Montana Commercial Electric Vehicle Insurance Policy Information
Montana 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 Montana 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.
Montana 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 Montana commercial electric vehicle insurance differ? The price.
Typically, MT 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 Montana 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 Montana 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 MT 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 Montana 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 Montana Commercial Electric Vehicle Insurance?
There are several companies that offer MT 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 MT EVs?
The basic protections that Montana 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 Montana Commercial Electric Vehicle Insurance Requirements?
Find your state below to see what the MT 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|
Montana 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 Montana 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.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
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.
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Also find Montana insurance agents & brokers and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.