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View Full Version : Insurance questions!!!!!!!!!


Mike S.
09-22-2010, 11:02 AM
Currently i am self employed and live in michigan. i don't have anyone help that is on pay roll and if someone does, i pay cash. i have a 1 million liability insurance policy and 10k worth of equipment. my truck is insured through allstate for full coverage etc. now if i were to get into an accident does my auto insurance cover my truck since i was working? or would i need to add my truck to my business insurance?

thanks guys,

Mark Oomkes
09-22-2010, 11:47 AM
Maybe a question for your agent?

Unless there happens to be an agent from MI here on LS?

dougaustreim
09-22-2010, 12:09 PM
Pay Cash? Never ever post evidence of illegal activity on the internet. Anyone and everyone can read your post including both state and federal agents.

DQL10
09-22-2010, 12:41 PM
No. As far as I know that is how it is here in VA. If your truck is in the company name, it is best to have it under the company insurance policy. Also look at the rates, sometimes its cheaper to have your truck on a company policy.

MOW PRO LAWN SERVICE
09-22-2010, 01:06 PM
Pay Cash? Never ever post evidence of illegal activity on the internet. Anyone and everyone can read your post including both state and federal agents.

is it illegal to pay cash?

rockytopseahawk
09-22-2010, 01:25 PM
Posted via Mobile Device

dougaustreim
09-22-2010, 01:26 PM
No actually it is not illegal to pay cash, but it usually indicates that taxes are not being paid etc. There also was the implication that since he was paying cash, he could hide from the workers comp requirement.

JCLawn and more
09-22-2010, 02:17 PM
Currently i am self employed and live in michigan. i don't have anyone help that is on pay roll and if someone does, i pay cash. i have a 1 million liability insurance policy and 10k worth of equipment. my truck is insured through allstate for full coverage etc. now if i were to get into an accident does my auto insurance cover my truck since i was working? or would i need to add my truck to my business insurance?

thanks guys,

to your answer I had to get off my parents insurance because of this. I had to get commercial insurance just to cover the accident not the truck. There would be a major law suite if I got in an accident with a trailer that I am using for business. People that haul campers on the side have found that when they total there 50k truck hauling a camper for a business, the insurance then defaults because they did not have commercial insurance on the truck. Now at 18 it was cheaper for me to be on a commercial insurance policy than for me to be on my parents consumer insurance policy. I only pay 213 every three months for commercial insurance (comp on my truck, and $500,000 for my liability). My insurance is through frankenmuth. I would check with your agent for sure.

silverado212
09-22-2010, 08:49 PM
Nationwide did that to me. Agent had my truck seperate because personal truck and used for business. Talked to an agent that the wifes family uses and he told me that I would be in deep do-do if I got in an accidentwhile pulling my trailer. Besides that he was cheaper on the same coverage. Drop allstate an look into Erie.

MarkintheGarden
09-23-2010, 05:13 PM
Currently i am self employed and live in michigan. i don't have anyone help that is on pay roll and if someone does, i pay cash. i have a 1 million liability insurance policy and 10k worth of equipment. my truck is insured through allstate for full coverage etc. now if i were to get into an accident does my auto insurance cover my truck since i was working? or would i need to add my truck to my business insurance?

thanks guys,

I had my auto with allstate also, but here in MO allstate does not write commercial vehicle insurance, so I ended up switching to Hartford.

As other have said, you need commercial coverage for a vehicle that you work with.+

Fvstringpicker
09-24-2010, 04:29 PM
Put it like this; if there is anyway the insurance company can avoid paying a claim, they will. My sure there is nothing ambiguous they can use against you.

PiRiskMgmt
10-21-2010, 02:33 PM
You are rolling the dice with the personal insurance on your truck. The insurance might pay, and then drop you. OR they may not pay at all. There is a question on insurance applications asking if you have ever been dropped. Not a good thing. The best thing, would be to put the truck in your company name and get it on a commercial policy. That way, if you are ever in an at-fault accident and someone sues you, your personal assets cannot be touched. You want to draw a distinct line between personal and business. Also, if you have a General Liability policy and equipment policy, then talk to your agent about packaging everything together (Business Owners Policy) to get cheaper pricing. Just like anything, there are cheaper prices when things come in bulk!!

dougaustreim
10-21-2010, 04:05 PM
Don't fall for the idea that your personal assetts can't be touched. When you own your own business, you are always at risk. Certain types of business structures give you more protection than others, but you're never completely immune.

Doug

green connect
10-21-2010, 06:54 PM
was in the insurance biz for a while. switch it to a commercial policy. they won't pay if it occured while on business and your coverage limit is very low compared to a commercial policy too.

Mike S.
10-22-2010, 08:44 AM
thanks for all the info guys. still a couple more questions if anyone can answer... so lets say my truck is insured through my business insurance for approx 6months out of the year (cutting season) and the other 6 months are for personal driving. after my working hours so if i'm going out for the night during my 6 month cutting season insurance, for personal use and something happens would i be liable out of my pocket? i don't think i could justify giving an estimate or bid on a bar or someone's house at 2 in the morning for example. lol.

if anyone can just explain how their policy works i think that would answer more of my questions.

green connect
10-22-2010, 08:53 AM
The commercial policy would cover it as a business owner. You'd be fine. Most business owners cover there primary business vehicle.

whosedog
10-22-2010, 09:09 AM
thanks for all the info guys. still a couple more questions if anyone can answer... so lets say my truck is insured through my business insurance for approx 6months out of the year (cutting season) and the other 6 months are for personal driving. after my working hours so if i'm going out for the night during my 6 month cutting season insurance, for personal use and something happens would i be liable out of my pocket? i don't think i could justify giving an estimate or bid on a bar or someone's house at 2 in the morning for example. lol.

if anyone can just explain how their policy works i think that would answer more of my questions.

You cannot only insure your truck for 1/2 year,commercial policies are for one year terms and will cover you if you in that truck, working or not.

gasracer
10-24-2010, 12:04 PM
is it illegal to pay cash?
As long as it is under $600 a year you don't have to claim it or do a 1099 and let them take care of the taxes....