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.
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.
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
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 |
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.
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.
Colorado commercial auto insurance covers auto liability, collision, and comprehensive policies. Colorado does not require drivers to purchase personal injury protection.
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.
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
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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You can add specific endorsements to your commercial auto policy depending on their availability from your insurer.
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.
This policy extends insurance coverage to vehicles your business does not own. This includes employee vehicles, rented vehicles, and leased vehicles.
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.
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.
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.
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.
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 protects you from loss or damage to property transported by a motor vehicle.
Colorado imposes requirements on commercial auto policies to have minimum requirements and coverage limits.
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.
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
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.
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.
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.
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 |
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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.
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
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
Rental car coverage
Benefits for AARP members
Customized policy coverage
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
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
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
Over 200 partners to select your policy from
Offers gap insurance
Quickly answers customer service calls
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
High-quality mobile app
Get coverage quickly through a fast application process
Pause insurance coverage when you need to
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
Get quotes online
Flexible payment options for policies
14-day refund policy on insurance
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
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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