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Is there a big cost difference between regular and Commercial Vehicle Insurance?
Wiki User
∙ 14y ago
No, there is not much of a difference betwen the costs. Commercial auto insurance may sometimes cost more than personal auto insurance based on the size of the vehicle, but that's it.
Wiki User
∙ 14y ago
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Whats the difference between personal insurance and commercial insurance?
There is really no difference. It's just a difference in the terms used. Both are actually a commercial automobile insurance policy. One company may call it business and the other may call it commercial but it's exactly the same thing.
What does gap insurance in Virginia do?
It is different from regular insurance because it covers you for the difference between your car's value, and what you owe on it if you have an accident that totals the car, or the vehicle is stolen. If you are making payments on the vehicle, and you owe more than its value, your GAP insurance will cover the difference.
What policies does GAP Insurance offer?
GAP Insurance is not a specific company. GAP or Guaranteed Auto Protection is a type of insurance that covers the difference between the cash value of a vehicle and the balance still owed on financing for that vehicle.
What is the difference between a commercial and a personal auto policy?
The difference between a commercial and a personal auto policy is that personal auto policies are designed to cover one person or a family while commercial auto insurance is designed to cover an entire business. The policies, terms and conditions of these policies are very different. You can learn more about the differences of the policies online at the Car Insurance Comparison website.
Who needs to buy commercial auto insurance?
Those who have a company where commercial driving is involved need to have commercial auto insurance because anything could happen on the road/highway. Also, freelance commercial drivers should have the same type of coverage even though they work for themselves. They too should have commercial auto insurance because they could very easily, accidently hit someone in a little sedan that they couldn't see on the road because they are positioned so high-up. So to cover yourself, those with the use of commercial trucks, should have commercial auto insurance. And know their is a difference between regular car insurance and commercial auto insurance. Just like their is a difference between having a CDL license and a regular driver's license.
What is the relation between covered services and covered conditions in private and commercial insurance plans?
It doesn't matter if it is private or commercial health insurance, but the difference is this.... Covered services are what specific procedures the insurance will pay for, regardless of what the diagnosis is. Covered conditions are what afflictions the insurance pays for and what conditions are excluded from coverage.
Does gap insurance cover repossession in the state of NY?
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
What is the difference between motor insurance and marine insurance?
difference of motor and marine insurance
No auto insurance but do have gap insurance?
So called gap insurance covers only the difference between the value of your vehicle and what you owe to the bank. It offers no other protections such as personal injury & liability, or collision.
What are the differences between private and commercial car insurance?
As the names suggest, a private car insurance policy covers a car used for personal purposes, while a commercial vehicle insurance policy covers a vehicle used for commercial purposes, such as a taxi or cab. The risk factors for private cars and commercial vehicles are very different, which is why there are two different policies available. A commercial vehicle is normally on the road for much longer than a personal vehicle and is often used to carry passengers, necessitating a broader coverage. Private Vehicle Insurance: Experts recommend having adequate auto insurance because it covers both your own damage and third-party liability. It provides financial protection against accidents, fraud, natural disasters, arson, protests, third-party liabilities, and even personal injury compensation for the owner-driver. The coverage for passengers and non-owner drivers is not included and must be purchased separately. The insurance policy would protect the vehicle if it is used for commercial purposes, even though it is against the policy's wording. Commercial Vehicle Insurance: Since damage to your commercial vehicle can have a negative effect on your business, this form of policy provides financial protection against losses or damages to the vehicle in the event of an accident, third-party liabilities, theft, fire, and natural disasters, as well as personal accident coverage for the driver and passenger. Daily wear and tear, as well as electrical or mechanical breakdown, are on the list of exclusions. Furthermore, if the commercial vehicle is used for personal purposes or is driven by someone other than the named driver on the policy, no coverage is given. Commercial vehicle insurance rates are higher than private vehicle insurance premiums because the risk factor is higher. Commercial vehicles must have valid third-party liability, driver, and passenger coverage, while private vehicles must only have third-party liability coverage. By comparing the different deals, you can purchase Car Insurance Online for any form. Can a Commercial Vehicle Be Used for Private Use? Many cab and taxi drivers use their vehicles to socialize with friends and relatives. However, if you have a commercial vehicle insurance policy, it would not cover personal use of the vehicle. As a result, if the damage happened while the vehicle was being used for personal reasons, you would not be able to file a claim under the commercial policy. Private auto insurance policyholders are in the same boat.
What is gap insurance?
GAP insurance is coverage that covers the difference between the value of the vehicle at the time of the accident and the amount that is owed on the loan at the time of the accident. GAP insurance can be purchased from the finance company or from the persons insurance company. Usually it is much cheaper to get it from the insurance company.
What is the difference between retail and renter's insurance and can you use renter's insurance in a retail space?
Commercial Space Rental and InsuranceWhat you would need to buy for a commercial space is called Commercial General Liability Insurance. AnswerThere is a big difference between Retail and Renter's insurance. Retail insurance is for any type of basically a retail business that has an inventory used for retail purpose. Renter's insurance is used for a private individual or family that is renting a home or apartment and wants to protect their belongings from fire/flood/etc. You cannot use renter's insurance to protect a retail space which is considered business. Retail insurance does cost more. But to get the best answer to this question consult your insurance agent.
