Commercial auto insurance is mandatory in the state of New York, as is the case with all other states in the US. Therefore, if you own a vehicle as part of your business, you need to invest in this policy to protect your business from financial liability. Whether you use your vehicles for the transport of goods or people, purchasing this type of protection will give you peace of mind.
Whether you own a restaurant, a contractor, or offer ride sharing services, you need this type of policy. Find out more about how much protection you need and what the state of New York has set as limits.
The state law in New York imposes a limit on the minimum liability coverage that you can get for your commercial vehicles. The minimum liability limit is $25,000 for bodily injury (per person) or $50,000 per accident. When it comes to property damage, it is $10,000. Insurance experts recommend purchasing a higher limit based on the type of vehicle you own.
In addition to the above requirements, you are also required to obtain $50,000 worth of personal injury protection coverage. This will cover the medical expenses for the driver of your commercial vehicle, in the event that they are injured in an accident. Related: Owner Operator Truck Insurance
For othere states, make sure to check the requirements by state.
There are numerous factors that can influence the cost of the commercial auto insurance in New York.
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