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How to Find Affordable Commercial Auto Insurance in NJ

To operate a commercial vehicle in New Jersey, you’ll need commercial auto insurance. The requirements depend on the type of vehicle and how it’s used.

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Types of Commercial Auto Insurance in NJ

For most businesses, you’ll want a commercial auto policy that covers liability and physical damage.

Liability Insurance

Liability insurance protects you if someone is injured in an accident involving your vehicle. Physical damage covers the costs to repair or replace your vehicle after an accident or other incident.

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The minimum liability coverage in NJ is $35,000 per accident for bodily injury and $5,000 for property damage.

But for commercial vehicles, it’s best to carry higher limits, like $1 million per accident. The more vehicles and drivers you have, the higher the limits should be.

Uninsured/Underinsured Motorist Insurance

You’ll also need coverage for uninsured/underinsured motorists in case the other driver lacks proper insurance. And don’t forget additional coverages like medical payments, comprehensive, and collision.

The specifics of your policy will depend on how your vehicles are used. If employees frequently drive company vehicles, a business auto policy will cover them. For vehicles transporting goods or passengers, additional endorsements may be needed.

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Shop around at different companies for the best deal. Compare not just premiums but also the coverage, limits, and deductibles that meet your needs.

An independent agent can help find affordable commercial auto insurance in NJ tailored to your business. With the proper policy in place, you can hit the road knowing you and your vehicles are fully protected.

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Top Providers for Commercial Auto Insurance in New Jersey

To find affordable commercial auto insurance in New Jersey, check out these top providers:

1. Progressive

Progressive is one of the largest auto insurers in the U.S. and New Jersey. They offer commercial auto insurance policies with liability coverage, comprehensive and collision, uninsured motorist, and medical payments. Progressive provides discounts for business owners, multiple vehicles, anti-theft devices, and safe drivers. Get a quote on their website or through an independent insurance agent.

2. Geico

Geico is a reputable company that provides commercial auto insurance in New Jersey. They offer standard coverage as well as options like hired auto liability, non-owned auto liability coverage for employees using their own vehicles for business, and coverage for service vehicles like mobile workshops or food trucks. Geico frequently runs promotions offering discounts for new customers. You can get a free quote on their website or mobile app.

3. State Farm

State Farm is another major insurance provider in New Jersey that offers commercial auto insurance. In addition to standard coverage, they provide options like blanket additional insured, employee non-owned auto liability, and coverage for service vehicles. State Farm offers many discounts for safe drivers, anti-theft systems, multiple policies, and loyalty. You can request a quote from a local State Farm agent or on their website.

4. Allstate

Allstate is one of the leading insurance companies in New Jersey. For business owners, they provide commercial auto insurance with a range of coverage and limits. Allstate offers additional options such as hired auto physical damage, non-owned vehicle liability, and coverage for service vehicles. They frequently run promotions and discount programs for new commercial customers. Connect with an Allstate agent in your area or get a quote on their website.

READ ALSO: How to Get Arizona Auto Insurance Quotes Online

Conclusion

By comparing quotes from top providers like these, you’ll find affordable commercial auto insurance in New Jersey for your business needs.

Check with independent insurance agents as well, who can help determine the appropriate coverage and shop multiple companies on your behalf.

Frequently asked questions and answers

Here are some of the most frequently asked questions and answers to help you navigate finding affordable commercial auto insurance.

1. What type of policy do I need?

The coverage you need depends on how you use your vehicles. Liability only may be sufficient if you have a small fleet and only drive locally. For long-haul trucking or vehicles worth over $50,000, you’ll want comprehensive and collision. Talk to an agent about the right policy based on your needs.

2. How much will it cost?

Commercial auto insurance rates vary greatly based on factors like:

  • Number and types of vehicles
  • Annual mileage
  • Driver records and experience
  • Coverage levels selected

You can expect to pay between $500 to $10,000 per vehicle per year. The more vehicles and higher the coverage, the more you’ll pay. Some tips to lower your costs:

  • Raise your deductibles
  • Drop unnecessary coverage like roadside assistance or rental car reimbursement
  • Improve your driver safety scores
  • Ask about discounts for bundling with other policies

3. Do I need the same limits for all vehicles?

Not necessarily. You can adjust coverage for each vehicle based on their worth and how they’re used. For a small fleet, $1 million in liability should be sufficient. For larger vehicles like trucks, increase to $2-5 million. You only need comp and collision on vehicles worth over $10,000.

4. How do I find the best deal?

The best way to find affordable commercial auto insurance in NJ is to compare quotes from multiple companies. Some of the top providers in New Jersey for small businesses include Progressive, Travelers, and Liberty Mutual.

Get quotes from at least 3-4 of them, compare coverage and costs, and see who offers the best value based on your needs. With some time invested, you can find a policy to give you the right protection at a price you can afford.

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