New Jersey Commercial Vehicle Insurance
Get a complete analysis of New Jersey 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 New Jersey
Businesses that make deliveries, run mobile studios, or otherwise rely on company vehicles need the right kind of protection against many types of disasters. Since commercial vehicles come in all shapes and sizes and have a wide range of purposes, commercial vehicle insurance can be tailored to each type of vehicle and use. Without the right coverage, your business could even face fines or other state-enforced penalties.
Fortunately, an independent insurance agent in New Jersey can help your business get set up with all the right commercial auto insurance. They'll make sure your policy includes every type of protection you need. But first, here's a closer look at New Jersey commercial auto insurance.
Best Commercial Vehicle Insurance Companies in New Jersey
You can find commercial auto insurance from many different carriers. But if you're looking for the best commercial vehicle insurance companies in New Jersey, you've come to the right place. Here are a few of our top recommendations for the best New Jersey commercial vehicle insurance.
- Travelers: This carrier offers commercial vehicle insurance along with many other types of business and personal insurance. Travelers is a longstanding insurance company with excellent AM Best and Better Business Bureau (BBB) ratings, many discount options, and great customer feedback.
- Liberty Mutual: This carrier sells commercial vehicle insurance and many other types of business and personal insurance. Liberty Mutual is a Fortune 500 company that provides 24/7 claims reporting services and has excellent ratings from AM Best for financial strength and overall from the BBB.
- Progressive: This carrier sells commercial vehicle insurance and many other types of business and personal insurance. Progressive has outstanding financial strength and is known for its 24/7/365 customer service.
An independent insurance agent can guide your business through all the steps to completing New Jersey commercial vehicle regulations by securing the proper commercial auto coverage first.
What Commercial Vehicle Insurance in New Jersey Can Cover
A New Jersey commercial auto insurance policy often includes many types of protection. In New Jersey, you'll probably browse the following options to complete your business's commercial auto policy:
- Liability insurance: This covers the costs of property damage or bodily injury your business causes a third party with a company vehicle.
- Collision insurance: This covers the costs of damage to your business vehicles from a collision with another driver, regardless of fault.
- Comprehensive insurance: This covers the costs of damage to your business vehicles due to a non-collision event such as a flood or theft.
- Personal injury protection: Covers costs such as medical payments, lost wage replacement, and certain other expense coverage.
- Uninsured/underinsured motorists insurance: This covers the costs of accidents with other drivers who don't carry enough car insurance to cover their responsibility for the damages.
- Medical payments insurance: This covers medical treatments if company drivers or their passengers get injured in an accident while operating company vehicles for business purposes.
Business owners should note that New Jersey commercial vehicle registration requires all businesses with company vehicles to be properly insured by commercial vehicle coverage. A New Jersey independent insurance agent can help your business get set up with the necessary coverage.
How Much Commercial Vehicle Insurance Is Required in New Jersey?
In New Jersey, businesses are required to have certain types and amounts of business auto insurance. These are as follows:
- Bodily injury liability insurance: Coverage of at least $15,000 per person and $30,000 per accident of bodily injury liability insurance is required for businesses with company vehicles in New Jersey.
- Property damage liability insurance: Coverage of at least $5,000 per incident of property damage liability coverage is required for businesses with company vehicles in New Jersey.
- Personal injury protection: Coverage of at least $15,000 of personal injury protection coverage is required for businesses with company vehicles in New Jersey.
New Jersey's commercial vehicle enforcement can mean fines and other penalties for businesses that fail to secure the mandated amounts of commercial vehicle insurance. Make sure your business is set up with all the required coverage to avoid any penalties.
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What Commercial Vehicle Insurance in New Jersey Will Not Cover
You likely need several other forms of business insurance to protect your company properly. Commercial vehicle insurance has its set of exclusions that are helpful to be aware of so you can get the other types of protection you need. Don't expect commercial auto insurance in New Jersey to cover any of the following:
- Employee injuries or illnesses caused by the job environment or tasks which fall under your workers' compensation policy
- Company equipment, inventory, and other property theft, damage, or destruction that falls under your commercial property insurance policy
- Any destruction or damage to company vehicles resulting from environmental pollutants
- Any intentional damage or bodily harm to third parties caused by company drivers
- Any accidents or incidents caused by company drivers while they were intoxicated
An independent insurance agent in New Jersey can point out the exact exclusions outlined in your specific business's commercial vehicle insurance policy.
Average Cost of Commercial Vehicle Insurance in New Jersey
Commercial auto insurance in New Jersey costs just under $150 monthly. However, this cost can vary depending on several variables, such as your business's annual revenue, the number of company vehicles, and the total coverage needed.
The driving history of any employees who operate company vehicles can also influence your premiums. An independent insurance agent in New Jersey can help you find commercial vehicle insurance at the best price in your area.
Popular Questions about New Jersey Commercial Vehicle Insurance
Your business likely needs commercial auto insurance in New Jersey if it meets certain criteria. If your business uses company vehicles for work tasks, it probably needs this coverage.
New Jersey law requires businesses with company vehicles to have commercial auto insurance. If your business doesn't have any company vehicles, this coverage is not required or applicable.
In New Jersey, commercial auto insurance must cover property damage liability and bodily injury liability. It must also include personal injury protection.
New Jersey requires the following types and amounts of commercial vehicle insurance at a minimum:
- Bodily injury liability insurance: Coverage of at least $15,000 per person and $30,000 per accident of bodily injury liability insurance is required.
- Property damage liability insurance: Coverage of at least $5,000 per incident of property damage liability coverage is required.
- Personal injury protection: Coverage of at least $15,000 of personal injury protection coverage is required.
Yes, your business can deduct the cost of its commercial vehicle insurance from its taxes in New Jersey. The state considers this insurance to be a legitimate business expense.
In New Jersey, commercial auto insurance must include at least personal injury protection and liability coverage. However, your business can customize its policy to include other types of coverage such as collision.
It costs just under $150 per month to get commercial auto insurance in New Jersey. Your business's cost may vary, though, based on the number of company vehicles you need to insure and the driving history of your employees who use these vehicles.
New Jersey independent insurance agents can shop and compare policies from multiple commercial vehicle insurance carriers for you. Ultimately, they'll get your business set up with a policy offering the best overall blend of coverage and cost. Additionally, your agent can help your business file commercial auto insurance claims and update its coverage as necessary.
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