If you own a business that does a lot of car hiring, you probably realize the importance of having non-owned auto insurance. However, you also have to know what characteristics to look for in a good policy.
- No Deductible: Many of these types of auto insurances do not have a deductible, which means that you don’t have to pay any money towards repairs.
- No Aggregate Limit: An aggregate limit is the maximum amount that an insurer will pay towards your claims. This type of insurance normally doesn’t have any limits.
- Blanket Additional Insured: There are certain people that you are legally required to add to your insurance policy. The blanket additional insured endorsement means that those that should be insured are automatically granted insured status.
- Individual Policy: The non-owned auto insurance is an individual policy with separate limits from your other auto insurance.
- Physical Damage Coverage: Normally this type of insurance does not cover the physical damage to the vehicles. However, you can add this feature to your policy if you so desire.
It’s important to be familiar with the common characteristics of non-owned auto insurance policies. This knowledge allows you to find the best policy for your situation. Start talking with your insurance provider today to find out if this type of policy is best for you.