Personal Auto Vs market Auto course

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We are often asked to add vehicles that are titled personally to a corporation's market auto policy. The reasons are many and varied. Habitancy believe there are tax advantages; they can write the excellent off as an expense, market premiums are less expensive or they just don't have a personal auto policy. There are probably some more insidious reasons but we want to keep the consulation positive. The vehicle may be covered under a market policy however you should be involved with things that you don't often think about that could leave you without coverage. For example, what happens when you go to rent a car while on vacation and don't have a personal policy? What happens when you borrow a friend's car which is uninsured and you don't have a personal policy?

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First, if you insist on adding a personally titled vehicle to a market policy and the assurance enterprise is willing then you need to ask a few questions. Do you have any other personal vehicles and are they insured on a personal policy? If this is the case then you have solved some of your inherent problems. If you do not have a personal policy then you will need to request/verify that the market policy includes "drive other car coverage" for you, your spouse and children. If the market auto policy is written for a sole proprietor then use the "individual named insured endorsement."

As an aside, if you are an worker and your only vehicle is a enterprise vehicle that you use for work and pleasure, verify that the enterprise policy is providing "drive other car coverage" for you.

Generally speaking the coverage afforded by a personal policy is broader than that of a market policy, it covers the things we don't think will ever happen. enterprise policies are written to cover market exposures, personal policies are written for everything else. As a enterprise owner you should have one of each. Commonly when renting a car you are required to rent the car in your name, no personal policy means no coverage. We all have driven or borrowed a friend's car. If you are involved in an crisis while driving your friend's car, whose assurance pays? The coverage on your friend's car is primary, if they did not have any coverage or the limits were not enough to rule the claim then your personal policy would respond.

As a enterprise owner what are you trying to accomplish? Financial benefits? I believe that if the vehicle is personally titled and used for enterprise you can still charge the insurance, gas and maintenance. This is a consulation you need to have with your accountant. If the vehicle is used for enterprise the excellent distinction between a market policy and a personal policy would be minimal if any. If the vehicle is used personally it would be less expensive on a personal policy. You could also be losing complicated policy discounts on other personal policies, which would offset any perceived saving. It is a good risk administration convention to keep our personal lives separate from our corporate lives. Would you want your juvenile child to sway your capability to purchase market assurance or how much they want to charge you for that insurance? In Maryland, an assurance enterprise can't cancel a personal auto policy for the acts of an individual, a spouse or child that can't drive.

The inherent savings are more imagined then real. The inherent down side, very large uninsured losses, are more of a reality.

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