It's just like you don't have insurance as far as your finance company is concerned. They will send you letters and if you don't take care of it they will have forced placed coverage added to your vehicle and the extremely high cost will be added to your finance account. You really need to get this matter fixed.
A loss payee has to be added to an insurance policy when one uses collateral, such as a house or car. The payee is required to provide collateral and agree to carry insurance on the secured property.
A loss payee clause is a statement. This is added onto your auto finance loan to cover interests with the bank.
Auto policies, whether personal or commercial will not cover contents within the vehicle. That is not what auto policies are designed to do. You need to have a commercial property and liability policy to cover business property while on premises or off premises.
That would be one policy in force for a commercial risk.
When you insure a vehicle that you use for business purposes, make sure that you insure it under an authentic commercial auto insurance policy. A personal auto insurance policy will not cover many business uses of an automobile, and if you make a commercial auto insurance related claim that is not covered on your personal policy it will be denied. Therefore, when you buy or lease a car for business use, contact a commercial auto insurance broker if your general business insurance broker or provider cannot assist you with your commercial auto insurance needs.
You would need to buy a commercial auto policy.
Insured has thirty (30) days to add new vehicle to commercial auto policy. For auto insurance it is what is on the policy that is covered.
As soon as they are added to the policy.
There is no average cost of insurance. There are far too many factors and variables involved in rating an auto policy, especially a commercial auto policy. You can have a company that hauls dynamite and has ten trucks versus someone like UPS.
You will need to buy a commercial auto insurance policy for delivery services. Vehicles used for delivery or conveyance are not covered under your Personal Auto Insurance. Any accidents that occur while engaged in commercial activities are not covered under your 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.
it depends but i think..... YES!!!