Colorado Commercial Vehicle Insurance
Get a full analysis of Colorado commercial vehicle insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Commercial Vehicle Insurance Rates & Companies in Colorado
Accidents happen, especially in the winter when Colorado’s roads are covered with snow, ice, or sleet. From fender benders to major collisions, accidents involving commercial vehicles can be particularly expensive. If you are among Colorado’s business owners who have company-owned vehicles, a commercial auto insurance policy can help protect your company’s finances.
An independent insurance agent in Colorado can help you find competitively priced commercial vehicle insurance that's compliant with Colorado state laws. They'll evaluate your unique business's coverage needs. But first, here's an overview of Colorado commercial vehicle insurance requirements and more.
Best Commercial Vehicle Insurance Companies in Colorado
When you're ready to find the right Colorado commercial vehicle insurance, you'll want to look into only the best carriers near you. That's why we've compiled a list of just a few of our top recommendations for quality carriers of commercial vehicle insurance in Colorado.
- EMC Insurance Companies: EMC Insurance offers commercial vehicle insurance and several other types of business insurance. The carrier has superb ratings from AM Best and the Better Business Bureau (BBB), affordable premium rates, and 24/7 customer service.
- Travelers: Travelers offers commercial auto insurance and many other personal and business insurance products. The carrier has outstanding ratings from AM Best and the BBB, great customer feedback, and many available discounts.
- Nationwide: Nationwide offers commercial auto insurance and many other personal and business insurance products. The carrier has great ratings from AM Best and the BBB and offers 24/7 claims reporting.
- Progressive: Progressive sells commercial auto insurance and many other personal and business insurance products. The carrier has superior financial strength ratings and offers 24/7/365 customer service.
An independent insurance agent can help your business find commercial vehicle insurance in Colorado Springs or whatever city you happen to be located in.
What Commercial Vehicle Insurance in Colorado Can Cover
A commercial vehicle insurance policy in Colorado can include many different types of coverage. You'll want to build the policy that makes the most sense for your unique business. Often, you can choose from the following:
- Liability insurance: Covers the costs of property damage or bodily injury your business causes a third party with a company vehicle.
- Collision insurance: Covers costs related to any damage to your business vehicles from a collision with another driver, regardless of fault.
- Comprehensive insurance: Covers costs for damage to your business vehicles due to a non-collision event such as a flood or theft.
- Medical payments insurance: Covers any costs related to medical treatments if a company driver or their passengers get injured in an accident while using a company vehicle for business purposes.
- Uninsured/underinsured motorists insurance: Covers any costs related to accidents involving other drivers who don't carry enough or any car insurance of their own to pay for their portion of the expenses.
Colorado law requires commercial vehicle insurance for all businesses that rely on company vehicles for their operations. An independent insurance agent in Colorado can help your business get the coverage it needs.
Commercial Vehicle Insurance Requirements in Colorado
By state law in Colorado, your business must have at least a certain amount of commercial vehicle insurance to avoid penalties. Here are the Colorado commercial vehicle minimum insurance limits:
- Bodily injury liability insurance: Coverage of at least $25,000 per person and $50,000 per accident of bodily injury liability insurance is required for businesses with company vehicles in Colorado.
- Property damage liability insurance: Coverage of at least $15,000 per incident of property damage liability coverage is required for businesses with company vehicles in Colorado.
The basic commercial vehicle insurance requirements in Colorado are 25/50/15. An independent insurance agent can help your business satisfy these requirements.
What Commercial Vehicle Insurance in Colorado Will Not Cover
As with any other type of coverage, there are certain exclusions found in commercial vehicle insurance in Colorado. To begin with, commercial vehicle insurance only covers claims related to company vehicles. So this type of policy won't cover, for example, damage to other company property that would be covered by a commercial property insurance policy or employee injuries caused by job tasks or the work environment, which would be covered by a workers compensation policy.
Here are a few other possible exclusions:
- Any intentional damage or injuries caused by employees using company vehicles
- Commercial vehicle accidents caused by employees who were intoxicated
- Environmental pollution damage to company vehicles
Your Colorado independent insurance agent can help you review the exclusions of your specific commercial vehicle insurance policy.
Find Commercial Auto Insurance
Our independent agents shop around to find you the best coverage.
Average Cost of Commercial Vehicle Insurance in Colorado
It costs an average of just under $150 per month to equip your business with Colorado commercial vehicle insurance. However, this cost can vary based on many possible factors, which may include your business's exact location, size, annual revenue, and the number of company vehicles that must be insured. Other factors that might impact your premium rates are:
- Your business's prior claims history
- How much coverage you need
- Which kinds of coverage you select
- How frequently and where all company vehicles are used
- The driving history of all employees who operate company vehicles
An independent insurance agent in Colorado can review your business's commercial auto policy to point out its specific exclusions.
Popular Questions about Colorado Commercial Vehicle Insurance
If your business makes deliveries, transports goods, or otherwise uses company vehicles for business purposes, it needs commercial auto insurance in Colorado. State law mandates such businesses to equip their vehicles with coverage.
You may have wondered if Colorado requires commercial vehicle insurance for sole proprietorships. Colorado state law does mandate commercial auto insurance for any type of business that relies on company vehicles for work purposes, including making deliveries, etc.
A commercial auto insurance policy in Colorado includes protection for liability. This comes in two forms, including property damage liability and bodily injury liability.
In Colorado, the following types and amounts of commercial auto insurance coverage are required by law:
- Bodily injury liability insurance: Coverage of at least $25,000 per person and $50,000 per accident of bodily injury liability insurance is required.
- Property damage liability insurance: Coverage of at least $15,000 per incident of property damage liability coverage is required.
Yes, your business can deduct its commercial vehicle insurance premiums from its total taxable income. Commercial vehicle insurance is considered a legitimate business expense in Colorado.
In Colorado, commercial auto insurance must include at least liability insurance at a minimum. But your business can customize its policy to include additional protections, such as uninsured motorist or collision coverage.
It costs just under $150 per month, on average, to equip a Colorado business with commercial vehicle insurance. However, larger businesses with many more commercial vehicles might pay a lot more for their coverage.
Colorado independent insurance agents can pull quotes and shop and compare policies from multiple commercial vehicle insurance carriers in your area. They'll ultimately get you matched to a policy that offers the best blend of coverage and cost. Better yet, your agent can help your business file claims down the road and update your coverage as necessary.
https://www.insureon.com/small-business-insurance/commercial-auto/colorado