8 Types of insurance coverage for commercial vehicles

Have you recently bought an automobile for your business, in order to enhance the mobility of the tools, products, employees, or any such things? Then you need to insure your vehicle, so that in case of any accident, natural or man-made disaster, the financial loss is compensated by the insurance company. The vehicles that fall under commercial category include truck, van, trailer, bus, and commercial car. You can get auto insurance quote in Chicago from different companies, and choose the one that best suits your pocket.
The auto insurance premiums depend on the type of coverage you choose. Generally, bodily injury and liability are covered under commercial auto insurance. Some of the types of coverage offered by the insurance companies are as follows:
1. Business coverage: If you are buying coverage for your commercial vehicle or as a personal traveller, then this is for you. However, if you are an auto dealer or provide auto services to customers, then you will not be covered under this policy.

2. Primary coverage: Under this commercial auto coverage, the cost of the legal responsibilities and protection are covered. If there is any injury the policy also provides financial coverage for that, although the terms and conditions vary from that of a personal auto coverage.

3. Trucker’s coverage: As per the Motor Carrier Act, as a truck owner you need to organize funds in case there is any loss of goods during the transport. This coverage protects you for basic liability, bodily injury, and trailer replacement.

4. Garage coverage: If you are an owner of a garage and have not purchased the business coverage, this policy would help you. Under this coverage, you are provided with financial help for any bodily liability or injury.

5. Accident benefits coverage: This insurance policy provides financial help if there is any requirement toward medical treatment, loss or decrease in income because of any disability or death, due to auto accident. It also covers funeral expenses.

6. Third-party liability coverage: If there is any damage caused to someone or a property because of your company’s driver, then you will be asked to pay toward the costs. This insurance coverage protects you from this type of financial coverage. However, if the amount of loss is more than the coverage limit, you need to pay the remaining amount.

7. Collision or Comprehensive coverage: These are optional coverage plans that you can buy from an insurance company. This provides you with financial help if your commercial vehicle is damaged due to any accident. Under the comprehensive coverage scheme you will get financial protection is the automobile is damaged due to some falling or flying object. In both the policy plans, deductible is there.

8. Uninsured / Underinsured / Unidentified motorist coverage: These three kinds of coverage do not differ much from one another. The basic features of all these three policies are quite same. In case the driver of your commercial vehicle dies or gets injured in an accident caused by an underinsured or uninsured driver, you can demand compensation against this coverage. This policy also gives you financial protection if the driver gets injured by an unidentified vehicle (hit-and-run case).

It is mandatory in Chicago to buy commercial insurance coverage if you are owner of such a vehicle. So, you can get in touch with service provider portal and look for quick car insurance quote in Chicago, provided by different insurance companies.