New York Commercial Vehicle Insurance
Get a full analysis of New York commercial vehicle costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Commercial Vehicle Insurance Options in New York
New York is home to a diverse group of industries, including construction, manufacturing, financial management, and educational services. While they're all very different, the one thing they all have in common is that, at some point, they'll likely own a commercial vehicle — or even a fleet of vehicles. To protect business owners, vehicles, drivers, and passengers, business owners in New York need commercial vehicle insurance.
An independent insurance agent in New York can help you find competitively priced coverage that is compliant with all state and federal laws and affordable for your business.
Best Commercial Vehicle Insurance Companies in New York
There are many options for commercial vehicle insurance in New York. How can you make the best choice for your business?
The following are some of the best commercial vehicle insurance companies in New York. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio but offers commercial vehicle insurance across all 50 states, including New York. New York business owners can look to Progressive for most of their business insurance needs.
- Nationwide: Nationwide provides commercial auto insurance and other popular types of business insurance coverage in New York. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, mult-iline range of coverages, including commercial vehicle insurance, designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated commercial vehicle insurance in New York. The company also provides a variety of other business insurance options, including inland marine, workers' compensation, and general liability.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
An independent insurance agent in your area can help you learn more about these and other New York commercial vehicle insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
New York Commercial Vehicle Insurance Requirements
Commercial auto insurance is a special auto insurance policy designed to protect your business from a portion of the cost of a legal claim against you, property damage to your vehicles and cargo, and medical payments to your drivers after an accident.
All vehicles registered in New York are required to be covered with liability insurance in the following amounts, at a minimum:
- 25,000 for bodily injury and $50,000 for death for a person involved in an accident
- $50,000 for bodily injury and $100,000 for death for two or more people in an accident
- $10,000 for property damage liability coverage
New York state also requires commercial vehicle owners to carry a minimum of $50,000 in personal injury protection (PIP). This coverage pays for the medical expenses of your drivers and passengers if they’re injured in an accident within New York state, regardless of fault.
New York is a “no-fault” state. This means that you can only sue an at-fault driver for injuries after PIP coverage has been exhausted. Business owners can purchase additional PIP that extends this coverage outside of New York state.
Lastly, commercial vehicle insurance in New York must also include uninsured motorist coverage. This type of coverage helps pay for medical expenses resulting from injuries caused by an uninsured or underinsured driver.
Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements. The amount of liability insurance required for trucks depends on several factors, including:
- The truck’s weight
- Whether the truck is involved in interstate commerce
- Whether the truck is transporting people, household goods, hazardous materials, etc.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance in New York.
What Commercial Vehicle Insurance Covers in New York
Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result from a crash. Crashes are all too common on busy New York roadways.
All commercial vehicle insurance policies in New York will include at least the state-mandated coverage for each vehicle on the policy:
- Bodily injury liability coverage: Protects your business if you or one of your drivers injures or kills someone else while driving a company-owned vehicle. It covers an injured party's claims for damages, including medical expenses, lost wages, and pain and suffering. It also covers your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you or one of your drivers cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Personal injury protection (PIP): Pays for losses (medical/health expenses, lost earnings, and certain other expenses) to the driver, passengers, and pedestrians injured by the vehicle because of its use or operation in New York State, regardless of who is at fault or whether there was any negligence.
In addition, insurance companies offer several other types of coverage that may be included in your New York commercial vehicle policy:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while it is out on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Your local independent insurance agent can help you determine which coverage types may benefit your unique needs.
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Average Cost of Commercial Vehicle Insurance in New York
Commercial vehicle insurance costs can vary significantly from one business to the next. Insurance companies assess risk and calculate rates according to a variety of factors that are unique to your business. When obtaining a quote for New York commercial auto insurance, expect to provide the following information and more:
- The number of vehicles your business is insuring
- Each vehicle’s type, year, make, model, and safety features
- Each vehicle’s passenger capacity if used for transporting people
- Whether your vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Because each insurance company has its own method for determining costs, it pays to compare rates before purchasing a policy. That way, you can be sure you are getting the coverage you want at a competitive price.
An independent insurance agent can help you understand all the risks you face and get quotes for affordable commercial auto insurance in New York.
How to Find the Best Commercial Vehicle Insurance Quote in New York
Finding the best commercial auto insurance quote in New York requires comparing several insurance companies and making an informed choice. But you don’t have to go it alone.
An independent insurance agent in New York can help you obtain quotes and choose the one that offers the best coverage for your needs and budget. A local agent can answer your insurance-related questions, offer trustworthy advice, and obtain customized quotes from multiple insurance companies. And an independent agent works for you, free of charge, to help you through the process.
New York Commercial Vehicle Insurance FAQs
Commercial vehicles are generally exposed to more risks than most personal vehicles. Business autos tend to be out on the road more, and for that reason alone, they have a greater risk of being involved in a crash.
If your commercial vehicle is involved in an accident that results in serious injuries or fatalities, you can be faced with a very expensive lawsuit. And even minor fender-benders can result in property damage costs and loss of income for your business.
Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses resulting from a crash. And crashes are all too common on busy New York roadways.
All vehicles registered in New York, whether used for personal or business purposes, are required to carry car insurance. Commercial auto policies in New York must include at least bodily injury liability coverage and property damage liability coverage, as well as personal injury protection (PIP) and uninsured motorist coverage.
All commercial vehicle insurance policies in New York must include at least the following types of coverage:
- Bodily injury liability coverage: Protects your business if you or one of your drivers injures or kills someone else while driving a company-owned vehicle. It covers an injured party's claims for damages, including medical expenses, lost wages, and pain and suffering. It also covers your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you or one of your drivers cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Personal injury protection (PIP): Pays for losses (medical/health expenses, lost earnings, and certain other expenses) to the driver, passengers, and pedestrians injured by the vehicle because of its use or operation in New York State, regardless of who is at fault or whether there was any negligence.
In addition, your commercial vehicle policy in New York may include several other types of coverage, including:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while it is out on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
All vehicles registered in New York are required to be covered with liability insurance in the following amounts, at a minimum:
- $25,000 for bodily injury and $50,000 for death for a person involved in an accident
- $50,000 for bodily injury and $100,000 for death for two or more people in an accident
- $10,000 for property damage liability coverage
New York state also requires commercial vehicle owners to carry a minimum of $50,000 in personal injury protection (PIP), as well as uninsured motorist coverage with limits equal to your liability coverage limits.
Trucks over 10,000 pounds must comply with additional state and federal regulations, including additional liability insurance requirements.
Business owners in New York can deduct from their taxes the ordinary and necessary cost of any business insurance policy as a business expense. This includes any insurance policy that is common, helpful, and appropriate for your industry.
What’s more, most businesses are required to carry some types of business insurance — including commercial auto insurance — because of state laws, industry regulations, or contracts. Premiums for these policies are tax-deductible.
In addition, self-employed people who use their cars for business-related purposes can deduct many of the expenses associated with that vehicle, including car insurance premiums. If you use your car strictly for work-related purposes, you can write off all costs associated with operating and maintaining it. If your car use is mixed between business and personal reasons, you can only deduct costs related to the business usage of the vehicle.
Commercial vehicle insurance costs in New York can vary significantly from one business to the next. In general, commercial auto insurance costs more than personal auto insurance.
The following factors influence what you’ll pay for New York commercial vehicle insurance:
- The number of vehicles your business is insuring
- Each vehicle’s type, year, make, model, and safety features
- Each vehicle’s passenger capacity if used for transporting people
- Whether your vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Liberty Mutual, Nationwide, Travelers, Progressive, and EMC are some of the best commercial vehicle insurance companies in New York. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Shopping for the right commercial vehicle insurance coverage does not have to be difficult or time-consuming. A local independent insurance agent can answer your insurance-related questions, offer trustworthy advice, and obtain customized quotes from multiple insurance companies.
Find an independent insurance agent in New York now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
https://www.dfs.ny.gov/consumers/auto_insurance/minimum_auto_insurance_requirements
https://dmv.ny.gov/insurance/insurance-requirements