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What is Commercial Collision Insurance?

Collision insurance will pay out for any damage to your commercial vehicles if they hit or are hit by another object. If your company leases any vehicles or you have outstanding finance on any of your fleet; you lease agreement or lender may ask you to buy collision insurance coverage as part of their terms.

Here, we explain everything you need to know about commercial collision insurance.

What is commercial collision insurance?

Collision insurance coverage or collision auto insurance will insure any damage to your vehicle/s that is caused by contact with another object or vehicle. Regardless of fault, your vehicle is covered for any repairs or, if needed, a complete replacement.

What is covered by a commercial collision insurance policy?

While this list is not exhaustive, here are some practical examples of things that can be covered by a commercial collision insurance policy.

  • Rolling a vehicle
  • Hitting a curb or pothole
  • Backing into another vehicle
  • Hitting a telephone pole
  • Hitting a tree
  • Being hit by a car
  • A collision with a building

If another vehicle causes damage to your car, and you use your commercial collision coverage to claim, you will still be liable to pay your deductible. The cost of deductible will typically range between $250-$1000, but for some commercial auto insurance policies, it could be higher than this amount. Your business auto insurance company should try to reclaim this amount from the other party through a subrogation process. In this case, and where they are successful, you might get your deductible refunded.

Who Should Buy Commercial Collision Coverage?

Commercial collision coverage is the best type of coverage to protect your vehicle and cover you financially in case of a collision that causes severe damage. It can pay for repairs or the total cost of a replacement. If you have finance on a vehicle or it is leased, then you will usually be asked to buy commercial collision coverage as part of a comprehensive commercial auto insurance policy or your first and theft insurance.

What is Not Covered by a Commercial Collision Insurance Policy?

Commercial collision coverage will not cover your vehicle for any damage that is caused by vandalism, theft, fire, or another disaster that is outlined in your policy terms. You will need to buy comprehensive auto insurance coverage in order to be covered for such events.

What are the Benefits of Commercial Collision Coverage?

Buying collision insurance is an excellent way to reduce risk. When you consider the mileage that commercial vehicles will travel throughout the year, sometimes in poor weather, the chances of a collision are high. A commercial collision insurance policy serves to protect the business from any sudden financial loss because of a crash.

Is commercial collision insurance covered under a comprehensive auto insurance policy?

No. Collision insurance is not covered under a comprehensive commercial auto insurance policy. They are considered to be separate policies, but they can be combined to form a package that is called Physical Damage Insurance. 

How does commercial collision insurance work in an accident with a third-party?

If you or a member of your team is driving a vehicle, and they bump into a car in front of them. Your primary liability insurance will cover the cost of any damage caused to the other third-party vehicle, and your commercial collision insurance policy will cover the cost to repair your company vehicle.

Buying Collision Coverage for your Business

If you have a fleet of company vehicles or a single car, you can purchase collision coverage as one element of a Physical Damage Insurance policy. It can also be added to a standard commercial auto insurance policy. If you want to get a quote for commercial collision coverage, speak with a commercial insurance expert. They will able to give you the best options for your individual business needs.

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