Minnesota Commercial Auto Insurance

Whether your business is large or small, it needs Minnesota commercial auto insurance if automobile use is part of its daily operations. The amount and types of coverage your business needs will vary based on the amount of risk that commercial car use exposes you business to. Obviously, if your business owns or leases a fleet of cars for 25 sales people, insurance needs will be greater than if it leases a car for each of its two top executives. But in both scenarios, basic commercial coverage is essential. Here’s what minimum coverage usually includes.

Liability insurance

Liability protects your business from losses due to injuries to people or property that your vehicle may cause. Make sure that the policy includes adequate coverage for the cost of legal defense.

Comprehensive coverage

This coverage protects your business from losses due to fire, vandalism, theft and other damage to the vehicle or its contents. Since company cars are often used to transport computers, sales samples and other expensive equipment, adequate comprehensive coverage is important for risk management.

Collision coverage

For businesses that use late model automobiles as part of their corporate identity, collision coverage is especially important. It ensures that the vehicle will be repaired and able to retain its new look and maximum value even after damage resulting from a fender bender with another vehicle or a miscalculated back up into fence post.

Towing costs

Transporting a disabled auto to a dealership for repairs can be expensive. This coverage can help ensure that the car can be towed to the repair facility of your choice rather than just the closest shop.

Rental vehicle coverage

If you or your employees use rental cars frequently, the costs this coverage can save your company can be substantial. Since damage cause while using the rental car will be covered, there will be no need to buy optional, and expensive, additional insurance at the rental counter.

State insurance laws

The State of Minnesota requires liability coverage, as well as personal injury protection
(PIP, or ‘no fault’ coverage), uninsured motorist protection and underinsured motorist protection.

Minnesota commercial auto insurance can be purchased as a stand alone policy or as part of a comprehensive business insurance package which includes coverage for buildings, equipment, furniture and other business property.

Faribo Insurance agents will be happy to evaluate your coverage needs. With offices in Faribault, MN…Hastings, MN…or Lakeville, MN we are conveniently located. Please call us at 888-923-0430, email us or use our Quick Quote Insurance Insurance form to receive a custom quote today.

Minnesota Auto Insurance Laws: Required Coverage

Minnesota autos insurance laws apply to all vehicles that are licensed in the state. The basic requirements include four areas of coverage: liability, personal injury, uninsured motorist and underinsured motorist coverage. When you work with a Faribo Insurance agent, your policy will be custom tailored to meet your individual needs, and you can also be sure that your policy covers the areas required by the state. Let’s take a look at the basic car insurance requirements for the State of Minnesota.

Liability Insurance

Liability covers you when you are at fault during an accident. It pays for damages that you cause to another vehicle. For example, if you’re backing out of a parking space and crunch the side door of a car that’s driving by, your liability coverage would pay for the auto body work to fix the door.

Personal Injury Protection

Personal injury protection, also known as PIP, or ‘no fault’ coverage, makes sure that you are compensated for basic losses no matter whether you caused the accident or if another driver caused it. If you incur medical expenses or loss of wages because you are unable to work while recovering from your injuries, PIP will reimburse you, up to the policy limits.

Uninsured Motorist Protection

This coverage activates when the other driver is at fault, but has no insurance. Once your personal injury protection benefit limits have been reached, the uninsured motorist coverage will continue to pay expenses up to it’s coverage limits.

Underinsured Motorist Coverage

If you are in an accident where the other driver is at fault and your medical expenses exceed the liability limits that his policy pays, this coverage will pay medical claims that are covered by your policy, and that are in addition to your personal injury protection coverage.

Minimum Required Coverage

The minimum coverage required by Minnesota auto insurance laws is primarily geared toward protecting you, your passengers and other people who may be injured during an automobile accident. Covering damage to your vehicle or any personal property within your vehicle is not mandatory by law, but it may be required by your lender if you have taken out a car loan.

The professionals at Fairibo Insurance will help you assess your individual situation so that your car insurance coverage meets the Minnesota auto insurance laws as well as any requirements of your auto loan. To take a look at your car insurance options, visit Faribo Insurance in any of its three convenient locations: Faribault, MN… Hastings, MN… and Lakeville, MN. You can also call us at 888-923-0430, email us or use the Quick Quote Insurance

Minnesota Auto Insurance: MN Drivers Decide On Local Agents

When deciding whether to buy online or use a local auto insurance agency, MN drivers are fortunate to have options.  Although buying car insurance online seems like an easy alternative, there are some hidden pitfalls that a local agent can help you avoid.

Buying car insurance online seems like such an easy thing to do.  Just fill out a few forms, wait for the computer to spit out a price comparison, pick the lowest priced policy, make your first payment, and you’re done.  But how do you know that the policies used in the comparisons were the best choices for your situation?  And who do you call when you need to make a claim?

Find the Best Insurance Coverage

When you work with an independent insurance agent, you have an insurance professional on your side to help you accurately determine your coverage needs.  Professional agents will go beyond just asking you the kinds of obvious and basic questions found on an application form.  They know how to evaluate your insurance needs from a big picture perspective. That means they will look for hidden discounts that may be available because of other coverage you carry.

Find the Best Insurance Policy

Local Minnesota insurance agency professionals are knowledgeable about which insurance products offer the best coverage for the geographical area.  If you buy a policy online and miss reading a detail in the fine print, you may end up without coverage for hail or ice damage, or pay too much for it.  That’s not a problem if that was your intention.  But if you’re insuring a brand new vehicle, it may end up being an expensive mistake — one that an expert agent can help you avoid.

Find the Best Insurance Companies

Experienced agents not only know which insurance companies provide the best coverage, they also know which companies are reliable and financially sound.  This is especially important after witnessing former Wall Street giants fall due to shady business practices.  After paying the premiums into your policy, you need to know that the insurance company will still be in business if you need to make a claim.

Find the Best Insurance Claims Service

Having to make an insurance claim is usually a stressful time in anyone’s life.  So before buying your car insurance online, think about this: how much time will you have to spend on hold when you call?  How many times will you have to explain the situation to a new customer service rep each time you call? And how many times will you have to call to get your claim paid?  A personal agent will take your calls and help you through the claims process.

As team members of a local auto insurance agency, MN agents at Faribo Insurance will be glad to answer your questions. We have offices in Faribault, MN…Hastings, MN…or Lakeville, MN.  You can call us at 888-923-0430, email us or use our Quick Quote Insurance form to get a custom quote. We look forward to hearing from you!