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Discussion in 'Business Operations' started by jds720, May 1, 2008.
Whats everybody as far as coverage for comm. auto insurance?
yikes! i was half asleep when i wrote that!
Whats does everybody have as far as coverage for comm. auto insurance?
Commercial ins is expensive. We pay $2800 with Farmers. Thats with 2 trucks, full coverage on a 2007 and liability on a 1992. I have gotten 2 other quotes, but they were for even more money.
Really guys, you cannot compare rates across state lines. All 50 states have different rules and rates for insurance. You should seek out the thread that is for your state/area.
In the end it usually does cost more(for now). In the past that has been a different story. If you choose not to do it you had better not use signs of lettering on your truck.
im not asking for rates, as much as Im asking for what you have as far as covarge.
here are some basics:
How much are you worth? How much do you want to protect? This is how you determine how much you need. Basically, the insurance company backs you in the event of a suit. If the amount they agreed to provide is not enough, some of your stuff may become someone elses stuff.
Hired and non owned coverages are for people who rent and/or use other peoples cars in their business. Non owned can be invoked by sending an employee on an errand in their own truck/car.
Med pay is for passengers not covered by WC. Since the only people suppsoed to be in your truck are yo uand your employees, you may not need this. Most Comm Policies should not.
Physical Damage fixes your stuff if you or someone else breaks it.
Liability applies to stuff or people you may damage.
Underinsured and uninsured motorists are for damage you receive from people who have no or not enough insurance.
Check with a local agent on how to handle a trailer. Most states say they have to be scheduled/named on the policy.
Check w/ that same agent about naming you as an additional insured if you do not have a personal auto policy. Here we call it DOC.
This is just to go over some of the major points w/ you. You should find a local agent you can trust. I suggested the local networking site because you may get a good name there.
Good luck w/ it!