#Vehicle #symbols #for #insurance
Clarke Sampson Blog
Oct 15, 2014 10:37:00 AM
Taking the time to understand the language and symbols on your commercial Automobile Insurance policy may seem like trying to learn a new language, but it is important to fully understand your policy so you know how you’re protected. Below you can find a few general guidelines that will be helpful when deciphering your policy
Taking the time to understand the language and symbols on your commercial Automobile Insurance policy may seem like trying to learn a new language, but it is important to fully understand your policy so you know how you’re protected. Here are a few general guidelines that will be helpful when deciphering your policy:
- Each symbol represents the type of vehicle protected by the applicable liability or physical damage limit.
- The symbol may apply to the type of vehicle covered or the vehicle’s ownership status.
- The various terms within your policy have specific definitions that you should become familiar with.
- The symbols are different on coverage for liability as compared to physical damage coverage.
Liability Coverage Auto Symbols
1 = Broadest symbol; covers any “auto.” (ANY AUTO)
4 = Covers all “autos,” other than private passenger vehicles owned by the insured. This includes vehicles that are attained after the policy begins and also applies to trailers used by an owned vehicle. (OWNED AUTOS OTHER THAN PRIVATE PASSENGER AUTOS ONLY)
8 = Covers “autos” that the insured leases, hires, rents or borrows for their own use. It does not cover “autos” that are leased, hired, rented or borrowed for employee or family member usage. (HIRED AUTOS ONLY)
9 = Covers “autos” that the insured does not own, lease, hire, rent or borrow, but are used for business purposes. These “autos” may be owned by employees or family members, but must be used for the insured’s business or personal matters. (NON-OWNED AUTOS ONLY)
Physical Damage Coverage Automobile Symbols
5 = Covers “autos” that the insured leases, hires, rents or borrows for his/her own use. This does not cover “autos” leased, hired, rented or borrowed for use by an employee or family member. (HIRED AUTOS ONLY)
At times, there may not be an applicable symbol for the type of coverage provided. In those instances, a special symbol is used and added to the policy by way of an endorsement. The endorsement will contain a complete description and explanation of the symbol’s meaning, and the symbol will also appear with the applicable coverages on the policy.
It is imperative that you understand these symbols to ensure that you are properly covered. Consult Clarke Sampson, Inc. today to learn more Automobile Insurance policy symbols, their meanings, and how this applies to your coverage.
Commercial Automobile Policy Symbols: What Do They Mean, vehicle symbols for insurance.