Do you ever worry that your personal auto insurance may not cover you if you get into an accident while you’re using the vehicle for work purposes? Let’s talk about whether your work usage is enough to justify purchasing a commercial auto policy.
When selecting auto insurance, it’s important to consider when you’d like to pay for damage to your vehicle. If draining your savings when you have an accident or hail damage isn’t an option, your best bet is to mitigate those expenses by getting higher coverage levels.
So how much commercial auto insurance are you going to need to protect your business? Beyond compliance with any applicable state insurance requirements, other factors to consider include the size of your business and how much you can absorb from a possible claim or lawsuit.
Did you know that not all of your auto insurance premiums go to claims? About half of what you pay to get coverage goes toward administrative expenses like rent and corporate management wages and benefits.
Fender benders are the top reason for auto insurance claims. Some of the other contenders to make the top five most common claims list are theft, neck or back injuries, vandalism, and windshield damage.
It’s important to remember that auto insurance isn’t a one size fits all proposition when it comes to your business. Whether it’s just your personal vehicle or an entire fleet, we’re always up to the challenge of helping you get the commercial auto insurance you need.
Compared to most other cars, the Toyota Sienna – with its safety features that earned the minivan a “Top Safety Pick” award from the Insurance Institute for Highway Safety – has some the lowest auto insurance premiums on the market today.
If you are moving or changing insurance companies, obtaining a copy of your auto insurance history may help you in trying to negotiate a lower insurance rate. You can get a copy by contacting your agent, or the state’s DMV.
Did you know that you can lower your auto insurance rates by affiliating with professional organizations like AAA? In fact, auto insurance can be even more affordable through your employer if they offer group rates through the company.
Auto insurance companies may offer a discount depending on the payment plan an insurance buyer chooses (for example, paying all at once at the beginning of the year instead of in installments).
When you buy an auto insurance policy, it doesn't only protect you. It also protects family members who are likely to be riding with you. In addition, it protects anyone who is not in your policy but borrows your car with consent and gets into an accident.
What is collision coverage in an auto insurance policy? That is a separate element of coverage that pays to repair your vehicle for damage incurred during a wreck when fault can’t be determined or when you are at fault for the accident.
The US auto insurance industry is currently worth around $260 billion, and it is on course to grow year after year with close to 9000 insurance businesses covering more than 270 million vehicles across the country.
Prospective auto insurance buyers should order their MVR, or Motor Vehicle Record. This record can provide the owner with an idea of what an auto insurance agent looks at and clarify issues when speaking with an agent about prices.
While having auto insurance liability coverage may be the law, it’s always good sense. Getting into even a small car accident could cost you thousands of dollars if you aren’t insured.
What are the types of auto insurance you can get? Some of them are: liability insurance (compensates another person for damage you cause), comprehensive insurance (covers your car's repair or replacement), uninsured coverage (covers property damage costs if you are hit by an uninsured driver).
Don't let your auto insurance policy lapse, as it will mean higher premiums when you purchase a new policy. If you are changing insurance providers, or you won't be needing car insurance for a while, formally cancel the old policy rather than letting it expire.
Did you know you can receive discounts on your auto insurance? Having a safe driving record is one way you can save on auto insurance.
Did you know that if you have a decent or substantial health insurance plan, that you may not need medical/personal injury auto insurance? In many cases, a comprehensive health insurance plan will cover you and your injuries in an accident.
If you have young drivers or college students on your family auto insurance policy, talk with us about ways you can save. Many insurance companies offer excellent discounts on your premiums for drivers who consistently receive good grades.
People seeking auto insurance can keep monthly payments low by driving a safe, slightly older, or less valuable vehicle. Expensive vehicles may cost more to insure.
While comprehensive business auto insurance isn’t required, it’s the best way to protect your business assets. This type of insurance pays for damages your vehicles incur from fire, hail, flood, windstorm, theft, vandalism, and collisions.
Good auto insurance companies will inform their client when it’s time to renew their policy or pay a new premium. Auto insurance policies are typically good from anywhere between six months to a year.
Did you know that an insurer can opt to cancel your auto insurance policy? This is especially true if the registered driver has been rendered unfit to drive by illness. However, this cancellation may take a while as the driver must first be declared unfit by the DMV.
Auto insurance companies may offer towing coverage, which will pay for towing the policyholder’s vehicle. People who are already covered with roadside assistance through outside means (for example, towing assistance from the manufacturer) do not need this coverage.
Here are some other ways to get discounts on your auto insurance: buy both your car insurance and your homeowner’s or renters insurance from the same company, have anti-theft devices installed and, if you don't drink alcohol, ask for an abstainers discount.
Each year, a car’s value depreciates. That affects the IDV or Insured Declared Value, which pertains to the market value of a car at present. Auto insurance agencies give policyholders the IDV in case of damages or theft.
Some auto insurance companies may offer group insurance discounts. Auto insurance companies may also offer discounts for low mileage drivers, or certain vehicular safety features.
It’s important to remember that carrying the bare minimum of auto insurance on your vehicle is a bit like gambling. While it may help you to save money now, it could cost you dearly if you’re ever at fault for a serious accident and need to make substantial repairs for your car.
Although some level of auto insurance coverage is required in most parts of the country, it may not always be a good idea to buy only the bare minimum. If you’re interested in finding out how your insurance policy can really go to work for you, we’re always here for you.
What is uninsured motorist coverage? This is a feature in auto insurance where the insurance company reimburses you're in an accident and the driver who caused it does not have insurance. This coverage also applies in hit-and-run cases.
The bad news? If you’re a high-mileage driver in California, it’s likely you’re paying higher premiums as well. The good news? There might be other ways you can reduce the costs of your auto insurance coverage.
Raising your deductible is one of the easiest ways to reduce your auto insurance premiums. The downside, of course, is that should your car be damaged or involved in an accident, you’ll have to foot more of the repair or replacement costs.
While the state you are in will require a basic auto insurance package, if your car is under a financing program, the lender will likely ask for more specific insurance terms. It is important to read their requirements so you can select the correct coverage.
Usually, auto insurance does not cover personal items left in your car. If your car is burglarized, personal possessions such as cameras and notebook computers would not be covered if stolen or damaged. We can help you with the right policy to protect your belongings.
It’s important to remember that there’s a very real difference between letting an employee borrow your personal vehicle to run a work errand one time and making a regular thing of it. If employees are more frequently driving your vehicle, it’s time to look into a commercial auto insurance policy.
Unfortunately, it won’t always be obvious when your business could really benefit from adding a business auto insurance policy. If you aren’t sure whether your personal auto policy can fully meet your needs, we’re always happy to help you learn more.
To date, 49 of the 50 states, including the District of Columbia, have compulsory auto insurance requirements for drivers. New Hampshire is the only one that doesn't, although a car owner must prove financial responsibility.
Did you experience a major milestone in your life like getting married or turning 21 or 65? Let your insurance agent know. You may be eligible for discounts that can lower your auto insurance premiums.