You won’t find a car insurance policy that covers every situation, but you can find one that is tailored to your lifestyle and vehicle. The terms “comprehensive” and “major medical” are probably phrases you have heard. But did you know about “commercial,” “broad,” or “company policy”? These are unique policies written for people with specific insurance needs.
Commercial Car Insurance Policy
This type of policy is best for business owners who use their vehicles for business purposes. If your car is registered under your business name, your personal policy may not cover your vehicle. What’s the solution? Cancel your current personal policy and start a new commercial policy, but don’t expect your rates to stay the same. Whether your premium goes up or down depends on what type of vehicle you drive, how often you drive it, and the type of business you run.
Company Car Insurance Policy
A company policy is for business owners who allow employees to drive company vehicles. The policy covers the vehicle in case an employee gets into an accident. If one of your employees rents a different car in your company’s name, they are covered in case they get into an accident.
Comprehensive insurance is usually the best type of car insurance to buy if you want the most coverage. These policies pay out if your vehicle gets stolen or damaged – for any reason. Of course, the insurance money only kicks in once you have paid your deductible.
Vehicle Upgrade Coverage
You may not be aware that those expensive, decked-out tires or upgrades that you just added to your vehicle are not covered under your current policy. The only items that are covered are the ones that were on your vehicle at the time you started your insurance policy. If you ever install any expensive features on your car, contact your insurance company to request additional coverage and to notify them about your new upgrades.
Broad Car Insurance Policy
Broad car insurance is meant for families that live together. All members of the family are covered under this type of policy, along with anyone else that drives your car. You must tell your car insurance company the names of everyone who drives your vehicle in order for them to get coverage under your policy. Otherwise, if your friend crashes your car and they aren’t listed on your policy, you may not get adequate insurance compensation. Most national car insurance companies offer this type of policy.