NY & NJ Auto Insurance Requirements

Commercial auto insurance is essential for any company that has vehicles on the road. Most states require a separate commercial policy for vehicles used for business, even if it is already insured under personal coverage. Commercial vehicles are at a higher risk for damage or theft than personal vehicles, so we always recommend coverage that is more than the mandatory minimums as the minimums will rarely cover the costs to replace losses. Your business equipment and outfitting makes any incident with a work vehicle expensive and a possible cause of business interruption.

New York Mandatory Minimums
New York commercial auto insurance requires the exact same minimum coverage that personal insurance requires, which includes:
– $10,000 in property damage liability
– $25,000 in bodily injury for an individual
– $50,000 in bodily injury for two or more people
– $50,000 in death coverage for an individual
– $100,000 in death coverage for two or more people

New Jersey Mandatory Minimums
New Jersey commercial auto insurance requires personal injury protection (PIP) coverage to pay for the medical expenses of drivers and passengers, as well as:
– $5,000 in property damage liability
– $15,000 in bodily injury per individual
– $30,000 in bodily injury for all individuals
– $15,000/$30,000 in bodily injury for uninsured motorists
– $5,000 per accident with $500 deductible uninsured/underinsured motorist property damage

Failure to carry the proper auto insurance can result in severe fines and penalties. Even worse, drivers run the risk of losing their license and ability to work. TCE Insurance
helps our customers make sure they have the right coverage on their vehicles for any situation. Commercial auto insurance can sometimes seem like an inconvenience, but it is an absolute necessity for any company who uses a vehicle to do or travel for business.