Rhode Island Commercial Vehicle Insurance
Get a full analysis of Rhode Island commercial vehicle insurance costs, coverages & companies.
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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 Rhode Island
Driving from one side of Rhode Island to the other can take less than an hour, but it only takes a few minutes to experience an accident. This state has many different industries that require the use of commercial vehicles. If you or your employees drive a car or truck for business purposes, you need Rhode Island commercial vehicle insurance to protect your business from potential financial losses caused by an accident, theft, and more.
Luckily, an independent insurance agent in Rhode Island can help you find the right commercial vehicle insurance for your company. They'll get you matched to the right policy with ease. But first, here's a closer look at Rhode Island commercial auto insurance and what it covers.
Best Commercial Vehicle Insurance Companies in Rhode Island
When it's time to equip your business with the right Rhode Island commercial auto insurance, you want to look into only the best carriers. That's why we've recommended a handful of our top picks. Check out these top-rated Rhode Island commercial vehicle carriers first.
- Progressive: This carrier offers commercial auto insurance and many other types of personal and business insurance. The insurance company has a high financial strength rating and provides 24/7/365 customer service.
- Encova: This company offers commercial auto insurance and many other business and personal insurance types. The insurance company has excellent ratings from AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Nationwide: This insurer offers commercial auto insurance and many other types of personal and business insurance. The insurance company also has excellent ratings from both AM Best and the BBB and provides 24/7 claims reporting.
- Travelers: This carrier offers commercial auto insurance and many other types of personal and business insurance. The insurance company has high ratings from AM Best, the BBB, and their customers.
A Rhode Island independent insurance agent can help you find the right commercial vehicle policy for your unique business.
What Commercial Vehicle Insurance in Rhode Island Can Cover
You'll likely find several types of coverage in your Rhode Island commercial vehicle insurance policy. Together with your independent insurance agent, you can choose from the following:
- Collision insurance: This covers the cost of damage to your business vehicles from a collision with another driver, regardless of fault.
- Comprehensive insurance: This covers the cost of damage to your business vehicles due to a non-collision event such as a flood or theft.
- Liability insurance: This covers the cost of property damage or bodily injury your business causes a third party with a company vehicle.
- Uninsured/underinsured motorists insurance: This covers the cost of damage to your company vehicles or injuries to your company drivers after accidents involving other drivers who don't carry enough or any car insurance of their own to pay for their portion of the expenses.
- Medical payments insurance: This covers the cost of medical treatment if a company driver or their passengers get injured in an accident while using a company vehicle for business purposes.
Your business can customize its commercial vehicle insurance policy to consider every angle and potential exposure based on its unique operations.
Commercial Vehicle Insurance Requirements in Rhode Island
Businesses that use company vehicles in Rhode Island must carry a minimum mandated amount of commercial auto coverage. Your company must have at least the following types and amounts of coverage in Rhode Island:
- 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 Rhode Island.
- Property damage liability insurance: Coverage of at least $25,000 per incident of property damage liability coverage is required for businesses with company vehicles in Rhode Island.
The minimum requirements for commercial vehicle insurance in Rhode Island are 25/50/25. An independent insurance agent in your area can help you get this amount of coverage or more for your business.
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What Commercial Vehicle Insurance in Rhode Island Won't Cover
Commercial auto insurance in Rhode Island is designed to cover your company vehicles, so it doesn't cover other types of business property that would fall under commercial property insurance. This would include inventory, equipment, buildings, etc. A commercial vehicle policy also won't cover employee injuries or illnesses caused by the work environment or tasks, which would instead fall under workers' compensation. Still, there are more possible coverage exclusions, such as:
- Intentional damage or injuries to third parties by employees using company vehicles
- Commercial vehicle accidents caused by employees who were intoxicated
- Environmental pollution damage to company vehicles
A Rhode Island independent insurance agent can help you get set up with any other types of business insurance your company may still need.
Average Cost of Commercial Vehicle Insurance in Rhode Island
Rhode Island commercial auto insurance costs an average of just below $150 per month. However, many different factors can affect these costs. Such factors may include:
- Your business's location and size
- Your business's annual revenue
- Your business's prior claims history
- The types and amounts of coverage selected
- The frequency and locations of use for company vehicles
- The driving records of all employees who operate company vehicles
An independent insurance agent in Rhode Island can help you find the most affordable commercial vehicle insurance available in your area.
Popular Questions about Rhode Island Commercial Vehicle Insurance
If your business uses company vehicles for work purposes, you'll need commercial auto insurance in Rhode Island. The state mandates that all businesses have at least bodily injury liability and property damage liability insurance.
Yes, commercial auto insurance is required by law in Rhode Island for businesses that rely on company vehicles. If your business makes deliveries or otherwise operates vehicles for work-related tasks, coverage is required by state law.
In Rhode Island, a commercial auto insurance policy includes at least bodily injury liability coverage and property damage liability coverage. However, you can add more types of coverage to your policy if you wish.
In Rhode Island, you must have at least the following types and amounts of commercial auto coverage:
- 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 $25,000 per incident of property damage liability coverage is required.
Yes, you can deduct the premiums for your business's commercial vehicle insurance in Rhode Island. Commercial auto insurance is considered a business expense that can be deducted from your company's annual taxable revenue.
What your Rhode Island commercial auto insurance covers depends on the types of coverage you select to go into your policy. But you must at least include liability coverage. However, you can customize your policy to also include protections like uninsured motorist, collision, comprehensive, etc.
In Rhode Island, commercial auto insurance costs an average of just under $150 per month. However, many different factors, such as your business's exact location, may affect these rates.
Rhode Island 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.
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