Different Types Of Personal Auto Insurance

The biggest difference between commercial and personal auto insurance is whose company owns the car. Commercial auto insurance typically covers incidents that occur when you or your staff are operating a company vehicle without the proper coverage. If you work for a retail company, for example, you can be held responsible for any damage incurred by customers or employees as a result of a customer’s failure to obtain insurance. This can include damage from an uninsured driver striking your vehicle or one you have damaged yourself.

The biggest difference between personal auto insurance and commercial coverage is what coverage is offered. Both are required to carry a certain amount of liability insurance in order to legally drive a vehicle on a public road. Personal auto policies differ from company to company, but most will cover all sorts of personal property damage and liability for damages caused by an insured party. Some personal auto policies will also cover the driver and passengers in the car in the case of an accident. Most personal auto policies also cover any medical expenses of the driver or passengers incur as a result of being in the car. In some cases, personal auto insurance also covers uninsured motorists.

However, not all vehicles are covered by personal auto insurance, especially fleet vehicles. The costs associated with replacing a vehicle after a collision can run well into thousands of dollars. The costs associated with replacing vehicles are dictated by how much the company can afford to spend on repairs. In the case of a fleet vehicle, the cost of repairs and the replacement of vehicles exceeds the cost of the vehicles themselves, which leads to high costs associated with vehicle maintenance. In addition, vehicles used for business operations may need to be replaced more frequently due to the nature of the business. Personal auto insurance does not usually cover business vehicle damages and lost wages.

Vehicle insurance provides protection in situations where you are at fault in an accident, even if you are not at fault in the incident. For example, if you cause a traffic accident that was your fault, you can still receive compensation for damages caused by your actions. In many states, a ‘no fault’ provision is a prerequisite for obtaining insurance, and these no fault provisions vary from state to state.

Uninsured motorist coverage provides protection in situations where you are involved in an accident that was caused by another driver who has no insurance or did not carry sufficient insurance to pay for the damage to your vehicle or injuries that you suffer. In the case of an accident where the driver who has no insurance is driving under the influence of drugs or alcohol, the damages that you suffer can be paid for up to twice the actual cost of the damage if you have uninsured motorist coverage. In some states, the limits of this type of insurance are lower than the limits for personal injury protection, which means that the amount you receive will depend on your personal financial circumstances. The level of coverage for this type of insurance often varies between states.

Bodily Injury Liability Coverage is designed to pay for damage to your vehicle or another vehicle in an accident that was your fault. This coverage typically only covers legal costs, and it does not cover personal items that are damaged in an accident. It also does not cover the costs of repair to your car or other property. There is a minimal bodily injury liability coverage requirement in all states, but these requirements may vary depending on your personal location and industry.

Author: Trimwell