The difference between personal and business auto insurance is usually who actually owns the car. If your company owns a car, it needs to be insured by personal auto insurance. Personal auto insurance usually covers incidents that happen while you or your staff are driving an employer’s vehicle. However, if you own a car yourself, you may need to buy additional coverage for your personal auto insurance. Here is what to look for when searching for personal auto insurance:
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-What kind of coverage do you need? Most personal policies only cover bodily injury and property damage. Bodily injury is defined as a physical injury caused to an individual from the negligence of another person. Property damage is any damage to real property caused by an accident. For example, if your car is stolen, and you do not have bodily injury and property damage coverage on your personal auto policy, you will not be able to get compensation for the loss of your car.
However, if you do have bodily injury and property damage coverage on your insurance policy, then you may be able to get compensated for the cost of repair to your vehicle and any medical expenses you have been injured or rendered medically unable as the result of the accident. Usually, you will have to keep the proper documentation relating to the accident in order to recover monies from your insurance company. Some insurance companies require photographs of the damages to your car and any witnesses to the accident. It is very important to keep all of this information handy, as if you do not keep it with the insurance company, they cannot provide you with the correct compensation for the loss of your car.
-Commerce auto coverage is a combination of bodily injury and property damage coverage. This coverage protects against the cost of repair to vehicles in cases of vehicle collisions. Bodily injury and property damage coverage vary between different types of policies. Generally speaking, comprehensive coverage is required when you are operating a motorcycle or similar vehicle and is considered an important part of your automobile insurance, but you should check with your insurance agent to make sure that your state has a requirement for the coverage in addition to bodily injury and property damage coverage.
The second kind of policy that you should check into is the bodily injury liability coverage. With bodily injury liability coverage, if you are found at fault in a vehicular accident in which you are the driver of the automobile that was the cause of the accident, you will be held responsible for medical care costs and pain and suffering that is suffered by the other party. Bodily injury liability coverage varies between states, so it is important to do some research about the laws in your particular state prior to purchasing a policy.
If you are the insured party in a multi-car accident, you should check into the separate commercial auto coverage. This coverage generally covers the other drivers in addition to you and their vehicles that are damaged or stolen during the accident. Typically, these kinds of policies have higher limits of coverage than most other types of personal policies and can be a good choice if you often drive other people’s cars. If you are looking to buy a personal automobile policy, you should definitely consider comparing commercial vehicle insurance quotes from multiple companies to ensure that you are getting the best deal on a comprehensive coverage for your personal auto policy.