Commercial Auto for Self-Employed

Dec 3, 2015

  1. brookfieldpartners
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    brookfieldpartners Expert

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    I'm not in the P&C space, but was pondering this question.

    If you are a financial advisor (not sure if it matters if W-2 working for a Morgan Stanley type - or independent financial advisor) should you be carrying a Commercial Auto policy for driving to client appointments?

    Can this be covered by endorsement on a personal policy?

    Many financial advisors use their personal autos to meet clients either at their business or personal residences.

    Let me know thoughts and opinions!
     
  2. nonstandard4me
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    nonstandard4me Expert

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    Personal auto listed as business use should suffice.
     
  3. djs
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    djs Super Moderator Moderator

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    As nonstandard said, most personal lines carriers have a classification of 'business use', which is exactly for this. Works for realtors, insurance agents, financial planners, salesmen, etc.

    It does not work for pizza delivery though.

    Your personal auto policy classified as business use is basically for when driving somewhere is incidental to your work, rather then the main part of the work.

    There is usually a small rate increase for this classification, but its relatively minor.

    Dan
     
    djs, Dec 3, 2015
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