Auto Insurance for the B&B Innkeeper

Bed and breakfast innkeepers owe it to themselves to get auto insurance coverage on any vehicle they are using for business. Whether you are running errands like grocery shopping or buying flowers or taxing guests, the car being used needs good coverage. You want insurance that will cover your business assets if you are involved in an accident. You can opt to have an insurance agent who will help you get the best coverage for your situation, or you can shop for your auto insurance online. Cheap auto insurance may not be the same as discount auto insurance because of what’s covered and how claims are handled; shop carefully. Note: you may not be able to get a quote online if you have an older car, if your car is registered out of state, or if you have more than five drivers you are insuring.

Here are some terms and concepts, as gleaned from several auto insurance company websites. Your auto insurance coverage should give you auto owner’s insurance with various additional policies attached. Consider collision, gap, liability, medical, rental reimbursement, towing and labor, uninsured motorist, and under-insured motorist. Be sure to look for the best auto insurance rate that gives you as much as you need to protect your assets.

Collision insurance pays to repair your vehicle if you cause the accident. This is generally the most expensive component of auto insurance. Usually you only get the car’s replacement cost.
Comprehensive insurance covers damages to your car that weren’t caused by an accident like colliding with a deer, vandalism or theft, fire, and a tree limb falling on you (and other natural disasters). In both coverages, the higher your deductible, the lower your payment. And in both cases, the insurance company will only pay as much as the car was worth before it was damaged.

Gap insurance pays the difference between the cash value you receive for a totaled car and the cost of your new car.

Liability insurance is the basis of auto insurance policies and is required in most states. Accidents you are at fault in will be covered for property damage and bodily injury expenses, as well as your legal bills.

Medical payments coverage pays medical expenses for you and your passengers after an accident. Personal Injury Protection (PIP) is an expanded form of medical payment protection, as is no-fault coverage. These options may not be as important if you have a good health insurance policy and disability insurance.

If your car is damaged, or stolen, rental reimbursement will cover the rental of a car until you can get yours repaired or replaced.

In the event your car breaks down, you want towing and labor coverage to handle the expenses to get you back on the road.

If an uninsured motorist hits your car, or your car is involved in a hit-and-run accident, uninsured motorist coverage is important, and required in many states. Under-insured motorist coverage is important when the damage caused during an accident is greater than what the other motorist’s policy will cover. In some states, both uninsured and under-insured motorist coverage pays for property damage too.