Commercial Auto Insurance Maryland

Commercial Auto Insurance Maryland: What You Need to Know

Most state statutes, including the state of Maryland, require their residents to have their car insured. Even your financing or car loan company needs you to get covered for car insurance in Maryland. This Maryland auto insurance coverage can mean a lot in repairs for vehicles, property, or medical costs resulting from an accident.

Remember that you will have to pay premiums if you purchase an insurance policy from an auto insurance company. In the event of a mishap, your insurer will cover the financial losses incurred due to the accident. 

However, you need to find a good deal on commercial auto insurance in Maryland where you can get the right coverage, and at the same time, pay premiums that fit your budget. 

That’s why it’s always a good idea to search for affordable Maryland car insurance companies that will offer you the best coverage for your money. Here’s what you need to know.

Commercial vehicle in Maryland

Types of Commercial Auto Insurance Coverage in Maryland

Commercial vehicles are often more exposed to different types of risks than personal autos. That’s why they require specific coverages that personal auto policies don’t offer. 

Here are the most common types of Maryland commercial auto insurance:

Bodily Injury Liability Coverage

This policy covers losses in case your employees get involved in an accident that is deemed their fault. It covers medical costs and claims filed against you. 

Property Damage Liability Coverage

This car insurance policy covers costs for repairing property damaged by you or your employees that is a result of operating your commercial vehicle. 

Comprehensive Coverage

This policy covers non-collision perils such as vandalism, theft, or damages from trees that fell on your commercial vehicle. 

Underinsured/Uninsured Motorist Coverage

This policy makes up the difference in case your commercial vehicle is involved in an accident with a motorist who has no insurance or who lacks a sufficient amount of insurance for the losses. 

Medical Payments Insurance Coverage

This policy covers drivers, passengers, and everyone else injured in an accident. 

How Much Does Commercial Auto Insurance in Maryland Cost?

You can get commercial auto insurance in Maryland for as low as $97 per month. There are several factors that have an impact on the cost of commercial insurance in Maryland:

  • Industry
  • Size of the commercial vehicle
  • Driving history
  • Location
  • Travel radius
  • Coverage needs

Commercial Auto Insurance Maryland Requirements

State law in Maryland requires all commercial vehicles to carry a minimum liability limit of $30,000 per person, $60,000 per accident for bodily injuries, and $15,000 for property damages. 

All commercial vehicles in Maryland are required to have uninsured motorist coverage that helps you pay for the medical expenses that result from injuries caused by uninsured and underinsured motorists. 

Who Needs Commercial Auto Insurance in Maryland?

While the Maryland state law requires all commercial vehicles to carry commercial auto insurance, there are some professions that need this coverage more than others, including:

Finally, Maryland car insurance can help you prevent spending a considerable sum of money in the event you get involved in a car accident. It provides benefits to survivors of the accident in case the incident results in death. The policy will cover lawsuits and legal fees brought about by accident. It covers the bills of vehicle repairs or any property damage incurred in the accident.

Maryland commercial auto insurance is one of the products that customers tend to compare the most, so car insurance companies in Maryland compete on several platforms. Since the competition is tight among Maryland insurance companies, it’s not a surprise to customers that the premiums are so cheap.

Read also: Maryland Truck Insurance

Looking deeper into the policy should be considered to avoid future issues. Doing so will help you get better service from a more affordable and reliable auto insurance company in Maryland.

Make sure that you know if you need trailer insurance in Maryland or not.

Confused about commercial auto insurance in Maryland, or need some help getting a quote for your business? Call us or fill out a quote request form and get all the information you need fast and for free!