Iowa Commercial Vehicle Insurance
Get a full analysis of Iowa commercial vehicle insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Commercial Vehicle Insurance Rates & Companies in Iowa
When you run a business, you need to make sure it's properly covered from all angles. This includes any company vehicles your business may rely on. With the right Iowa commercial vehicle insurance policy, you can rest assured that your business can get the reimbursement it needs in the case of liability issues, accidents, and other incidents that may involve company vehicles.
An independent insurance agent can help your business get matched to the right commercial vehicle insurance in Iowa. They'll make sure your business gets all the coverage it needs. For starters, though, here's a closer look at Iowa commercial auto insurance requirements and more.
Best Commercial Vehicle Insurance Companies in Iowa
If you're on the hunt for low-cost commercial auto insurance in Iowa, you're in the right place. We've put together a list of just a few of our top recommendations for the best Iowa commercial auto insurance providers. With these carriers, you can find cheap commercial auto insurance in Iowa that's also high-quality and provides the coverage your business needs.
- West Bend: West Bend sells commercial auto insurance and several other forms of personal and business insurance. The insurer has high ratings from both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting and numerous discounts.
- Nationwide: Nationwide sells commercial auto insurance and several other forms of personal and business insurance. The insurer also has ratings from both AM Best and the BBB and provides 24/7 claims reporting.
- Liberty Mutual: Liberty Mutual sells commercial auto insurance and several other forms of business and personal insurance. The insurer is a Fortune 500 company, has high AM Best and BBB ratings, and offers 24/7 claims reporting.
- Progressive: Progressive sells commercial auto insurance and several other forms of personal and business insurance. The insurer has a high financial strength rating and offers 24/7/365 customer service.
An independent insurance agent can help your business get set up with the right Iowa commercial auto insurance from one of these top-rated carriers.
What Commercial Vehicle Insurance in Iowa Can Cover
A commercial auto insurance policy may include several forms of coverage. You can customize your business's policy to meet its specific needs. Look for the following options to choose from when building your Iowa commercial vehicle insurance policy:
- Comprehensive insurance: This covers the cost of damage to your business vehicles due to a non-collision event such as a flood or theft.
- Liability insurance: This covers the cost of property damage or bodily injury your business causes a third party with a company vehicle.
- Collision insurance: This covers the cost of damage to your business vehicles from a collision with another driver, regardless of fault.
- Medical payments insurance: This covers the cost of medical treatments if a company driver or their passengers get injured in an accident while using a company vehicle for business purposes.
- Uninsured/underinsured motorists insurance: This covers the cost of damage to your company vehicles or injuries to your company drivers after accidents involving other drivers who don't carry enough or any car insurance of their own to pay for their portion of the expenses.
An independent insurance agent in Iowa can help your business build the right commercial auto policy, considering its unique operations.
Commercial Vehicle Insurance Requirements in Iowa
By state law in Iowa, a business that relies on company vehicles must be equipped with a certain amount of commercial auto insurance. Your business must have at least the following coverages in Iowa:
- Bodily injury liability insurance: Coverage of at least $20,000 per person and $40,000 per accident of bodily injury liability insurance is required for businesses with company vehicles in Iowa.
- Property damage liability insurance: Coverage of at least $15,000 per incident of property damage liability coverage is required for businesses with company vehicles in Iowa.
The minimum commercial auto insurance required in Iowa breaks down to 20/40/15. An independent insurance agent in Iowa can help your business satisfy these requirements.
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What Commercial Vehicle Insurance in Iowa Will Not Cover
Commercial auto insurance only covers what it's designed to protect, namely incidents involving company vehicles. Therefore, commercial auto insurance doesn't cover incidents that would fall under the category of commercial property insurance, such as other company property, like inventory, getting stolen or destroyed by a fire.
This coverage also won't pay for employee injuries due to the job environment or work duties, which would fall under a workers' compensation policy. The following are other possible coverage exclusions:
- Environmental pollution damage to company vehicles
- Intentional damage or injuries to third parties by employees using company vehicles
- Commercial vehicle accidents caused by employees who were intoxicated
An Iowa independent insurance agent can review your business's commercial auto plan with you so you can be certain of its specific exclusions. From there, they can help you purchase other forms of coverage to add to your business insurance if you're in need.
Average Cost of Commercial Vehicle Insurance in Iowa
It costs about $147 per month to get a commercial auto insurance policy in Iowa. But certain factors, including your business's exact location, annual revenue, and the number of vehicles it uses, can impact these rates.
The larger your company, the more you might expect to pay for each type of coverage. Here are some other factors that may influence the cost of your business's premiums:
- The frequency and location in which company vehicles are used
- Any prior claims history
- Driving histories of all employees who operate company vehicles
- The types and amounts of coverage selected
An independent insurance agent in Iowa can find quotes from several different commercial auto insurance carriers in your area to get you the most affordable coverage.
Popular Questions about Iowa Commercial Vehicle Insurance
Your business needs commercial auto insurance in Iowa if it relies on company vehicles. If company vehicles are used for work purposes, such as making deliveries, commercial auto insurance is required by Iowa law.
Yes, state law in Iowa mandates commercial auto insurance if a business relies on company vehicles. So, if your business makes deliveries, transports people or goods, or otherwise relies on company vehicles for work operations, it must have commercial auto insurance.
In Iowa, commercial auto insurance plans include at least liability protection in two forms. These include bodily injury liability and property damage liability. However, your business can customize its policy to include more types of coverage, such as collision or comprehensive.
In Iowa, state law mandates the following types and amounts of commercial auto insurance:
- Bodily injury liability insurance: Coverage of at least $20,000 per person and $40,000 per accident of bodily injury liability insurance is required.
- Property damage liability insurance: Coverage of at least $15,000 per incident of property damage liability coverage is required.
Commercial vehicle insurance premiums can be deducted from a business's taxes in Iowa. These premiums can be deducted from a business's overall taxable income for the year.
Commercial auto insurance in Iowa covers property damage liability and bodily injury liability to comply with state laws. However, a business can choose to purchase more types of coverage, such as uninsured motorist, medical payments, and others, to create a fuller picture of protection for its company vehicles and operators.
In Iowa, businesses can expect to pay about $147 per month for commercial auto insurance. Costs of coverage can vary based on numerous factors, however, possibly including your business's size and annual revenue.
Iowa independent insurance agents can pull quotes and shop and compare policies from multiple commercial vehicle insurance carriers in your area. They'll ultimately get you matched to a policy that offers the best blend of coverage and cost. Better yet, your agent can help your business file claims down the road and update your coverage as necessary.
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