In Michigan, business owners purchase a multitude of policies to protect their investments. Commercial automobiles, trucks, and vans require adequate protection to prevent financial losses. Business owners purchase their policies according to how the vehicle is used. A local insurance agent provides information about Commercial Vehicle Insurance in Monroe MI.
Fulfilling Obligations of Commercial Auto Loans
Any business owner with an existing commercial auto loan is required to purchase commercial auto coverage. The level of coverage required by the lender is defined in their auto loan contract. The policy protects the lender and the business owner against a financial loss. It provides full payment for the vehicle if it is a total loss in an accident.
Heightened Protection for Company Equipment
Any equipment stored or hauled on commercial trucks is protected by the policies. If the equipment becomes damaged, the business owner receives funds to repair or replace it. The same benefits are available through select policies for cargo shipped to clients. The business owner reviews the terms of the policies to determine their exact coverage level and what is covered.
Financial Assistance for Accident Victims
Commercial auto policies provide coverage for accident victims when the commercial driver is at fault. The victims receive medical payments and lost wages. Auto repair expenses are also covered under the policies. The expenses are covered after a claim is filed with a complete estimate.
Limitations of Commercial Coverage
The policy won’t pay for accidents that occurred on personal time. If the owner wishes to use the automobile for personal reasons, a personal auto insurance policy is required. The combination of both policies provides adequate coverage for all liabilities. The owner files a claim based on how the vehicle is used at the time of the accident.
In Michigan, business owners secure the right policies to protect their commercial vehicles fully. The coverage levels they choose depend on how the vehicle is used and the best options for protecting their investments. All financed commercial vehicles require more extensive coverage. Business owners who need more information about commercial vehicle insurance in Monroe MI contact Insurance Center Of Monroe for a free quote right now.