You probably spent quite a bit of money to obtain your collector cars. It only makes sense to ensure they remain protected by acquiring classic collectors insurance for your vintage vehicles. Every policy is different, and certain items will need to be considered in order to determine what you need to pay.
What Constitutes “Classic”
Everyone has their own definition of what is considered a classic vehicle. Some agencies may only consider vehicles that are at least 25 years old to be classic while others only require a vehicle to be 10 years old. Of course, the make and model of the vehicle also needs to be considered.
Is your vintage car exactly the way it is when it rolled off the lot or have certain modifications been made? This may affect the kind of coverage you are able to get. When you speak with an agent, you will need to bring to light what alterations have been made, if any.
Where It Is Kept
This may seem minor, but whether you have a garage can play a big role in the amount of coverage you receive. Many insurance companies want to know where this vehicle will be kept most of the time.
Bring as much information as you can to your consultation so that an agent will be able to help you get the best classic collectors insurance for your needs. Afterward, you can drive around with peace of mind.
Company business beckons, and your employee is on the move in a vehicle that is not owned by your staffing firm. Do you worry, not only about the driver’s safety, but also about the impact on your company should an accident occur? This is where hired non owned auto insurance can give you peace of mind. This kind of coverage protects your firm and supplements the driver’s own personal liability coverage.
Why Coverage for Vehicles You Don’t Own Is Important
Let’s say your employee goes to meet a candidate at the airport using a rental car. If her personal auto insurance isn’t sufficient to cover the claim when she back-ends an SUV at a sudden traffic light stop, your staffing firm can be held responsible. Having a hired non owned auto policy would be so much less expensive than having to defend your company against a lawsuit. A comprehensive policy includes:
Limits and deductibles tailored to company needs
Zero deductible option
Extended coverage available for staffing firm worker driving client’s vehicle
Keep Current on Coverage Choices
Remember that coverage for physical damage to rental cars requires insurance purchased from the rental agency. Get up to speed on the protection afforded by hired non owned auto insurance and use it to supplement other forms of insurance in order to keep your staffing firm safe from possible claims.
Hired non owned auto insurance deals with any expenses related to accidents caused by vehicles that are rented or borrowed by the policy holder, or driven in the context of errands performed for the policy holder’s business. It will cover court expenses as well as the excess medical expenses not paid for by the personal auto insurance policy held by the driver of the vehicle involved. Its main purpose is to protect businesses from significant expenses resulting from accidents when employees use their own cars for business-related reasons. It is recommended that business owners purchase this insurance even if they don’t expect to borrow cars or have employees run errands frequently.
Saving money on car rentals
Hired non owned auto insurance is most commonly purchased by business owners who rent cars on business trips or whose employees run errands for them, but it can also be purchased by non-business owners who rent cars on a regular basis. If you fall into the latter category, purchasing this type of insurance can help you save money on car rentals because you won’t have to purchase the rental company’s coverage, which is often more expensive. In fact, renting a car for more than ten days in one year can be a good reason to purchase hired non owned auto insurance.
Whether you’re a business owner or a frequent car borrower, you should consider protecting yourself against expenses that may arise from accidents occurring with your rented vehicle or one that you avail yourself of but do not own.