Rental and towing: Rental and towing coverage comes in handy when your company vehicle breaks down. Roadside assistance can help if you break down or have a flat, while rental coverage reimburses you if you need to rent an alternate vehicle following an accident.
Non-owned auto liability endorsement: A non-owned auto liability endorsement allows you or your employees to drive vehicles not owned by your company. This endorsement also covers your employees if they must occasionally use their private car for company business. Significant differences do exist between personal and commercial car insurance, though both insurance types usually provide payment for bodily injuries and property damage costs in case of an accident.
Make sure you have the proper amount of coverage for your company car for your next commercial car insurance policy. To find the best rate for that insurance, try the Jerry app. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance.
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How Much Car Insurance Costs. Refresh Articles. Browse Questions from Car Experts Will the insurance rates on my Toyota Corolla go up if I get my own policy instead of staying on my parents' policy? I'm a year-old first-time driver, but I've been on my parents' insurance since I took driving lessons. The higher cost is justified by insurers due to the fact that, once the vehicle is commercially insured, any employee of the company is permitted to drive the vehicle assuming they have company permission and is covered.
Due to the higher number of potential drivers and the greater risk diversity, insurers charge more for commercial coverage. On the other hand, the good news is that commercial auto insurance typically offers more coverage than personal policies.
Suppose you drive a company car for business purposes and take it home or have regular access to it. Are you covered if you have an accident while driving the company car on a non-company errand? Be aware that many commercial auto insurance policies specifically exclude coverage for an accident that occurs if the vehicle was being driven for non-business purposes. Additionally, since this is most common with owners and business executives, there can be Drive Other Car coverage included in many "broadening endorsements" that you can purchase for a small addition in premium.
These endorsements do not need specific names added if you fit within the definition of the covered individuals. When addressing the topic of personal use of a business vehicle, it is hard to ignore rental cars. If you have employees that frequently travel for work, they will most likely rent a car and a hotel while out of town. During that time, they will probably complete some personal trips or errands, too.
Is personal use covered in a vehicle rented by the business? Yes, as long as the use is permissive and if "Symbol 8 Hired Auto" is included on the insurance policy. Worried about the worst-case scenario? Schedule a quick call to learn more. Furnishing employee company vehicles that they can use for personal use is a large risk that your business may not want to take. If you choose to do so, however, there are certain coverages and steps you should take to make sure that you are protected.
If you have any questions about your specific situation or personal use of vehicles, schedule a free call to review your operations and get expert advice. No pressure. Just your best options for low-cost business insurance in 5 minutes.
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