Company truck or not?

[HemiSize]

Here's my dilema... I have a 2004 Dodge and I personally insure it currently. I think that if I insure it through my company I will get a better rate. Can I insure it with company money and not have it in the company name. This is my baby and I dont necessarily want to put it inot my company name.

[Allan]

Your insurance will probably go up if you do that.

[jimslawnservice1]

You can put a clause in your insurance where as it is covered if used for work purposes...

But also remember if you kill somebody with "your" truck you might find them sueing both you and your business. For liability you might want to let your vehicles be held by the company. Rates for business insurance for me where cheaper than what I was paying when I personally owned vehicles.

[MGO]

Please check with your insurance agent.......my truck is in my name....not my company name......BUT, I have a commercial policy on it. Most non-commercial policies exclude coverage if you are using the vehicle for commercial use,.......you definately need to look into it. My insurance only went up $100/year when I switched from personal auto policy to commercial auto policy.

I would ask your agent this way....." I am THINKING of starting a business and using my vehicle....how much would it cost me for a commercial policy....".

[HemiSize]

Looks like I'm calling my agent tomorow. Thanks for all the tips guys.

[ECS]

My truck is in my wife's name. The commercial policy is in our name, not the company. I am a sole proprieter. If something shoulsd happen, they can not touch the truck because it is not mine, it is my wife's.

[Ric]

You can put a clause in your insurance where as it is covered if used for work purposes...

But also remember if you kill somebody with "your" truck you might find them sueing both you and your business. For liability you might want to let your vehicles be held by the company. Rates for business insurance for me where cheaper than what I was paying when I personally owned vehicles.

Sweet Jimmy

I will second your Post. Multi Vehicle discounts come into play here. Tax advantages also. But Insurance regulations are set by the State Insurance Commission. Each State will vary.

[rat_race_engineer]

I had my personal truck insured with Liberty Mutual. I called them up to get a Commercial Use rider attached to it and was told that "they don't like commercial insurance accounts and it wasn't available". I spoke with a local insurance agent and he hooked me up with 1 package that combines $1 mil general liability and a matching $1 mil Commercial auto policy. Cost is $2200 per year but then again, I am in NJ and we are suckers for high insurance rates apparently.

The truck is still registered and titled to me personally but the insurance policy is in the company's name. The agent told me that was cool since I was the sole owner of the company (single member LLC which is basically the same as a sole proprietor).

Best Regards,

Jason

[jimslawnservice1]

Shop, Shop, Shop!!!!

I have changed Ins. Companies twice this year. One time for getting pesticide coverage and the second time for significant savings.... My insurance expense is down from 3300 per year to 2200. I am using Grunell Mutual Ins. $2200 covers 2 trucks with full coverage, trailers, liability, loss, snow plows, tools, shed, ect. with coverages for pesticides.

I encourage people to check with the independent insurers, very personal service and no waiting in lines or having to hold on the phone.

Take care!!!

[HemiSize]

My problem is I'm 21 and cant catch a break on a premium cause of my age. I'm just gonna have to age quicker.

[rat_race_engineer]

My problem is that I'm in NJ. At least your problem will work itself out.....my wife has family here and is deathly afraid to drive over bridges so I am stuck here.

Jason

[HemiSize]

Jason,

Can you go out of state for your insurance? I get my business insurance from a company in Ohio.