Maine Commercial Vehicle Insurance
Get a complete analysis of Maine 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 Maine
Maine is home to several large corporations, including L.L. Bean, the Aroostook Medical Center, and the Mercy Hospital/Health System. Commercial operations involving company vehicle use in Maine need the protection provided by commercial auto insurance. This coverage can help your business get the reimbursement it deserves after accidents, lawsuits, and other related incidents.
A Maine independent insurance agent can help your business find the right commercial vehicle insurance. They can shop and compare policies and quotes from several different carriers for you. But up first, here's a deep dive into Maine commercial auto insurance, what it covers, and more.
Best Commercial Vehicle Insurance Companies in Maine
Knowing where to start searching for coverage is helpful when you want to find the best commercial vehicle insurance in Maine. That's why we've included just a few of our top picks for the best commercial auto insurance companies in Maine. Start by checking out these outstanding carriers.
- EMC Insurance Companies: This carrier offers commercial vehicle policies and many other types of business insurance. It has outstanding ratings from AM Best and the Better Business Bureau (BBB), affordable premium rates, and 24/7 customer service.
- Progressive: This carrier offers commercial vehicle policies and many other business and personal insurance types. The insurance company has a superior financial strength rating from AM Best and provides 24/7/365 customer service.
- Encova: This carrier offers commercial vehicle insurance and many other types of business and personal insurance. The insurance company has outstanding ratings for financial strength from AM Best and overall from the BBB and provides 24/7 claims reporting services.
A Maine independent insurance agent can help you compare policies from each of these carriers and others to find the best overall coverage for your unique business.
What Commercial Vehicle Insurance in Maine Can Cover
Your commercial vehicle insurance policy will likely be made up of several different types of coverage. In Maine, you'll most likely choose from the following options:
- Liability insurance: Pays for the costs of causing property damage or bodily injury to a third party with a company vehicle.
- Collision insurance: Pays for damage to your car from a collision with another driver, regardless of fault.
- Comprehensive insurance: Pays for damage to your car due to a non-collision event such as a flood or theft.
- Uninsured/underinsured motorists insurance: Pays for costs associated with 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: Pays for the costs of medical treatment if an employee or company driver or their passengers get injured in an accident while using a company vehicle for business purposes.
Having the right commercial vehicle coverage is required for Maine commercial vehicle registration. An independent insurance agent in Maine can help your business satisfy these requirements.
How Much Commercial Vehicle Insurance Is Required in Maine?
Maine's commercial vehicle regulations must be adhered to by all businesses in the state with company-owned vehicles. In Maine, by law, your business must carry at least the following types and amounts of business auto insurance:
- Bodily injury liability insurance: Coverage of at least $50,000 per person and $100,000 per accident of bodily injury liability insurance is required for businesses with company vehicles in Maine.
- Property damage liability insurance: Coverage of at least $25,000 per incident of property damage liability insurance is required for businesses with company vehicles in Maine.
- Uninsured/underinsured motorist insurance: Coverage of at least $50,000 per person and $100,000 per accident of uninsured/underinsured motorist insurance is required for businesses with company vehicles in Maine.
- Medical payments insurance: Coverage of at least $2,000 of medical payments insurance is required for businesses with company vehicles in Maine.
Maine's commercial vehicle enforcement exists to help all businesses get all the coverage necessary to protect against losses related to many types of disasters that may involve company vehicles. An independent insurance agent in Maine can help your business get all the required coverage.
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What Commercial Vehicle Insurance in Maine Won't Cover
Maine's commercial auto insurance comes with its own set of exclusions that are important to be aware of. Don't expect commercial vehicle insurance in Maine to cover any of the following:
- Temporary business closures due to break-ins, fires, and more, which would be covered under business interruption insurance
- Theft of, or damage or destruction to, company property like inventory and equipment, which would be covered under commercial property insurance
- Employee injuries that can be covered by a workers' compensation policy
- Accidents and other company vehicle incidents caused by company drivers who were intoxicated
- Damage to company vehicles from environmental pollutants
- Intentional damage or injuries to third parties caused by company drivers
Ask your Maine independent insurance agent to help you find the specific coverage exclusions outlined in your business's commercial vehicle insurance policy. Your agent can help you get set up with any additional types of business insurance coverage you may still need for your company.
Average Cost of Commercial Vehicle Insurance in Maine
Commercial vehicle insurance in Maine can cost an average of just about $150 per month. However, the cost of your business's commercial auto policy can vary based on many different factors, including:
- The number of company vehicles that need coverage
- Your business's prior claims history
- The kind and amount of coverage you need
- The driving history of employees who operate company vehicles
- Your business's size, annual revenue, and location
- How often and where all company vehicles are used
An independent insurance agent in Maine can help you compare quotes to find the best rate for business auto coverage near you.
Popular Questions about Maine Commercial Vehicle Insurance
Your business likely needs commercial auto insurance in Maine if it relies on company vehicles. If your business makes deliveries or carries out other work tasks in company-owned vehicles, it needs this coverage.
Yes, Maine law mandates businesses that rely on company vehicles for work purposes to have commercial auto insurance. If your business doesn't own or use company vehicles, it doesn't need to have this coverage.
In Maine, commercial auto insurance must include liability, uninsured/underinsured motorist, and medical payments coverage. However, these policies can be customized to include more types of protection as desired.
Maine requires businesses to have at least the following types and amounts of business auto insurance:
- Bodily injury liability insurance: Coverage of at least $50,000 per person and $100,000 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 insurance is required.
- Uninsured/underinsured motorist insurance: Coverage of at least $50,000 per person and $100,000 per accident of uninsured/underinsured motorist insurance is required.
- Medical payments insurance: Coverage of at least $2,000 of medical payments insurance is required.
Yes, commercial vehicle insurance premiums are tax-deductible in Maine. Your business may claim the cost of its coverage and deduct the total amount of its premiums from its annual revenue.
In Maine, commercial auto insurance covers losses related to liability, uninsured/underinsured motorist, and medical payments. However, each business's policy may include different types of coverage in the form of additional protections.
In Maine, commercial auto insurance costs an average of just under $150 per month. Your business's policy may cost more or less, however, based on how much coverage you need and other factors.
Maine 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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