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  • Commercial Auto Insurance Minimum Requirements in North Carolina

    Regardless of which category your vehicle falls into, if you register it and operate it on state roads, you must properly insure it according to North Carolina’s Vehicle Financial Responsibility Act of 1957.

    Ways to Establish Financial Responsibility

    You can establish financial responsibility―prove you’re able to cover the financial costs of bodily and property damages obtained during an accident―when you carry the state’s minimum liability insurance requirements (see “Determine the Required Amount of Coverage,” below).

    Determine Whether You Need Commercial Insurance

    The kinds of factors that will help you determine whether you need commercial insurance include:

      • How many and what kind of vehicle(s) you need to insure
      • How the vehicle(s) is being used
      • Who drives the vehicle(s)
      • Who owns the vehicle(s)

    Of course, sometimes drawing the line between the need for a commercial policy and a private one can get tricky.

    For example, if your business owns even just one vehicle that’s dedicated solely to helping your business provide goods or services, then you probably need commercial coverage. On the other hand, if you’re self-employed and have a vehicle you use just for business-related traveling, it’s likely you only need a private policy.

    Consider the following situations. If any of them apply to you, it’s possible you need to purchase commercial insurance:

      • Your business equipment cannot be removed from the vehicle(s).
      • You or your business picks up and delivers goods and/or people.
      • You have multiple vehicles used by craftsmen or skilled workers (aka artisan use).
      • The coverage limits on a personal auto policy are not high enough.
      • You need to protect your employees when they use your company vehicle(s) or their own vehicles on company time.

    For further assistance determining whether you need a commercial policy or a private one, contact the Division of Motor Vehicles (DMV).

    Determine the Required Amount of Coverage

    As you begin looking for commercial insurance, potential providers will want to discuss with you the following:

      • Who owns the vehicle(s)
      • Weight of the vehicle(s)
      • Usage of the vehicle(s)
      • Liability limits requirements

    Purchase a Commercial Policy

    Shopping around for commercial insurance is similar to shopping around for private insurance. Look for companies that offer or even specialize in commercial coverage, then compare the services and premiums against your needs and budget.

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