Commercial Insurance in Houston
Auto and Car Hauler Insurance
Car and auto haulers make it all possible, delivering new and used cars to dealers and waiting for buyers all across the country. All those new cars on the road add to the risks, however, and it’s essential to have the right coverage if you’re hauling cars or other types of vehicles.
In addition to more congestion on the roadways, car carriers face several other types of risks such as clearance risks, damage to cars, particularly on open carriers, and theft of cars or stolen parts.
What does Car Hauler Insurance cover?
At the heart of your coverage for your car hauler or your fleet of car carriers is your Commercial Auto Insurance policy. Your car hauler insurance policy is what’s called a package policy because it combines more than one kind of coverage.
In most cases, your policy will cover the following:
- Bodily Injury Liability Insurance
- Property Damage Liability Insurance
- Medical Payments
- Comprehensive Coverage
- Collision Coverage
- Uninsured or Underinsured Motorist Coverage
The Federal Motor Carrier Safety Administration (FMCSA) requires a $1 million minimum liability limit for auto haulers. Higher coverage limits are available, however. While Commercial Auto Insurance is required in all states for car carriers, there are some additional coverages you’ll need to fully protect your business.
Other important Coverages for Car Haulers.
Your Commercial Auto Insurance provides coverage for accident-related liability, but having just mandatory coverage leaves some coverage gaps you’ll want to address. For example, your cargo can be worth hundreds of thousands of dollars. Even entry-level cars can be worth upwards of $25,000 each, with mid-level luxury cars often in the high five figures. Your car hauler insurance policy can be customized to offer all the protections your auto hauling business needs. Many dealers and shippers require cargo coverage in excess of $250,000.
Some additional coverages that are frequently chosen include:
- Cargo Insurance - Provides coverage to repair or replace damaged cargo.
- Trailer Coverage - Provides physical damage coverage for your trailer.
- Trailer Interchange Insurance - Provides coverage for trailers owned by others.
- Auto Hauler Diminished Value - While cargo insurance can cover the cost of repairing damaged vehicles, it does not cover diminution, which is the loss (to the dealer) for the reduced value of a vehicle that has been damaged and repaired. Auto hauler diminished value coverage can cover this gap.
- Unattended vehicle coverage - Some insurance policies do not cover losses that occur when the vehicle is unattended. Consider this coverage to protect your business from losses.
You may also want to bundle other business coverages, like Commercial General Liability Insurance or Workers’ Comp coverage.
How much does car hauler insurance cost?
Car hauler insurance rates vary based on the coverages you choose and the coverage limits for your policy. Commercial Auto Insurance companies consider several factors, including your driving and claims record as well as your claims history.
Source: coverwallet
Commercial Insurance in Houston
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