Call Us (281) 376-1933 ☰ ˟
Manage Policy File a Claim
Logo
(281) 376-1933
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Homeowners
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Umbrella
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Insurance & Financial Services At Champions
    • Our Locations
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Icon Home Icon Business Icon Life Icon Health Icon Boat Icon
Home > Blog > Do You Need Commercial Auto Insurance If You Lease Your Vehicle?
FRIDAY, MAY 21, 2021

Do You Need Commercial Auto Insurance If You Lease Your Vehicle?

When you use a vehicle for business, you usually need commercial auto insurance. This coverage minimizes risks associated with the vehicle and helps protect your business from claims. The same is true if you own or lease the vehicle.a car parked in a parking lot 

Why Commercial Coverage Matters 

Leasing a vehicle is common and helps keep costs down. But did you know that leased vehicles must maintain full car insurance coverage under the terms of the lease? The same applies to commercially leased vehicles. Any time you have a leased vehicle, the owner needs to know the vehicle has proper coverage.  

In the long term, the leasing company sets the coverage you obtain for a commercially leased vehicle. You can choose to add more protection above and beyond what they require. However, a stipulation of most lease agreements is full coverage. This usually includes collision, liability, comprehensive and uninsured motorist coverage. You might also have to carry deductibles at certain limits. 

Commercial or Personal Insurance? 

Any vehicle used for business operation should have commercial auto coverage, including any rented or leased vehicle. Commercial auto coverage: 

  • Provides better liability coverage, therefore better protecting business assets. This extends the amount and type of protection you have to all company-owned vehicles listed. 

  • Covers other types of vehicles and features. This includes trailers and other add-ons (if you mention them in the policy). 

  • Covers more than one driver. The policy covers the vehicle no matter who is behind the wheel. However, you might need to list the driver on the policy. They should be able to drive any vehicle listed on the policy, too. 

  • May include non-owned vehicle coverage. This helps minimize risks to your company when employees operate vehicles the company does not own, like their personal cars. 

  • Is very flexible to meet the demands of operation applying to your company. 


When it comes to buying insurance for your vehicle, speak with an insurance agent who can offer more insight into the coverage that’s right for you.  
Posted 4:43 PM

Tags: commercial, auto, insurance, employee, vehicles, leased, car
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021

  • insurance(12)
  • commercial(7)
  • coverage(7)
  • policy(6)
  • business(5)
  • auto(4)
  • car(3)
  • liability(2)
  • general(2)
  • life(2)
  • vehicle(2)
  • owners(2)
  • vehicles(2)
  • terms(2)
  • bop(2)
  • employee(2)
  • whole(2)
  • retirement(2)
  • homeowners(1)
  • identity(1)
  • accident(1)
  • life insurance(1)
  • recreational(1)
  • property(1)
  • personal(1)
  • shopping(1)
  • umbrella(1)
  • workers(1)
  • motorcycle insurance(1)
  • rv(1)
  • benefits(1)
  • small(1)
  • theft(1)
  • leased(1)
  • compensation(1)

View Mobile Version
Facebook
Twitter
Google+
Get Directions
Contact Us Today
Speak to an Agent
Resources
Products
Customer Service
Payment Options
Report a Claim
News
About Us
Refer A Friend
Our Carriers
Blog
Contact Us
Contact us 8623 Louetta Road
Spring, TX 77379

P: (281) 376-1933
F: 281-376-0151
E: agency@ifscagency.com
© Copyright. All rights reserved. Powered by Insurance Website Builder.