Do self-employed people need commercial auto coverage if using their own vehicle?
Many self-employed professionals use their own vehicle for work. This driving might exceed the protections of personal auto insurance, but a full-fledged commercial auto policy probably isn’t necessary.
Personal auto policies frequently have an add-on endorsement that can provide the commercial auto coverages which are needed. A commercial auto policy probably would be needed if no endorsement is available, but this isn’t common.
Anyone who’s self-employed and using their own vehicle for work should take care to review policy options with an experienced insurance agent. An agent can help find a solution that provides good protection.
How are commercial auto premiums determined?
Premiums for commercial auto policies vary, as they’re calculated according to a multitude of factors. The type of vehicle, number of vehicles, any driver endorsements, and any recent insurance claims are merely a few of the details insurance companies look at.
The easiest way to find out how much a commercial auto policy will cost is to work with an independent insurance agent. Independent agents can compare quotes from several insurance companies, so businesses can see coverage terms and corresponding rates.