All You Need to Ensure Your Car Hauling Business Is Fully Covered
A car transporter is a major investment that could pay you handsomely in the long run. Car haulers are costly, and the cost of repairing them after an accident can have a large impact on profits.
You require transport insurance if you own a car-carrying business, such as a transport business, auto dealership, or recovery agency. Also, keep in mind that you have more to worry about than simply your truck.
All the vehicles you are transporting are on the line, and if something happens to them, you will have to pay for any damage out of your pocket.
There is an added degree of risk whenever automobiles are part of a business's activities. Therefore, companies must get commercial vehicle insurance to protect themselves from this threat. It can ensure that your business operations continue without a hitch.
Check our comprehensive guide for information about our car hauler insurance.
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Who Needs Car Hauler Insurance?
Who needs car hauler insurance?
The following types of companies require insurance for car haulers:
• Transport companies for automobiles
• Automobile dealerships with carriers
• Auto repair facilities with car haulers
• Companies that have partnerships with several vehicle dealerships
What are the requirements to get car hauler insurance?
Local legislation and specifications in bids and contracts will determine the insurance requirements for automobile haulers. To even submit a bid, small vehicle transporters often need at minimum $100,000 in insurance coverage.
Large transporters will require extra coverage, starting in the $200,000–$500,000 level.
According to Federal Motor Carrier Safety Administration (FMCSA), auto transporters must have a minimum liability limit of $1 million. However, greater levels of protection are available.
To adequately secure your business, you'll need more than just the commercial auto insurance mandated by every state for automobile transporters.
What is the cost of car hauler insurance?
Insurance for car haulers may be pricey because of the high value and weight of the cargo, the distance it travels, and the potential for damage.
Our analysis indicates that monthly vehicle hauler premiums might cost between $720 and $1,540. Vehicle hauler insurance runs about $920 monthly on average.
How much does insurance for a vehicle hauler cost? The best approach to estimate the expense is to compare insurance rates for businesses that use one, two, three or more car haulers. To insure one car hauler with a $1 million general liability coverage, you'd have to pay $810 a month or $9,720 a year.
Can I get insurance for a 1-Car Hauler or 4-Car Hauler?
A Haulers Insurance Company provides insurance for vehicles ranging in size from 1-car haulers to 6-car haulers, unlike most well-known auto insurance firms that only offer 1-car hauler coverage.
A 1-car carrier doesn't require much insurance like a 4-car carrier. The number of cars your hauler carries will determine the insurance you will consider.
What factors affect my premiums for car hauling insurance?
Your insurance premium is based on several factors, including:
- Your car hauler's size, make, and model.
- Your drivers' ages and experience.
- Your history of claims.
- How many trucks you have.
- Licensing and training completed.
- How long your company has been around.
- Your selected deductibles and limitations.
- Whether you transport new, old, or damaged cars.
- Where your company is located.
- Whether you're moving locally or between states.
- The kinds of automobiles you'll be transporting.
- How many cars do you usually transport.
How can I reduce the cost of my car hauler insurance?
- Consolidate your policies for all your trucks: You may save money on car hauler insurance by getting a single-vehicle quotation.
- Pay for your premiums annually: Your insurance provider may offer you a sizable discount if you settle your premium annually instead of monthly.
- Ask for discounts: Ask your insurance provider about any discounts you could be eligible for. You could already be eligible for a discount. However, the only means of finding out is to ask.
- Create a safe working environment: Operating an auto carrier involves some risk. Ensure that you take action to strengthen safety standards since safety may help you control insurance costs. An expensive claim history could result in a premium increase.
CoverWallet can assist you in creating a Commercial Package Policy that offers all the coverage your company needs. Contact a Coverwallet agent for a quote tailored to your unique needs as a car hauler.
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