New York Commercial Auto Insurance: Quotes From $25/mo

New York has over 19 million people. The state also enjoys a booming economy that offers incredible business opportunities. New York’s market will present you with a lucrative opportunity to build a sizable consumer base and successful business alliances, whether you wish to launch a small firm or a major enterprise.

This state does, however, also provide certain difficulties for your company. Heavy traffic and crowded streets can expose your business automobile to accidents. This is where commercial auto insurance policy becomes indispensable. This article will discuss the basics of new york commercial auto insurance and why it is fundamental for any business.

What is Commercial Auto Insurance?

Commercial car insurance NY is a specialized insurance coverage designed for small and large businesses that use cars for business operations. It offers financial protection for you, your employees, and your vehicles in the case of any accidents or damages that involve your business vehicles.

This insurance policy is customized to address unique risks related to business vehicle usage. You will need this policy for a single car or a large fleet to mitigate unforeseen liabilities and protect your assets.


How Commercial Car Insurance NY Works

Commercial car insurance in New York works similarly to other states. Primarily, it covers any vehicle you use to run your operations. It can be a car, truck, van, or other business car. When automobile incidents occur, your policy can cover the following:

  • Property damage

  • Bodily injury

  • Vehicle damages

  • Hospital bills

  • Defense costs

Once your commercial vehicle is involved in an accident or damaged, you get a specific coverage limit to cover those damages. For property damage, you can be paid up to $10,000 for that accident, while for bodily injury, you get a limit of $25,000 for one person injured in that accident. These are just minimums, and you can select higher limits.


Auto Accident Statistics in New York

New York has an incredibly high population, and the city’s roads are frequently very congested. This makes it vulnerable to traffic accidents and you must protect your commercial vehicle with valid insurance coverage.

In 2022, there were reported to be 52,341 car accidents, whereas the previous year had 88,323 accidents. Despite a reduction in the number of accidents, there was a rise in minor and catastrophic injuries. Half of the city’s auto accidents caused injuries.

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New York Commercial Auto Insurance Requirements

All commercial vehicles in New York should have a minimum auto liability coverage. Some of the New York commercial auto insurance requirements include:

  • $10,000 to cover liabilities for property damage in one accident.

  • $50,000 for a person engaged in an accident and dies, and $25,000 for anyone who sustains bodily injury.

  • $50,000 for bodily harm and $100,000 for fatalities if two or more people are involved in the accident.

Components of New York Commercial Auto Insurance

Commercial vehicle insurance NY has many fundamental components that offer your business comprehensive coverage. Some of the critical components include:


Liability Coverage

Liability coverage is a crucial component of commercial auto insurance NYC. It protects your business if you or your driver cause property damage or bodily injury to others while operating your automobile. This coverage reimburses you for legal, medical, and settlement fees.


Personal Injury Protection (PIP)

PIP can also be referred to as no-fault insurance. It helps pay for hospital bills, lost income, or burial expenses after a commercial car accident, regardless of who is at fault. This car insurance may even cover you when not driving. For instance, you can get injured by another vehicle when walking; this PIP will come in handy to compensate for your injuries.


Uninsured/Underinsured Motorist Coverage

This component safeguards you, your employees, and your commercial vehicles in case of an accident with another motorist who has low or no insurance coverage. It will compensate for hospital bills or property damage that are caused by the other driver who is underinsured or uninsured.


Comprehensive Coverage

Comprehensive coverage pays for repair or replacement costs after your commercial car is damaged or stolen. It covers perils such as vandalism, fire, theft, or falling objects but excludes collision incidents.


Collision Coverage

Collision coverage is essential and will cover your car’s repair costs if it is damaged after being hit by an object or vehicle. This coverage will cover such damages if you are involved in an accident. It can also cover you if your vehicle rollovers and is damaged.


Medical Payments Coverage

It will cover hospital bills, ambulance, medication, or rehabilitation costs for your employees and passengers. This coverage will compensate you regardless of who is at fault in a commercial vehicle accident.


Non-Owned Auto Coverage

Sometimes, you or your employees can use their vehicles for business operations. Non-owned auto coverage will extend your commercial auto insurance NYC to shelter even personal vehicles used in business operations.


Circumstances When Commercial Vehicle Insurance NY Can Cover Personal Vehicles

In most instances, your commercial vehicle insurance will cushion all vehicles used for business purposes in the event of an accident. But in some circumstances, the coverage can also extend to your personal vehicles. Here are common scenarios when this is possible:

  • Occasional use–You or your employee can be using a personal vehicle to make deliveries or for other business operations. Your commercial auto insurance will extend coverage to such vehicles

  • Personal vehicles for specific job roles–Some roles, such as consultants or sales representatives, require employees to use their personal vehicles to meet clients or deliver services. Your business might require an add-on known as non-owned car liability to cover all liabilities that may arise from accidents involving employee-owned vehicles

Add-Ons to New York Commercial Auto Insurance

Here are some add-ons to your commercial auto policy in New York:


Umbrella Insurance

In addition to the liability protection provided by your primary commercial auto insurance policy, umbrella insurance offers additional layers of protection against lawsuits. It helps defend your company against substantial liability claims beyond the scope of your underlying insurance policies’ protection limits. Businesses with precious assets or high-risk operations might benefit significantly from umbrella insurance.


Cargo Insurance

If you transport goods from vendors or to customers, cargo insurance will shelter those goods from perils such as theft, damage, or loss. You can customize your insurance depending on the cargo you are transporting.


Windscreen Cover

Your comprehensive vehicle insurance can cover minor repair costs for cracks and chips on your windscreen. But in more severe accidents, you need this windscreen cover as an add-on, and it will cover even the worst damages. This add-on will cover the complete replacement of your windscreen.


Consumable Cover

Commercial auto insurance will not cover consumable parts such as grease, washers, screws, bolts, or bolts. With consumable coverage, you will be compensated for repairing or replacing these parts. If your vehicle is at most five years old, you are very eligible for this add-on.


Rental Reimbursement

This coverage helps compensate your business for renting a replacement vehicle while your business vehicle is being repaired after a covered incident. It will cover all the costs of leasing another vehicle.


Roadside Assistance

Roadside assistance coverage will cover expenses such as flat tire changes, fuel delivery, and towing services. This add-on is crucial for your business and will minimize downtime if your vehicle is involved in an accident or breakdowns in the middle of a highway.


Engine Protection Cover

This coverage covers all damages on your commercial vehicle engine which may be caused by mechanical or electrical breakdown. It will compensate you for the costs of replacing your engine. But this cover is not allowed for vehicles that are more than five years old.




Incidents Not Covered by Commercial Vehicle Insurance NY

Commercial car insurance covers several risks that are associated with your commercial vehicles. However, there are some unique circumstances that your provider may not cover, such as:


Personal Use of Vehicles

Commercial auto insurance is designed to cover your vehicles when they are being used for business operations. If you use your cars to run personal errands, and an accident happens, this coverage will not compensate you.


Intentional Acts

Your commercial auto insurance also excludes all intentional acts. This policy does not cover things such as deliberate collisions. You must prove beyond doubt that the accident was not intentional.


Illegal Activities

If you use your commercial vehicle for illegal activities, such as smuggling drugs, your insurance company can decide to void the policy. In such circumstances, they will not cover any damages suffered after an accident if they find out you are dealing with illegal things.


Non-Authorized Drivers

Your policy coverage may be denied if an unauthorized driver operates your business vehicle and an accident occurs. This can also happen if you give your commercial vehicle to drivers without a valid driving license.

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New York Commercial Auto Insurance Cost

New York commercial auto insurance is $25 per month or $300 per year for a $1 million auto liability coverage. When considering the cost of commercial auto insurance NY, there are many factors that insurance companies consider, and they can include:

  • Business size and type–The business you operate can influence the premiums you pay. For instance, if you have a small business with one vehicle, you will pay a lower premium than a large business with a fleet of vehicles.

  • Vehicle types–An insurance company will check your commercial vehicle’s value and intended usage. Heavy trucks will attract higher premiums compared to small vehicles.

  • Driving records–The driving record of your driver will also affect the premiums. Drivers with clean driving records will attract lower premiums, while those with a history of traffic violations will incur higher insurance costs.

  • Coverage limits and deductibles–The limits and deductibles you select for your commercial auto insurance will determine the premiums. For instance, lower deductibles and high coverage limits will result in higher premiums.

  • Claims history–If your business has a previous history of filing insurance claims related to commercial auto incidents, it will influence the insurance cost. When you have a higher claim frequency, you will also have high premiums.

  • Safety measures–Safety measures such as security devices, GPS tracking systems, or driving training programs will help lower insurance premiums. Consider incorporating these measures if you want to enjoy low-budget insurance rates.

In connection, 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 $12 $144 Best overall; Fastest commercial auto insurance
CoverWallet $14 $168 Comparing commercial car insurance NY quotes online
The Hartford $16 $192 AARP members looking for comprehensive commercial auto insurance coverage
Tivly $18 $216 Comparing commercial auto insurance quotes over the phone
Thimble $20 $240 Contractors looking for insurance coverage for a specific project
Hiscox $23 $276 Businesses looking for comprehensive coverage from an experienced company

Compare Cheap Commercial Auto Insurance Quotes Online

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Best New York Commercial Auto Insurance Companies

Now that you understand why commercial auto insurance is crucial for your business, it is time to look for a reputable provider. Here are companies to consider. 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

  • Couldn’t find any

NEXT is a company that has been offering commercial auto insurance online. This company allows you to adjust your standard policy and add hired and non-owned auto insurance. With NEXT, you can get insured instantly, regardless of your business. You can also obtain your certificate of insurance seamlessly.

Best for: Best overall; Fastest commercial auto insurance

Average cost: $12 per month

Our rating: 10/10


CoverWallet 

Pros

  • Ideal for small businesses

  • Apply for commercial auto insurance online

  • Easy to navigate virtual platform

Cons

  • Not an insurance company but an insurance broker

CoverWallet is an insurance broker that prides itself with connecting businesses with top insurance companies. They have an easy-to-manage dashboard where you can easily buy and manage your commercial auto insurance. You can also use a comparison tool to determine which insurance providers offer the best prices.

Best for: Comparing commercial car insurance NY quotes online

Average cost: $14 per month

Our rating: 10/10


The Hartford 

Pros

  • The signup process is relatively straightforward

  • AARP members get benefits on their commercial auto insurance policy

  • Comprehensive insurance policies available

Cons

  • Online quoting might not be available all the time, and you’ll need to talk to an agent

The Hartford is an excellent option for businesses looking for commercial auto insurance. They have a well-organized and detailed online site that makes purchasing a policy easy. Seniors who are members of AARP have added advantages due to inclusive attractive benefits. They also have a customer support system, always ready to assist customers.

Best for: AARP members looking for comprehensive commercial auto insurance coverage

Average cost: $16 per month

Our rating: 10/10


Tivly 

Pros

  • Collaborates with many providers to offer great benefits

  • The process of applying for commercial auto insurance is straightforward

  • You can obtain insurance quotes easily

Cons

  • You need to call to compare quotes

Tivly studies your company’s profile and matches you with an ideal insurer. They have knowledgeable representatives who will offer unparalleled advice on the best commercial auto insurance for your company. Discuss your needs with a representative if you want insurance quotes for your business. Call now to compare quotes over the phone

Best for: Comparing commercial auto insurance quotes over the phone 

Average cost: $18 per month

Our rating: 9/10


Thimble 

Pros

  • Best insurance options for small businesses

  • Obtain your insurance quotes online

  • Project-based coverage for your company

Cons

  • Their customer service team only operates online

Thimble offers something unique to businesses that want to undertake only short-term projects. You can get affordable coverage for hours or days. Their policies are also straightforward to purchase and manage. You will also enjoy budget-friendly premiums, which is quite ideal for startups. However, this company does not directly offer commercial auto insurance and will recommend undertaking this policy from Tivly.

Best for: Contractors looking for insurance coverage for a specific project

Average cost: $20 per month

Our rating: 9/10


Hiscox

Pros

  • You can take advantage of a refund policy

  • An experienced company in providing all types of businesses coverage

  • Most of their insurance products have discounts

Cons

  • Coverage is limited to some states

Hiscox has helped many businesses obtain adequate coverage. They have tailored plans for startups, small or large businesses. This company aims to address the specific needs of your business. The refund policy is quite attractive, giving your business peace of mind.

Best for: Businesses looking for comprehensive coverage from an experienced company

Average cost: $23 per month

Our rating: 9/10

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