Do I Need Commercial Vehicle Insurance If I Use My Personal Car for Work?

The answer to the question of whether you should get commercial vehicle insurance if you’re using your personal car for work isn't as simple as it may seem. Yes, it’s true that you have personal auto insurance for your car. But then it may not be enough. 

Let’s clarify one thing first. We aren't talking about using your personal car to get to and from your workplace. Obviously, millions of people do just that and most of them don’t need commercial vehicle insurance at all. But if we’re talking about using your personal car to help with your work, it’s a different matter entirely.

Why Your Personal Auto Insurance May Be Inadequate

What you first have to understand is that your personal auto policy comes with the understanding that you’re using your car mainly for personal reasons. You use it to drive yourself to work, to the mall and grocery, to your various entertainment spots, and to your friends’ houses. You may even use it to travel across the country. You’re still covered.

Commercial Vehicle Insurance

But for the majority of personal auto policies, the automobiles driven mainly for a business are specifically excluded from coverage. So if you use your vehicle to deliver pizza for your pizzeria, then if you get into an accident you may be on your own in covering the liability.

The same goes for vehicles that are owned by a business, and not by you. If the business owns the vehicle, then insurance must be bought on behalf of the business and that will generally be dealing with commercial insurance.

Some types of vehicles may also automatically require commercial insurance because of their design. Food trucks, delivery trucks, tractors, and shuttle buses may all need commercial insurance, because they’re classified mainly as commercial vehicles.

If you want to be sure that your personal auto policy covers your car even when you use it for your business, you may want to discuss the matter first with your insurance agent. They can then clarify matters for you.

Beyond the Limits of Your Personal Auto Insurance

If your insurance agent says that you’re using your car too often for business so it needs commercial insurance, then you have no choice but to get one. But even when your personal auto policy covers the use of your car for business, you still may need additional coverage.

Let’s say that you’re just on your personal policy, and you get into an accident while you’re delivering your pizza. The personal policy will then pay for the damages to the other party’s car and for the expenses brought on by the other people’s injuries. But your personal policy will have some limits, and often they’re not enough to cover the entirety of the hospital expenses.

The other party can then sue your business so that it will be liable for the damages beyond the limits of your personal policy. You may end up bankrupting your business to pay the damages.

When Do You Need Commercial Insurance for Your Personal Vehicle?

It may be more sensible for you to obtain commercial insurance even when you already have personal insurance, if the following situations pertain to you:

  • Your business owns the vehicle. That explicitly makes your vehicle a company car, and personal policies don’t cover company cars in general. You’re basically driving around without insurance if you don’t have commercial insurance.
  • You frequently use your car for your business. That should protect your business from suits for damages when they exceed the limits of your personal policy. 
If you’re the employee, then it’s not a good idea at all for you to drive (and depreciate) your car for the business. It’s only a good idea if the company will also pay for its commercial insurance. If a car is needed for your job, then let the company provide you with a car—and the company will pay for the commercial instance for it too. 

Watch Trading Videos to Learn Currency Trading

There are many websites who update Forex trading videos. These videos contain important lessons on how you can improve your trading. When you are trading in Forex, you need to know every information to help you in making money. People focus on their professional help and they ignore the outside helps. As a result, they have many lacking in their knowledge. Reading a book and learning how to ride on a bicycle is the same thing if you only develop a strategy but never use them in the live trends. The trading videos will help you to understand the different volatilities and trends. You can also read about them on articles but these videos will give you a visual representation of the volatilities and changing of trends. You can know the trends better when you are watching the videos. This article will tell you why you need to watch the trading videos. They will help you to understand the concept, to know the changes in trends and volatilities and improve your performance.

Trading

Filter out the best resource

You will have lots of online trading tutorials but this doesn’t everything is useful. In order to become a profitable trader, you must have the intellectual skills to filter out the best resource. Those who are new might not understand the proper procedure but we will clear things out. If you are looking for YouTube video tutorials, see the comment of the normal people. People verdict reveals the quality of the content. Just by following this simple rule, you can easily eliminate the low-quality trading videos.

Does it really help?

When you learn a new thing, apply your technique in the demo accounts. Try to use it properly in your online trading platform. Once you start to understand the new strategy, demo trade the market with the new system. If you can make a consistent profit with an extreme level of ease, consider the new technique as your asset. However, if you fail to make money, and try to find the problems. Solving the problems in an existing trading strategy is a great way to become a profitable trader. So always assess your new trade setups before using them in real account.

They are better than blogs

When you watch a video, there are two benefits. You get a visual representation of what is happening on the chart and you also get to analyze the chart at the same time. It does not happen when you are reading blogs. These blogs only have some screenshots of the images of the chart and the brokers will explain the trends with their articles. It will only give you an idea of how to know these trend but you will not get the idea. The videos that are showing the trends are better and can help you to know the trends that can get volatile. If you want to use your time for your best performance, we suggest watching the videos. There are many channels online where they update the latest videos of the market sessions. You can get an idea of using the right strategy by watching their tricks.

They are free

A good thing about these videos is they are free. You don’t need to spend money to watch them. The brokers have also many videos online with helpful tips. If you need help, try to go for the video tutorials as they are better than the blogs. Most blogs need to sign up for money after giving you some free articles.

You can learn your mistakes

We do not realize our mistakes until it is shown to us. When you watch the videos, you will understand what you were doing wrong. It is hard to find them by reading blogs and articles but the videos will help you. As they show visually the mistakes of traders, you can find yours and make yourself better.