Personal and Commercial AUTO Insurance and related ACORD AL3 groups powerpoint

1. Personal and Commercial AUTO Insurance and related ACORD AL3 groups WWW.WINSURTECH.COM

2. Introduction The main difference between personal and commercial auto insurance is based on who owns the vehicle. If your business owns a vehicle that is worked for business purposes, it will be protect commercial auto insurance. Commercial auto insurance protects accidents that occur while you or your employees are driving a commercial vehicle. While both personal and commercial auto policies cover legal and medical bills associated with auto accidents, commercial auto insurance usually pay higher claims, various types of vehicles, and more complex legal issues. A commercial policy typically sees all the business’s employees and additional insureds, It means every employee of the organization/company with a valid license can utilize the vehicle.

3. Commercial auto insurance covers business vehicles A commercial auto insurance policy has higher liability limits than personal vehicle insurance. It can cover vehicles which utilize to: • Transport goods or equipment • Drop clients or employees • Do a service that you’re paid for • Charge people a fare to move goods in your vehicle • Haul heavy, work-related loads • Tow a trailer operate for business

4. Personal auto insurance Personal vehicle insurance only covers accidents that occur while you’re using your vehicle for personal reasons. That includes commuting to and from work and travel non-related to your job obligation. Policies usually insure the owner of the vehicle and one or two related family members. Your personal vehicle policy won’t cover business use Most personal vehicle policies concretely omit business use. If you get into an accident while driving for work, your insurance company might cancel your claim. Because this policy covers less coverage, it’s always cheap than commercial auto insurance. In some cases, a personal policy might cover limited coverage for business use.

5. Personal Auto Insurance Coverages: Bodily injury liability Medical coverage or personal injury protection (PIP) Property damage liability Collision :- It cover for damage to your vehicle from a collision with another vehicle, an object like a tree, telephone pole, etc. Comprehensive :- It cover different events such as fire, falling objects, missiles, explosions, hail, floods, earthquakes, windstorms. Uninsured and underinsured motorist coverage It protects you, a member of your family, or a designated driver if one of you is hit by an uninsured driver or a driver who doesn’t have sufficient insurance to pay for your total loss.

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