commercial vehicle insurance
commercial vehicle insurance questions and answers
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Q: How much does commercial vehicle insurance cost with Geico?
I'm in the Business Professionals of America club and myself along with three other club members are participating in the Small Business Management competition. The scenario is that we have to start and manage a limousine business in Denver, Colorado (we live in houston, texas). We are trying to go all the way with this and so details are very crucial. One of them is commercial insurance. I have tried contacting Geico for insurance quotes, but they want me to give out information that I simply don't feel comfortable distributing since the business is artificial and I am not of age. Can any one give me an estimate or direct me to one? Here's the information:
- Four vehicles: 2 regular SUV's, 1 regular stretch limousine & 1 Hummer limousine
-The location is 80202 (Downtown Denver, Colorado)
*If you have any other information whether it's a recommendation to another insurance company or whatever that WILL be much appreciated. Thanks!
A: How much does a house cost?
It varies.
But, limos are very expensive. Depending on what kind of coverage you want, liability ALONE, is going to run around $9,000 per year. Per vehicle. Physical damage - collision and comprehensive - is probably going to run darned close to 50% of the value of the vehciles, which is why most taxis and limos don't carry collision and comp.
The insurance company is going to be the Colorado Assigned Risk Fund -due to high losses on this type of business, "regular" insurance companies won't take it.
Q: Anyone know the vehicle/insurance commercial where people are being thrust in the air (imaginary car crash)?
There's also some piano music in the background. I can't seem to remember what company is advertising. It's driving me crazy.
A: i think it's AIG auto insurance
Q: What's cheapest, commercial or regular insurance and what type of commercial vehicle is cheapest to insure?
A: I recommend an online insurance quote. It's free and generally hassle free. http://www.goodinternetdeals.com/Auto-Insurance.html
Good Luck.
Q: What insurance is needed for a commercial vehicle driven by a chauffer?
A: A commercial auto policy with the chauffer listed as the driver.
Q: Question about insurance on commercial vehicle?
I am 16, I have my class c drivers license in Maine. My dad's vehicle is registered as commercial, and therefore his insurance covers a commercial vehicle. He believes I can drive his truck without actually being on his insurance, since its a business, commercial truck. (not a big truck, just a small 2wd pickup)
I just wanted to make sure this is true?
And also, he thinks that I might be able to drive my mothers car without being on her insurance because I don't live with her.. but i think i would have to have my own in order to do that..
any help?
10 pts!
A: Years and years ago, my dad had a Ford F150 register and insured as a commercial vehicle. He was a lobster fisherman. I, and the rest of my licensed siblings, were able to drive the vehicle since it was registered under a business. He had an endorsement allowing "all drivers" to operate the vehicle. Things may have changed since then. So perhaps, he should just run this question by his agent.
He is correct about your second question. Since you do not live with your mother, you do not have to be listed since you are not a household member. You and she are covered as long as you are not a regular user and you have permission to use the vehicle.
Q: does anyone know of insurance company who will accept commercial vehicle ncb on a private car policy-thank you
Bought a car and my 3yrs ncb is on my van - need to find a company who will let me transfer this onto a private car policy.
A: You should beable to put on your personal policy - just state that it is an "artisan" vehicle - used for both business and personal. I know GMAC, and Progressive both do this - I'm sure other companies do too.
Q: Would commercial insurance be necessary for my hauling van/truck? I'll only have one vehicle in the business.
Since it is the only vehicle could regular insurance possibly do the job?
A: It depends on the DMV laws in your state. If your vehicle is over GVRW 10000 pounds, and will require a commercial licence to operate it, you will need commercial insurance, as a general rule. Probably a MCR permit too.
Q: vehicle insurance sellers.. how do i become one?
iv been thinkin i want to sell insurance for commercial vehicles...do i need to take any courses??? how do i get closer to getting this job and being qualitfied??? what looks good on a resume to an insurance company?
A: There's really a lot to selling commercial vehicle insurance. If this is something that appeals to you, I'd consider applying for a job at an insurance agency that specializes in trucks & fleet risks then learn the ropes. You'll need a P&C license in the states you do business in.
After a few years, get some start up money and open your own agency. Nothing like having your own name on the door. Good luck.
Q: Can you answer this question about my commercial auto insurance app?
On the commercial auto application it asks if this is a service, commercial or retail vehicle. I know it's not retail. But what's the difference between a commercial vehicle and a service vehicle?
A: Service is a vehicle that you use to get to and from a job site. The vehicle itself, isn't used in the business. Typicially it would be like a salesperson's car.
Commercial is a vehicle that's actually used to perform the job - like when you're a courier bringing stuff somewhere, or if you have a truck that delivers stuff, or hauls materials (like gravel, or concrete) to a job site, or you're hauling people (limo, taxi, bus, ambulance).
Retail, is when you're delivering to a residence - a non-business. Like flowers, or furniture delivery.
Q: Commercial Vehical Insurance Minimums?
I was wondering if anyone could tell me if there is a minimum amount of insurance coverage that is required for commercial vehicles... I am specifically talking about a 5 axle dump truck. This is also in Ohio if it makes a difference from state to state. I have tried doing some searching online but couldn't find anything. Thanks in advance for your help!
A: You need to check with your Ohio DOT.
In Texas, ANY vehicle with a GCVW of 26,001 or over, requires a MINIMUM limit of liability of $500,000 Combine Single Limit (CSL) liability. If you cross State lines, normally a minimum of $750,000 CSL liability.
If you are hauling hazardous materials, the limit is higher yet.
Good luck and I hope this helps!
Q: How would you choose to buy this SUV as a tax deduction?
Whats the best way to do this? Have our corporation buy a 6000lb+ truck to get the $25K plus 20% depreciation for 5 years, OR should I buy it personally then LEASE it to my corporation? Assume I meet all the section 170 tests, and assume I gross 100K a year personally. If we do NOT want to track miles, whats the best option? Finally if the corporation leases the vehicle, must/ should the vehicle have commercial vehicle insurance to qualify for either option above?
A: If you lease the vehicle to the corporation, the lease payments made to you are taxable income to you. Since you are a high income person, this doesn't make a lot of sense to me. It introduces an unnecessary complication.
Have the corporation buy the vehicle. If it is an S-corporation, the depreciation will pass through to you anyway.
Commercial vehicle insurance is not mentioned as a requirement for the IRS.
Q: In New York State, what statute or law prohibits a company from insuring their vehicle improperly?
The company in question, has passenger plates on vans that have been converted to "armored cars". They should be registered as commercial vehicles. They have regular insurance.
A: Then they are personal property.
Q: how do you become a licensed truck/auto insurance agent fot the state of california?
i'm interested in becoming an insurance agent/broker for commercial vehicles. How do i get started?
A: You go to the California Department of Insurance website, and look for Producer Licensing. That will explain what you have to do to get the license.
THEN you have to find an insurance company willing to let you sell their insurance. Good luck. They don't appoint "green" agents with no experience. The best way to get experience is to get hired as a CSR at an agency.
Q: Which is more economical,car or commercial vehicle?
me & the hub are looking at buying a vehicle, we're not sure which is more economical, a car or commercial? we are 1st timer buyers and what are the documents needed? the hub just changed jobs while i just started work after being a stay home mom for 5 years. we both only have appointment letters; is that enough for bank loan (our combined salary is more than 30k p/a)?
our budget is around 200+ per month, with 0 driveaway. what can we get for that price? also, regarding the insurance, how much is it for 28 y/o? we've asked around and got a range between 1.2-1.8k, what is the average?
also, can commercial vehicles be driven into malaysia (eg. kangoo, doblo etc)? thanks :)
anyone familiar with singapore law regarding motor insurance/buying vehicles etc?
A: go for a small economy car commercial vehicles tend to be heavier which causes them to use more gas.
Q: How much does it cost to register a passenger vehicle in your province or state?
Here in Alberta, Canada a non-commercial passenger vehicle costs $69. a year to register. That fee covers the auto license only; no insurance. For that meagre fee, one can register the tiniest Smart Car to the most obscene Hummer. I want to compare that rate to the cost of registering a vehicle around North America, especially sliding rates, those that depend on the size of the vehicle.
A: Some states have a flat fee for registration, others have a complicated and convoluted formula for figuring it out. In my state, Oklahoma for an example:
Flat fee, value and age: $15.00 plus 1.25%
of the factory delivered price. Fee for
2nd through 12th year is $15.00 plus
90 percent of the previous year's percentage
fee. The fee will be the same for the 12th
year through the 20th year. A $1.75 admin.
fee and a $3.00 general revenue fund fee
are included in columns (2) through (4). The
$15.00 registration fee is eliminated for
vehicles 21 years or older.
If you'd like to see it for other states, I've included a table here: