  • Striking an animal

  • Fire damage

  • Theft

  • Vandalism

  • Weather events like hail

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Add-Ons to Colorado Commercial Auto Insurance

You can add specific endorsements to your commercial auto policy depending on their availability from your insurer.


Auto Glass

An auto glass policy helps you protect windshields and windows on your vehicles from damage at a minimal cost. If you only want to protect your vehicle glass, this policy can save you money over a comprehensive protection policy.


Hired & Non-owned Auto Coverage

This policy extends insurance coverage to vehicles your business does not own. This includes employee vehicles, rented vehicles, and leased vehicles.


Roadside Assistance

A roadside assistance policy pays for emergency assistance services when your vehicle is stuck on the side of the road. You can tow your vehicle to a repair shop, change flat tires, and get a jump if your vehicle’s battery has died.


Rental Reimbursement Insurance

Suppose you need a rental vehicle while your primary vehicle is in a repair shop. In this case, a rental reimbursement policy can help you pay for the costs of this temporary inconvenience.


Accident Forgiveness

An accident forgiveness policy will ignore your first at-fault accident, so your insurance rate does not go up due to it. The particulars of this policy will change depending on how your insurer will define it.


New Vehicle Replacement

This policy will cover the replacement cost of your vehicle instead of the actual cash value. This policy is helpful because new vehicles lose value quickly because of depreciation. An accident in a brand-new vehicle could set your business back a lot without this policy.


Vanishing Deductible

Some insurers offer vanishing deductibles. This policy allows you to reduce the amount you must pay for each policy period so you don’t get into an accident. It can be a decrease in a set dollar amount or a percentage of your total deductible.


Cargo Liability

Cargo liability protects you from loss or damage to property transported by a motor vehicle.


Colorado Commercial Auto Insurance Requirements

Colorado imposes requirements on commercial auto policies to have minimum requirements and coverage limits.


Auto Liability

Colorado has a minimum liability limit of 210/100/15. This number describes the bodily injury and property damage protection your policy must have.

Bodily injury per person Bodily injury per accident Property damage per accident
$25,000 $50,000 $15,000

Vehicles like semi-trucks or larger vehicles must carry higher limits than these. The Federal Motor Carrier Safety Administration will require larger vehicles that travel on the interstate to have a combined limit of $750,000.

Motor carriers operating within Colorado must carry a minimum limit of $10,000 cargo liability coverage.


Colorado Commercial Auto Insurance Exclusions

Your commercial auto policy will have standard exclusions that cannot get covered. Some events need additional insurance policies, while others are commonly excluded from many types of insurance. These exclusions include:

  • Transporting hazardous materials

  • Pollution spills

  • Wars and rebellions

  • Driving while intoxicated

  • Intentionally damaging acts with your vehicles

What Does Actual Cash Value Mean in Commercial Auto Insurance?

Actual cash value is a term that describes the value of your vehicle to insurance companies. Insurers use this figure to determine how much to pay if your vehicle is damaged or totaled. 

Actual cash value is by determining how much your vehicle is worth minus depreciation. Over time, your vehicle loses value due to the wear and tear of regular use. Vehicles lose most of their value after the first year of purchase.


Is Colorado An At-fault State?

Yes. Colorado is an at-fault state, which means when you are damaged, you file with the other party’s liability insurance for damages. In Colorado, you are not required to purchase personal injury protection like in a no-fault state. No-fault states require medical injuries for people in accidents to pay paid by the driver’s personal injury protection policy.


What Are the Penalties for Not Having Insurance in Colorado?

In Colorado, driving without insurance is a class 1 misdemeanor punishable by a minimum $500 fine. Your license will be suspended until you prove your vehicle is insured. Subsequent offenses will increase the fine and suspension period.

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Colorado Commercial Auto Insurance Cost

Commercial auto insurance in Colorado costs $37 per month or $444 per year for a $1 million auto liability coverage. Factors that affect premiums are location, business history, policy limits, deductibles, and more. Here’s a table showing the cost of a $1 million auto liability coverage from the best companies:

Cost per Month Cost per Year Best for
NEXT $15 $180 Best overall; Fastest commercial auto insurance
The Hartford $18 $216 Commercial auto insurance with specialized perks 
CoverWallet $24 $288 Comparing commercial auto insurance quotes online
Tivly $26 $312 Comparing commercial auto insurance quotes over the phone
Thimble $29 $348 On-demand commercial auto coverage
Hiscox $32 $384 Commercial auto insurance with automatic renewal

Compare Cheap Commercial Auto Insurance Quotes Online

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Best Colorado Commercial Auto Insurance Companies

Here are companies you should consider working with. Read some of the reviews below to know their pros, cons, and average rate for a $1 million auto liability coverage. 


NEXT

Pros 

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest commercial auto insurance

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • None found

NEXT is a top-rated insurer that serves over 420,000 businesses. They have a 4.7/5 rating in their customer reviews and offer you excellent commercial auto policies. Their policy can help you pay for emergency care expenses, gap coverage, and legal fees your business is responsible for. NEXT has an excellent rating from AM Best for its financial strength. They also have a B+ rating from the Better Business Bureau.

Best for: Best overall; Fastest commercial auto insurance

Average cost: $15 per month 

Our rating: 10/10


The Hartford

Pros

  • Rental car coverage

  • Benefits for AARP members

  • Customized policy coverage

Cons

  • Accident forgiveness has to be earned and cannot be purchased.

Work with The Hartford for a customized commercial auto policy. You can choose from policies like rental car coverage, medical payments, and hired and non-owned auto insurance. The Hartford has over 200 years of insurance experience. They have an A+ rating from the Better Business Bureau.

Best for: Commercial auto insurance with specialized perks 

Average cost: $18 per month

Our rating: 10/10 


CoverWallet 

Pros

  • Track your policy with a user-friendly dashboard

  • Manage multiple policies from one convenient place

  • Shop commercial auto from partners like Hiscox, Progressive, and Markel

Cons

  • Not an insurance company but an insurance broker 

CoverWallet offers a place to compare insurance policies from top-rated insurers. You can get auto protection with policies like medical coverage, bodily injury, and comprehensive coverage. CoverWallet has an A+ rating from the Better Business Bureau. The company helps connect over 10,000 customers with insurers every year.

Best for: Comparing commercial auto insurance quotes online 

Average cost: $24 per month 

Our rating: 10/10


Tivly

Pros

  • Over 200 partners to select your policy from

  • Offers gap insurance

  • Quickly answers customer service calls

Cons

  • You need to call to compare quotes 

Tivly lets you pick from over 200 insurance partners. Choose from options like The Hartford, Liberty Mutual, and Progressive. You will find commercial auto policies like uninsured motorist coverage, gap insurance, and other critical policies will be found. Tivly has over 20 years of insurance industry experience and an A rating from the Better Business Bureau. Call now to compare quotes over the phone. 

Best for: Comparing commercial auto insurance quotes over the phone 

Average cost: $26 per month 

Our rating: 10/10


Thimble

Pros

  • High-quality mobile app

  • Get coverage quickly through a fast application process

  • Pause insurance coverage when you need to

Cons

  • Customers need help reaching customer service at times

Thimble offers flexible insurance policies for your Colorado business. You can purchase affordable ongoing coverage that you can pause at any time. They also offer on-demand coverage that lets you define policy limits up to the hour, day, and week. Thimble has an A+ rating from the Better Business Bureau.

Best for: On-demand commercial auto coverage

Average cost: $29 per month 

Our rating: 10/10 


Hiscox 

Pros

  • Get quotes online

  • Flexible payment options for policies

  • 14-day refund policy on insurance

Cons

  • Might have to call to make policy changes

Hiscox offers specialty insurance policies that are perfect for small business customers. You can get quotes and manage your policy online. Still, you must also call an insurance agent to help tailor your policy. The company serves over 500,000 customers and has an A rating from AM Best.

Best for: Commercial auto insurance with automatic renewal 

Average cost: $32 per month 

Our rating: 10/10

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