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Indiana Commercial Electric Vehicle Insurance Policy Information

IN Commercial Electric Vehicle Insurance

Indiana Commercial Electric Vehicle Insurance. For countless business owners, transportation plays a vital part in their overall success. Transporting products to clients, meeting with customers, driving clients to and from their locations; no matter what type of business you own, there's no doubt that you rely on transportation to some degree.

New vehicles are constantly being introduced, and a lot of business owners are making a switch to one of the latest innovation in the transportation industry: electric vehicles (EVs).

Not only can EVs help to reduce carbon emissions, but more importantly, they can help to reduce costs and improve productivity; two factors that are particularly beneficial for business owners.

Whether you've recently decided to start using electric vehicles for your business or you're thinking about making the switch sometime in the future, you want to be sure that you have the proper insurance coverage.

Just like traditional combustible engine vehicles, EVs have to be insured. Not sure what type of Indiana commercial electric vehicle insurance coverage you'll need?

Read on to find out what type of insurance business owners need to invest in for their electric vehicles.

Indiana commercial electric vehicle insurance protects your EVs used for business from liability and physical damage lawsuits from accidents - with rates as low as $67/mo. Get a fast quote and your insurance card now.

Is There A Difference Between Conventional Business Auto And Electric Vehicle Insurance?

Generally speaking, conventional commercial auto insurance and electric commercial auto insurance are the same in that they offer these policies offer the same type of protections; for instance, both types of policies protect other drivers on the road, as well as third-party property owners.

They can also feature other coverage options; for example, they can be customized to cover the cost of any damaged that your company's electric vehicle may suffer in the event that it's involved in an accident, as well as any medical care that the driver or that any passengers in the vehicle may sustain.

So how does commercial auto insurance for standard vehicles and Indiana commercial electric vehicle insurance differ? The price.

Typically, IN auto insurance for commercial EVs is more expensive than the cost of coverage for conventional equivalents because of to the need for special parts that aren't as common and the training and availability for servicing.

It is important to note that some insurers offer special discounts to reward businesses who buy eco-friendly vehicles.

How Much Does Indiana Commercial Electric Vehicle Insurance Cost?

While EVs usually cost more to insure than vehicles that are powered by combustible engines, the price difference really comes down to the company that's providing the insurance coverage. That's because rates vary from company to company.

Therefore, the best way to find out how much Indiana commercial electric vehicle insurance will cost for your business is by actually reaching out to different companies, getting price quotes, and comparing those quotes.

There are factors that will be taken into consideration that will impact the cost of coverage for the cost of covering a commercial electric vehicle. These factors can include:

  • How long your business has been in operation
  • How many vehicles you'll be insuring under the same policy
  • The make and model of your electric vehicle
  • What kind of industry you will be using your commercial electric vehicles for
  • What type of coverage your policy will offer
  • Where your business is located
  • Your driving record

Why Does IN Commercial Electric Vehicle Insurance Cost More?

Since EVs operate differently from traditional internal combustion engine (ICE) vehicles, they do create some unique issues for business auto insurers such as:

  • Costs of specialized EV parts
  • Expensive car and truck batteries
  • Specialized mechanics needed for service

In the current time, this means Indiana commercial electric vehicle insurance policies are a little more expensive than standard ICE business insurance polices.

That being said, as more electric vehicles are manufactured, and more parts are available, along with training of services techs - the cost of business auto insurance for EVs will eventually come down.

What Companies Offer Indiana Commercial Electric Vehicle Insurance?

There are several companies that offer IN EV commercial insurance. Some of the more popular companies include:


Tesla, one of the most popular manufacturers of electric vehicles, has also started offering auto insurance for EVs, but it appears for now only under personal coverage. However, it's important to note that currently, the company only writes polices for some of their vehicles, such as all Model S, Model X, Model 3, Model Y and Roadster owners in California. You can read more here: Tesla Insurance.

The coverage for these vehicles is offered in California for now, with plans to expand to other states. According to Tesla, they decided to start offering insurance coverage for electric vehicles, as they have such an intimate relationship with these vehicles, as they develop and manufacture them.

What Type Of Insurance Coverage Is Available For IN EVs?

The basic protections that Indiana commercial electric vehicle insurance policies offer the same basic coverages that policies for conventional vehicles provide including:

  • Covered auto liability coverage insures your legal obligations that arise from an accident, including lawsuits and their associated costs. The limits you purchase should be high enough to handle the potentially serious injuries and loss of earnings a victim may sustain.
  • Uninsured and underinsured motorists coverages protect you when you are involved in an accident caused by a driver who has no insurance or insurance with relatively low limits. The limits you select for this coverage should be the same as your liability limits.
  • Physical damage coverage on vehicles directly protects your assets. Comprehensive, Specific Causes of Loss and Collision are the coverage options available. Deductibles should be as high as you can comfortably absorb to maximize the protection provided relative to the premium cost.
  • Medical payments coverage and towing expense costs for private passenger vehicles are other optional coverages to consider.

To find out more about what specialized coverages might be available for commercial EVs, speak with an agent that specializes in commercial auto insurance.

What Are The Minimum Indiana Commercial Electric Vehicle Insurance Requirements?

Find your state below to see what the IN minimums are for EVs:

Do keep in mind business EV auto insurance limits are usually required to be higher than the state minimums listed below - either by state or federal regulations - or by contract.

State Minimum Required Auto Insurance Limits
Alabama
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Alaska
  • $50,000 bodily injury liability per person
  • $100,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Arizona
  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $10,000 property damage liability per accident´╗┐
Arkansas
  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
California
  • $15,000 bodily injury/death liability per person
  • $30,000 bodily injury/death liability to more than one person
  • $5,000 property damage liability per accident
Colorado
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
Connecticut
  • $20,000 bodily injury liability per person
  • $40,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
Delaware
  • $15,000 bodily injury or death per person
  • $25,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
Florida
  • $10,000 property damage liability per accident
  • $10,000 personal injury protection
Georgia
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Hawaii
  • $20,000 bodily injury liability per person
  • $40,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $10,000 personal injury protection
Idaho
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
Illinois
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
Indiana
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Iowa
  • $20,000 bodily injury liability per person
  • $40,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
Kansas
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
Kentucky
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $10,000 personal injury protection
Louisiana
  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Maine
  • $50,000 bodily injury liability per person
  • $100,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $50,000 uninsured motorist coverage per person
  • $100,000 uninsured motorist coverage per accident
  • $2,000 medical payments coverage
Maryland
  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
Massachusetts
  • $20,000 bodily injury liability per person
  • $40,000 bodily injury liability per accident
  • $5,000 property damage liability per accident
  • $20,000 uninsured motorist coverage per person
  • $40,000 uninsured motorist coverage per accident
  • $8,000 personal injury protection
Michigan
  • $20,000 bodily injury liability per person
  • $40,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
Minnesota
  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
  • $40,000 personal injury protection
Mississippi
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Missouri
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
Montana
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident
Nebraska
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
Nevada
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident
New Hampshire
  • Auto insurance is not mandatory in NH. There is no minimum car insurance requirement, but state law does require you to pay for any bodily injury or property damage arising from your operation of a vehicle that you own.
New Jersey
  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $5,000 property damage liability per accident
  • $15,000 uninsured motorist bodily injury
New Mexico
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
New York
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $50,000 liability for death per person
  • $100,000 liability for death per accident
  • $10,000 property damage liability per accident
  • $50,000 personal injury protection
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
North Carolina
  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $30,000 uninsured motorist coverage per person
  • $60,000 uninsured motorist coverage per accident
  • $25,000 uninsured motorist property damage coverage per accident
North Dakota
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
  • $30,000 personal injury protection
Ohio
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Oklahoma
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Oregon
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
  • $15,000 personal injury protection
Pennsylvania
  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $5,000 property damage liability per accident
  • $5,000 medical benefits
Rhode Island
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
South Carolina
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
  • $25,000 uninsured motorist property damage coverage
South Dakota
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
  • $25,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
Tennessee
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
Texas
  • $30,000 bodily injury liability per person
  • $60,000 bodily injury liability per accident
  • $25,000 property damage liability per accident
Utah
  • $25,000 bodily injury liability per person
  • $65,000 bodily injury liability per accident
  • $15,000 property damage liability per accident
  • $3,000 personal injury protection
Virginia
  • VA has special conditions around auto insurance. You do not necessarily have to buy auto insurance, according to the DMV, Virginia law requires that all drivers have a way to pay for injuries or property damage resulting from a car accident.
Vermont
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $50,000 uninsured/underinsured motorist coverage per person
  • $100,000 uninsured/underinsured motorist coverage per accident
  • $10,000 uninsured/underinsured motorist property damage coverage per accident
Washington
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
Washington D.C.
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $20,000 uninsured/underinsured motorist coverage per person
  • $50,000 uninsured/underinsured motorist coverage per accident
  • $5,000 uninsured/underinsured motorist property damage coverage per accident
West Virginia
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
Wisconsin
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident
  • $25,000 uninsured motorist coverage per person
  • $50,000 uninsured motorist coverage per accident
Wyoming
  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $20,000 property damage liability per accident


Indiana Commercial Electric Vehicle Insurance - The Bottom Line

There is no doubt that EVs will become more and more popular as they offer an environmentally friendlier way to drive, quieter engines and less carbon dioxide pollution.

To find out more about the specific types of Indiana commercial electric vehicle insurance coverages you'll need, and how much coverage you should carry and the related premium costs, consult with a reputable broker that is experienced in commercial business auto insurance.

Indiana Economic Data And Business Insurance Regulations

Made In Indiana

There are many factors that lead to the success of a business; top on the list of importance is location. In order to thrive, it's essential for a business to be located in an area that offers a favorable economic climate. Regardless of how high-quality the products and services a company offers, if isn't located in an area that will benefit from those products and services, success is going to be a struggle. Furthermore, it's important for business owners to know what type of commercial insurance they are required to carry in the state they are operating in.

If you are thinking about starting a business in Indiana or expanding your existing company to the state, you'll want to familiarize yourself with its economics and commercial insurance requirements before you set up shop. Below, we provide an overview of economic trends and types of insurance coverage business owners need in The Hoosier State.

Economic Trends For Indiana Business Owners

As of January, 2022, the unemployment rate in the state of Indiana was 3.5 percent; .4 percent lower than the national average, which was 3.9 percent at the start of the year. The unemployment rate in The Hoosier State has been holding steady for more than five years, as it has been below the national average since 2014. It's expected that this rate will continue to be the norm for 2022 and the next few years.

All areas throughout the state of Indiana are favorable for business owners, as both urban and suburban areas offer suitable conditions. According to economists, the best areas to start a business in The Hoosier State include:

  • Auburn
  • Batesville
  • Bluffton
  • Clarksville
  • Decatur
  • Jasper
  • Monticello
  • Rensselaer
  • Warsaw

Several industries thrive in Indiana, but industries that are seeing the most growth in the state include:

  • Agriculture
  • Auto manufacturing
  • Information technology
  • Life sciences
  • Mining
  • Research and design
  • Transportation
  • Wholesale and retail services
Commercial Insurance Requirements In Indiana

The Indiana Department of Insurance (IDOI) regulates insurance in Indiana. Commercial insurance is vital for the success of a business, as it not only protects the owners and operators of the organization, but it also protects the customers and vendors that a company works with, as well as the employees that they rely on.

Commercial insurance provides coverage for certain risks that businesses face, ensuring that third-parties and employees have access to the funds needed in the event of an accident; it also prevents business owners from having to pay for damages and legal expenses in the event that a catastrophe occurs.

In Indiana, business owners in all industries are required to carry workers' compensation insurance. Depending on the nature of the industry, other forms of coverage may be required. For example, organizations that sell and distribute alcohol must carry liquor liability coverage, and companies that use vehicles in a work-related capacity must invest in commercial auto insurance.

The specific amount of coverage required for these policies depends on several factors, such as the size of the business, how many people it employs, and the specific nature of the operation.

Additional Resources For Small Business Insurance

Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.


Small Business Commercial Insurance

Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.

A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?

Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.

Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.

You need a written plan that allows you to get your operations back up and running as quick as possible.


Request a free Indiana Commercial Electric Vehicle insurance quote in Anderson, Angola, Auburn, Avon, Bargersville, Bedford, Beech Grove, Bloomington, Bluffton, Brazil, Brownsburg, Carmel, Cedar Lake, Charlestown, Chesterton, Clarksville, Columbia City, Columbus, Connersville, Crawfordsville, Crown Point, Danville, Dyer, East Chicago, Elkhart, Elwood, Evansville, Fishers, Fort Wayne, Frankfort, Franklin, Garrett, Gary, Goshen, Granger, Greencastle, Greenfield, Greensburg, Greenwood, Griffith, Hammond, Highland, Hobart, Huntertown, Huntington, Indianapolis, Jasper, Jeffersonville, Kendallville, Kokomo, La Porte, Lafayette, Lake Station, Lakes of the Four Seasons, Lawrence, Lebanon, Logansport, Lowell and Decatur, Madison, Marion, Martinsville, Merrillville, Michigan City, Mishawaka, Mooresville, Muncie, Munster, Nappanee, New Albany, New Castle, New Haven, Noblesville, North Vernon, Notre Dame, Peru, Plainfield, Plymouth, Portage, Princeton, Richmond, Schererville, Scottsburg, Sellersburg, Seymour, Shelbyville, South Bend, Speedway, St. John, Tell City, Terre Haute, Valparaiso, Vincennes, Wabash, Warsaw, Washington, West Lafayette, Westfield, Westville, Yorktown, Zionsville and all other IN cities & Indiana counties near me in The Hoosier State.

Also find IN local small businesses by General Liability Class Code and learn about Indiana small business insurance requirements for general liability, business property, commercial auto & workers compensation including IN business insurance costs. Call us (317) 559-0759.

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