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Personal Use Of Company Vehicles: What To Know
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The personal use of company vehicles is a common practice for many businesses. It can be tempting to use your company vehicle for personal reasons, but there are risks involved. The following guide will help you understand the ins and outs of this process and what you need to know about insurance.
The first thing you should know is that if your company has commercial insurance, then it will cover any accidents that happen while your vehicle is being used for personal reasons. This means that if you have an accident and it’s not your fault, then the other driver’s insurance will cover the damages, not yours. However, if you have a liability policy with the company car instead of commercial insurance, then in most cases it won’t cover any damages that occur while using it for personal reasons.
Video by Dax Kastrin, Elemental Risk Management, Commercial Insurance Agency Principal.
Call us: NM ✆ +1 505-933-6511 | TX ✆ +1 915-221-2155
#commercialinsurance #insurance #businessinsurance
The first thing you should know is that if your company has commercial insurance, then it will cover any accidents that happen while your vehicle is being used for personal reasons. This means that if you have an accident and it’s not your fault, then the other driver’s insurance will cover the damages, not yours. However, if you have a liability policy with the company car instead of commercial insurance, then in most cases it won’t cover any damages that occur while using it for personal reasons.
Video by Dax Kastrin, Elemental Risk Management, Commercial Insurance Agency Principal.
Call us: NM ✆ +1 505-933-6511 | TX ✆ +1 915-221-2155
#commercialinsurance #insurance #businessinsurance
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