What is a commercial motor vehicle insurance and how can it help in my business here in Minnesota?

Ashley

St. Paul MN

If you own a business that uses motor vehicles for commercial purposes, you need to provide coverage for these by getting a special type of insurance called the commercial motor vehicle insurance. When motor vehicles are a necessary part of your business operations, you will have to protect these valuable assets and make sure that you remain business as usual even if these motor vehicles are being repaired or replaced.

Commercial motor vehicle insurance in Minnesota will protect your motor vehicles from damages and losses that can occur due to road accidents, collisions, damages, burglaries and theft attempts, fire, vandalism, among others.

Depending on your business’ requirements and needs, you may either provide an insurance to each motor vehicle or to a group as a whole. A vehicle insurance policy must also cover all drivers, whether you or your employees, that will use the commercial motor vehicle.

Aside from being a necessary part of business, providing a commercial motor vehicle insurance is also mandated by law. Many state laws consider commercial motor owners as solely responsible for their business vehicles even if the driver is their employee. Like any other vehicle insurance, it is required for commercial motor owners to have at least a minimum liability insurance against damages and bodily injuries in road accidents.

There are three major types of commercial motor insurance: The liability motor insurance, and collision and comprehensive coverage.

The liability insurance, also dubbed as third party motor insurance, will cover damages and bodily injuries that you caused to the third party people, their vehicles and their properties. This does not cover, however, any bodily injury to your vehicle’s driver and damages to your vehicle.

Comprehensive coverage will cover for theft, or even attempted burglary, of company motor vehicles. It will also cover for fire in your commercial vehicles.

Collision coverage covers for physical injury to you as the commercial vehicle owner and your passengers due to a road accident.

I hope these information will give you a broad overview of the nature of insurance for commercial motor vehicles.

I need help in order for me to save on my vehicle insurance here in Nevada coz it seems I have been paying too much. Do you have some kind of advice for me so that I can have lower vehicle insurance premiums?

Harold

Paradise, NV

There are very simple things that you can do so that you can have lower premiums on your vehicle insurance in Nevada and these are:

Shop Around
It’s always gonna be worth of your time and effort to shop and compare vehicle insurance quotes from different companies.

Raise Deductible
While it sounds sensible to have a deductible of $200, this will cause your vehicle insurance premiums to go through the roof. If you have higher deductible, this means that your vehicle insurance rates will be lower.

Drop Unnecessary Coverage
If you are using an inexpensive vehicle, it would not make sense to have collision and comprehensive coverage so you can just cancel them. The premium that you will pay for it can be more than what you have to pay to repair the vehicle.

Ask for Discounts
There are a lot of vehicle insurance discounts available for you so you have to take advantage of them.

Take a Defensive Driving Course
If you have completed a course in defensive driving, make sure your vehicle insurance company knows about this. The costs for your vehicle insurance can be reduced because of that.

Combine Policies
You should buy your homeowners, life and other insurance policies from the same company that provides your vehicle insurance.

I’m paying close attention now on things that can give me savings in these hard times. Is it still possible for me to have some savings on my vehicle insurance here in Pennsylvania?

Dino

Erie, PA

If you follow some simple steps, you can still have some savings on your vehicle insurance in Pennsylvania. These are:

1. Vehicle Insurance Discounts – There are a number of vehicle insurance discounts you can take advantage of that can give you savings on your coverage. Examples of these include multiple line discount for having more than one insurance policies under the same insurance company; multiple vehicle discount for having more than one vehicle included in your policy; good driver discount for keeping a clean driving record; low mileage discount for maintaining a certain number of miles driven per year; safe driver discount for completing a course in defensive driving; and so on.

2. Higher Deductible – If you have higher deductible on your vehicle insurance, this means that you pay less on your vehicle insurance premiums. You just have to ensure that you choose a deductible that you can afford because you have to pay that in case you get into an at-fault accident.

3. Drive a Cheaper Vehicle – Older model and cheaper vehicles are considered less of a risk by vehicle insurance companies. That is because these vehicles cost less to repair or replace in case they are damaged in an accident.

4. Comparison Shopping – You can definitely get a lot of savings on your vehicle insurance if you shop around and compare vehicle insurance quotes. If you take a few minutes of your time to go online and visit a vehicle insurance comparison quotes website, you will realize that you have a lot of options available. You get to see which one can be able to offer the vehicle insurance coverage that you need at the best price possible.

I want to get vehicle insurance for my car here in Alabama that I just recently finished modifying, is there any special kind of insurance I need to get?

Caroline

Birmingham, AL

Good question. Car modification enthusiasts should be aware of how much impact modifying a vehicle has on car insurance premiums. Of course, it would still depend on the type of modification done as well as the extent of the change however, it is always good to remember that whatever modifications you did that increases the overall value of your vehicle, which also means an increased risk in losing more money during a car accident or car theft. This increased risk can definitely cause your regular car insurance to balloon significantly since your car insurance provider would need to ask for more money to compensate for the said risk.

This is why you need to get vehicle insurance coverage from a company that specializes on modified cars. You would need a policy that can accommodate the increased risk of car theft as well as provide enough comprehensive and collision coverage to protect the monetary value of your vehicle, it’s parts, components, and especially those parts and features installed on your vehicle during modification. Focus especially on comprehensive coverage against theft, vandalism, fire and other foreseeable events that may cause you to lose your vehicle in the future.

One of the best ways to get vehicle insurance for a modified car is through the Internet. You can find many insurance carriers that offers specialized car insurance coverage. We highly suggest using the free insurance quote check tool found on this website to help you locate and compare policies effectively.

What happens when the vehicle insurance information was not submitted to DMV for a car that is no longer in use?

Rita

Buena Park, CA

In plain terms, if your vehicle insurance information was not submitted to the Department of Motor Vehicles (DMV), your vehicle’s registration would be subjected to suspension.

You may be subjected to vehicle registration suspension if:

1. Your current policy has been cancelled and you are not able to replace it within 45 days.
2. You have not presented insurance information within a period of 30 days after registration or transfer of ownership.
3. Falsification of insurance information.

Before you cancel your current insurance, you should inform the DMV to avoid suspension of vehicle registration.

If you have decided to cancel your current insurance policy on your registered vehicle that is no longer in use, you must inform the DMV in advance. You can do this by obtaining Affidavit of Non-Use (REG 5090). If you, however, received a notice of renewal from the DMV, you must present a Planned Non-Operation Certification (PNO) or Certificate of Non-operation (REG 102). Doing so would prevent the Department of Motor Vehicles from suspending your registration.

If for some reason, you plan to use the same vehicle and want it restored, you must submit evidence of insurance and Statement of Facts (REG 256).

Your insurance carrier has an obligation to submit an electronic report of your vehicle insurance information to the DMV in order to collect data on your financial responsibility. If, for instance, your insurance company has not submitted your vehicle information, the following may serve the same purpose:

• DMV authorization letter
• SR-22 on owner’s policy as proof of financial responsibility
• Evidence of leased or proof of ownership
• Identification card from your insurance carrier indicating proof of insurance policy.

My dad just told me that I could have his vehicle. It’s a 10-year-old Civic that is impressively maintained and has an engine that is in proper condition. Since I’m getting this vehicle, the insurance of it will also be passed to me. Currently, the vehicle has a full coverage. Is this necessary? Can I just get a comprehensive vehicle insurance policy for this?

Eric

Naperville, IL

Full coverage is often acquired by those who own vehicles that have high market values. It is used to make sure that the vehicle has full protection from anything that could cause damage to it. Often, it’s applicable to custom-made vehicles or those that are brand-new and high-end.

By saying “full coverage,” I assume that you mean an insurance with comprehensive and collision coverage in it. A comprehensive insurance covers the damages on your vehicle that are caused by defacement, burglary, or glass breakage. On the other hand, collision insurance covers the damages on your vehicle that are brought about by colliding with either another vehicle or other objects.

Before you decide if you should get a full coverage or even just the comprehensive vehicle insurance, you must first know the current market value of your vehicle. Normally, older vehicles are valued low, therefore insurance companies do not advise people to get a full coverage if their vehicles are like these. Companies believe that there is no sense in getting this kind of coverage if they know that you can handle the expense of repairing your vehicle. But if they find out that the repair expense is high, they will advise you to have the repair covered by the vehicle insurance.

I still kinda doubt online vehicle insurance. Is it really safe and reliable? Aren’t they bogus?

Vin

Salt Lake City, UT

You know, Vin, I understand your hesitation on purchasing online vehicle insurance. I was like you before. And what with all these techno thriller movies showing super cyber hackers that steal your identity and money, of course we are bound to be affected. But ever since I have discovered the convenience that the Internet makes possible, I started to believe that we should not be afraid of every technological advancement that comes our way.

So, regarding your issue on the safety of purchasing online vehicle insurance and its reliability, hear out the things that I am to tell you.

Purchasing online vehicle insurance is just as safe as purchasing it the traditional way, only it is more convenient. You only need your credit card, a computer, computer know-how and Internet access, then your online vehicle insurance is just a click away. Sure, there are bogus vehicle insurance companies, as well as coverage on the Internet, but you cannot say that the case is not the same when you go the conventional way.

To resolve this problem of security and reliability, I advise for you to correspond with your state’s Insurance Department or Motor Vehicles Department. You have the choice of going to their Web site to see their list of accredited insurance companies. Doing business with any of the listed companies automatically means that your best interest is in good hands. Also, I suggest that you transact with those companies whose offices are readily accessible to you.

So, why don’t you try it now? I am sure you will be satisfied.

Hi, I want to know what I should look for when shopping for the best vehicle insurance.

Andrew

Phoenix, AZ

When buying a vehicle insurance policy, it is important that you compare the packages that an insurance company offers. Packages pertain to products that come with different other items or deals. For example, a vehicle insurance package may come in the form of a policy with a relatively high rate but with a couple of discounts, freebies, and some privileges. Another is a policy with a relatively low rate, a couple of freebies and privileges, but with no available discounts. You need to know that when buying a vehicle insurance policy, there are other offers which come in free, and you need to familiarize yourself with them, so that you don’t end up buying an underestimated policy.

To know which one is the best vehicle insurance company, you need to check all the vehicle insurance companies registered in your state. This may be a bit tedious, so I suggest you do the checking through the internet. Check the websites of these companies and try to get free online quotes from them. Compare these quotes and try to categorize them according to the lowest, average, and highest rates. Make sure that when you get a quote, you maintain the same type of coverage, so that you can make an apple-to-apple comparison. The next thing you need to do is to check for discounts. Availing a discount is the best way to bring down your premium. However, not all companies offer discounts, and while some companies do, not all discounts are applicable to you. Nevertheless, make sure that even after the discount is factored in in your computation, you end up with lower premiums but with the same coverage. Lastly, make sure that you compare privileges and freebies because these things, even if they’re not too costly, still offer you chances of saving your money.

Is it advisable to tell your current insurer of the vehicle insurance price being offered by a competitor?

Ashanta

Baton Rouge LO

Telling your current insurer about the vehicle insurance price that a competitor is offering without being solicited depends on your loyalty to that particular company. If you are satisfied and has been obtaining insurance from the same company for a long time, it is only right for them to know about the competing offer. Your insurer will want to know about the offer being presented and possibly present a counter offer of its own. Insurers can exercise a certain amount of flexibility just to keep their clients happy. If you have openly solicited for vehicle insurance price from other companies because you somehow feel that what you are paying now is quite high, there is no problem telling your insurer about it. It’s just good business practice to know about other offers. However, if you have been actively looking for other offers because you are dissatisfied with the current insurer due to reasons other than price, then, it’s not necessary to tell the company about the price difference. That’s not your problem with the company. What you should talk with your insurer are the things you found unsatisfactory about them. If in the end you decide to shift to another insurer because of the vehicle insurance price, think twice before doing it. You may find out in the end that price is not everything.

I have a number of cars and I’d be getting insurance for them. My friends tell I should get multi vehicle insurance. What is multiple car insurance and why should I get one?

Allan

Los Angeles, CA

Your friends are right. You should get a multiple car insurance so that you can realize great savings on your car insurance policies. Car insurance is no longer cheap and with a multiple car insurance policy, you can get more affordable rates.

As its name suggest, multi vehicle insurance is coverage for a number of cars belonging from the same household. It can provide protection for any number of vehicles, except for motorcycles, all under the same policy. Since you are paying for only one type of insurance policy, you are saving a lot of money.
There are no surcharges and administration costs involved in most multi vehicle insurance policies, although you have to make sure first by clarifying this with the car insurance company you are dealing with.

A multiple vehicle insurance policy is under one policy holder. You can add drivers to the multiple vehicle insurance policies, too. However you have to keep in mind that auto insurance companies have different policies when it comes to adding drivers to their multiple vehicle insurance policies, so be sure to check the details of the policy first before purchasing one.