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BUSINESS AUTO
BY
DEFINITION
Business
Auto provides liability, property damage and
bodily injury coverage for vehicles titled in
the name of an entity as well as the liability
for the operators of those vehicles.
Determining
the value of your vehicle
Adding a
new vehicle to your policy is easy the value
of that vehicle is listed on your sales invoice.
Used vehicles are a little different.
By comparing your purchase price or
depreciated value of your vehicle to a current
market value, you will be better equipped to
move forward in arranging coverage.
Try this link when determining whether
you should insure your vehicle on a Replacement
Cost basis or an Actual Cash Value
basis.
http://www.kbb.com
Most
people are familiar with the basics of how an
Auto policy works but, did you know that
there are endorsements designed to enhance
your Business Auto policy that you may be
unfamiliar with?
Uninsured/Underinsured
Motorist Coverage generally
the coverage pays amounts which an insured is
legally entitled to recover from the owner or
driver of an inadequately insured vehicle.
Drive
Other Car Coverage business auto
coverage can be amended to provide personal-type
automobile insurance for named individuals.
The coverage changes the liability
coverage to insured the named individual and
spouse while using any non-owned auto for both
business and personal use. It changes the physical damage coverage to make any non-owned
private passenger vehicle a covered auto when
used by the named individual or spouse.
If med pay and uninsured motorist
coverage is a part of the business auto
coverage, the named insured is expanded to
include any family member who is a resident of
the same household.
Rental
Reimbursement Coverage
provides coverage for expenses incurred for
the rental of another vehicle in the event of
loss sustained to a scheduled auto.
Physical
Damage EXCLUSIONS
policies should always be read for
specific exclusions typically, there is
no coverage for:
 |
losses sustained as a result of
wear and tear, freezing, mechanical or
electrical breakdown, blowouts, punctures
or other road damage to tires |
|
to
tapes, records, discs or other similar
devices designed for use with audio,
visual or data electronic equipment |
|
equipment
used for radar detection |
A
crucial aspect of your Business Auto policy is
Liability.
Businesses need to ensure that the
operators of their motor vehicles are not risks
in and of themselves.
A driver selection process is encouraged
to assist in lowering your business exposure
by preventing a high risk driver from operating
a company vehicle.
Your Driver Selection Process should be
unique to your circumstances we can work
with you to determine the best course of action
for screening potential candidates.
Need
information regarding requirements for a Georgia
CDL? http://www.ganet.org/dps/drivers.htm |
