What to Know about Commercial Auto Insurance

in Colorado

Do You Need Commercial Auto Insurance in Colorado?

Commercial auto insurance is required for businesses that use their own vehicles for business. When commercial vehicles are involved in accidents, there is a greater chance of liability lawsuits, particularly if the vehicle is a large one like a semi truck, since heavier vehicles can cause significant damage. Whether your company owns cars, vans, trucks, or buses, you need to have a commercial auto insurance policy that meets or exceeds Colorado’s minimum liability coverage requirements as determined by the vehicle's type and weight.

  • In CO, about 2,000 accidents a year involve commercial trucks.
  • About 800 of these accidents result in bodily injuries.
  • The average cost of collisions involving trucks is $148,279.
  • The average cost of a fatal accident involving a semi truck is $7.2M

Commercial Auto Insurance Cost in Colorado

The cost of your commercial auto insurance will depend on a number of factors, including the number of vehicles your business owns, the types of vehicles being covered, and how much these vehicles weigh. Larger vehicles will have higher liability coverage requirements and will therefore cost more to insure. Also, if your company vehicles are used to transport passengers or hazardous materials, you can expect your rates to be significantly higher due to increased liability risks.

Minimum Liability Insurance Requirements 

commercial vehicle insurance chart colorado

Why Choose an Independent Insurance Agent?

  • Independent agents work for you not an insurance company
  • Local agents understand the needs of people in your community
  • Independent agents do the comparison-shopping legwork for you

Find an independent agent in Colorado

I was searching for commercial vehicle insurance and TrustedChoice was the first one to reach out to me. The agent came to my business and said she reviewed several different companies. I went with her recommendation and what was matched was very reasonable.

five stars Michael of Grand Junction, CO Consumer Affairs

What Does Commercial Auto Insurance Cover?

All commercial auto insurance policies include liability insurance. This is designed to cover property damage and injuries caused to others if one of your drivers is responsible for a collision. Businesses that wish to have more liability coverage than their commercial vehicle policies will allow can also purchase umbrella insurance. In addition to the required liability insurance, you can choose from a number of optional coverage offerings including: 

  1. Coverage for damage to your vehicle: Collision insurance covers damage sustained in an accident, regardless of fault. Comprehensive insurance covers damage sustained in non-collision mishaps like falling trees or hail damage.
  2. Coverage for your drivers’ injuries: Medical payment coverage is designed to cover ambulance services and medical treatment if your drivers are injured in an accident while driving a company vehicle, regardless of fault.
  3. Coverage for roadside assistance: Roadside assistance and towing insurance is particularly useful if your company has larger vehicles like dump trucks or buses. These vehicles require specialized towing services that can be costly.
  4. Coverage for damage caused by uninsured drivers: Uninsured motorist insurance covers damage caused by an uninsured driver. Your insurance company will then take on the difficult task of litigating for compensation. 
  5. Coverage for vehicles not iwned by your business: If your employees are driving their own cars for company business, or if you are leasing a vehicle to do a job, you can purchase non-owned or for-hire insurance to cover them.

Top Insurance Companies that Support Independent Agents in Colorado

There are currently 252 independent insurance agents in Colorado who are ready to help. These agents can work with a number of different insurance companies to help you obtain and compare a selection of customized commercial auto insurance quotes. That way, you can be sure you are getting the coverage you need at a fair and competitive price.

Why go Independent

Why Go Independent when looking for Commercial Auto Insurance

  • Expertise in Your Business
  • Multiple Quotes From One Agent
  • Get More Value for Your Money