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June 7, 2022

Is your pickup truck insured for commercial or noncommercial use?

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This question matters a lot to you when it comes to paying for your truck’s insurance. Commercial and personal vehicle insurance cover different circumstances and provide different dollar ranges of coverage. In a commercial accident, personal vehicle insurance may cover only a fraction of the costs involved.

Different Circumstances
Commercial insurance covers vehicles whose owners charge passengers for rides or for transporting goods or other materials. It also covers interstate and intrastate commerce, vehicles that weigh 10,000 to 26,000 pounds, and those that transport hazardous materials. Businesses and employees are also covered when employees have permission to use a business-owned truck for personal matters.

In contrast, personal insurance for pickup trucks covers accidents that happen while driving on your own time for personal use, including driving to and from work and travel unrelated to work. These policies cover the owner and one or two family members.

Different Dollar Ranges of Coverage
Personal vehicle insurance covers only a few people and circumstances, so the dollar limit of coverage is proportionally smaller. Commercial truck insurance covers more circumstances and has proportionally higher dollar limits of coverage for accidents. Its greater coverage also typically costs more than the lesser coverage provided by personal pickup truck insurance.

Personal Vehicle Insurance Can’t Cover Commercial Accident Costs
If an accident happens, and the pickup is engaged in commercial activity but without commercial insurance, the personal vehicle insurance coverage applies—which may not be enough to cover the injuries, pain and suffering compensation, and economic damages for the accident victim or victims. The payout may need to be as much as 20 times what the personal policy will pay. The result is a big suit.

Contact Koch Insurance Group for help with finding the commercial vehicle insurance you need for your pickup truck.

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