Cost of Liability Insurance For Your Car Rental Business
The cost of liability insurance for your car rental business is around $600 per year. This is cheaper than full coverage, which is generally 64% more expensive. The cost difference largely depends on the insurance company of the driver. If you are renting your car to other people, you should consider getting an umbrella policy that covers you for an excess liability amount of $1 million or more. This insurance will cover the cost of repairs, if you are involved in a car accident.
Car rental business liability insurance costs $600 per year
Many car rental businesses have workers who need insurance coverage. Most states require businesses to have workers’ compensation coverage for injuries and illnesses resulting from their work. There may also be other coverage requirements based on state regulations. Talk to your agent about what coverages are required for your business. For example, some policies may not cover accidents that result from your own negligence. This will depend on the state and the type of business you’re operating.
While car-rental businesses often do not require liability insurance, it is still necessary to have it to protect themselves from lawsuits. In most cases, a car-rental business spends between $450 and $1000 per year for general liability coverage. Some car rental companies may qualify for a discounted rate on general liability insurance. Other coverages, such as property and business interruption insurance, can be found in a business owner’s policy.
GEICO offers low rates
GEICO offers low rates for liability insurance in most states. The company is also willing to negotiate lower premiums with policyholders, especially if they intend to get quotes from other insurance companies. To reduce your premiums, call your local GEICO agent. Ask about discounts, programs, and tips for lowering premiums. In addition to offering low rates, GEICO is also willing to negotiate for lower premiums if you meet certain requirements, such as having clean driving records.
GEICO offers discounts to more than 500 groups. Active duty military, National Guard, Reserve, and others may qualify for a 15% discount. Many insurance companies will offer discounts to customers who insure more than one vehicle or a combination of home and auto insurance. And seniors can save as much as $200 on their policy by switching to GEICO. So don’t wait to save on your auto insurance premiums – switch now!
Auto-Owners offers low rates
Among the benefits offered by Auto-Owners are their low rates for liability insurance. The company also offers discounts for safety features, including a student discount. In addition, you can use their app to make payments, manage your policy, and track your claims. It is only available in 26 states. To get started, fill out an online application. Alternatively, call the company’s customer service representatives.
Auto-Owners also offers other discounts for several policies. For instance, if you sign up for paperless billing and make payments online, you’ll save a lot of money on your liability insurance. While you’re there, make sure to ask about surcharges for certain conditions, such as at-fault accidents. Some insurers even assign points for convictions and accidents. You might also be required to pay a deductible.
Umbrella insurance provides excess liability coverage of $1 million or up
If you’re looking for a low-cost way to protect your assets, an umbrella policy is the answer. These policies provide excess liability coverage in increments of $1 million and can cost as little as $1 per day. In an auto accident, a jury can award a plaintiff upwards of $300,000, and even a home accident can lead to a substantial liability award. You can also use an umbrella policy for additional motor vehicles, rental properties, unlicensed recreational vehicles, vacant land, and more.
Cost of umbrella insurance varies from one policy to another. A typical policy costs from $150 to $300 per year, with the cost increasing based on the level of risk. A policy that covers $2 million or more will cost an additional $75 a year. However, the price for a $2 million policy can be significantly higher than that of a $1 million policy. And, if you choose to purchase a $1 million umbrella policy, be sure to research all of the costs before making a final decision.