Commercial Auto Insurance Endorsements
If you have any number of company cars, you need a commercial auto insurance policy to keep you and your employees safe. While a standard commercial auto insurance policy may be able to give you the coverage that you need, adding endorsements to your policy can help to better protect you. Consider these endorsements when choosing your policy to ensure that you are protected from any peril.
- Rental reimbursement – which will cover the cost of a rental vehicle if one of your company cars needs to be repaired after a covered loss. It is important to keep in mind that this endorsement is a reimbursement coverage, meaning your company will have to cover the cost of the rental up front, and then you will be reimbursed for the cost. Rental reimbursement coverage has a maximum amount of coverage that it will provide for the number of days, the maximum amount of cost overall, as well as the maximum amount of cost per day.
- Auto loan/lease gap – which will change that amount paid under the physical damage portion of your commercial auto insurance policy to include the difference between the remaining amount of the loan or lease and the actual cash value of your vehicle. It is meant to help any insureds who are “upside down” on their lease or loan after a loss.
- Employees as insureds – which helps to change the definition of “who is an insured” on the policy to include any employee who is using the vehicle as the “you.” This endorsement will extend the insured status to the employee if they are using their own personal vehicle for company business.