insurance

[thompsonlawncare]

i am on the process of getting insurance for my business
i am going to have it for my truck to .
my question is can i have my wife's car on the business insurance since it will also be used for business related stuff. the reason i was wondering is because
i would like to have all the car on the company insurance and not have regular insurance or can i not do that


any help would be great thanks

[thompsonlawncare]

also would it be a good or bad idea to put my work truck on my company insurance . i dont know if i need 1 mill in insuance yet what would be the least i should go
like 500,000

PLEASE HELP

[The C Man]

Why don't you ask your insurance agent these questions?

[rat_race_engineer]

As far as putting your wife's car on your commercial insurance policy, that will not be a problem but the commercial insurance for your wife's care will cost you much more than if she just had residential insurance. The insurance company would be happy to charge you more so you won't have a problem getting finding one to do it. If you can put up with the inconvenience of having two insurance policies, you will most likely save hundreds of dollars a year.

As far as what insurance limits you need, I've always heeded the advice of "Buy as much as you can afford". The cost difference between 1 mill & 500K is most likely only a few hundred bucks annually. If you spread that over 12 months and it is covered by your business income (and a deductable expense), it is not too bad.

Also, most commercial accounts require a min of $1 mill in liability coverage before they will award you any contracts. Not sure if it applies to your commercial auto policy as well but in this day and age of sue happy jack a$$es, 500K doesn't go very far.

Good Luck,

rat_race_engineer

[pride]

Ask your agent this stuff, we are no insurance experts, just lawn business guys!

[RRS]

There is no need to have commercial insurance on you wife's car. Even if you're occasionally using it to run errands there is no need unless for some reason you have signs on it. Like Jason said, commercial insurance costs more, and I'm sure the agent will sell it to you, but there's no need. I have commercial insurance on my truck and regular insurance on my car on the same policy.

If you're using the car every now and then for business purposes keep track of mileage and fuel for tax deductions.

[thompsonlawncare]

yea there wont be any signs on her car
how much should insurance be for 1 mill in libality and for my truck
just wondering

[rat_race_engineer]

$1 mil commercial auto insurance for my truck (F150) , with a spiffy clean driving record and a $1000 deductible is costing me $1800 per year in New Jersey. I don't know what it is about NJ that causes the auto insurance to be the highest in the country but I would expect you to be able to get it for 50-75% that cost in almost any other state.

Best thing to do like the others said is to call various insurance agents, tell them what activities you want to do, and get them to give you a quote.

Best Regards,

Jason
rat_race_engineer