Commercial Auto Insurance Minimum Requirements in Alaska

Determine the Required Amount of Coverage

The state requires that all commercial drivers have these minimum amounts of insurance:

• $200,000/ property damage per accident.

• $500,000/ bodily injury or death per accident.

You can contact the DMV with any questions you might have about the minimum amounts of commercial coverage.

Purchase a Commercial Policy

Before you jump into buying an insurance policy, you should get quotes from several different providers. There are many well-known companies that not only cover private vehicles but commercial ones, too. Or, look into companies that deal exclusively with commercial vehicle insurance.

Premiums vary depending on your situation and whether you need more coverage. Your insurance agent will help you find the right plan.

Proof of Insurance and Financial Responsibility

You must file your proof of insurance with the DOT at:

• Department of Transportation

• Division of Measurement Standards and Commercial Vehicle Enforcement

• 11900 Industrial Way

• Huffman Business Park, Building M

• Anchorage, AK 99515-3512

In addition, your insurance company will give you a proof of insurance card. Carry it with you in case you need to show this proof to a peace officer or if you are in an accident.

Penalties for Failure to Maintain Financial Responsibility

If you are driving with no proof of insurance, you could face a citation and fines, depending on the situation and whether or not you can prove you were insured at the time you were pulled over.

Whether you are an interstate or an intrastate driver, if you let your insurance lapse, you will face serious penalties, including:

• A $500 fine.

• A court appearance, during which other fines and penalties may be imposed.

• Your carrier could also be fined for allowing this to happen, and the Federal Government may also impose fines and penalties on the carrier.