Numerous laws and regulation offer some of the best forms of protection for these clients that are hard to match in other parts of the country. However, an often overlooked area that many of these investors are lacking proper protection in is their auto insurance coverages.

As a result, when a new client is looking to insure one of their property investments, I often ask them a few questions to see if their current personal auto policy (PAP) is the correct type of auto insurance for them or if they should look into a commercial auto policy.

• Do you visit 2-3 different locations a day: Many investors have multiple properties that require visits on a daily basis. If this is true, you may wish to consider a commercial auto policy.

• How well protected are your investments: In the event that a serious injury may occur to another vehicle’s occupants in an at fault accident, you may leave yourself financially vulnerable with a PAP. If you qualify for one, a commercial auto policy can provide extra peace of mind due to its optional increased coverage limits.

• Who drives the vehicle: If other family members use your vehicle often, you should remain insured with a PAP.
A common misconception is that commercial auto insurance is far more expensive than standard PAP. This is not always the case. In some instances, commercial auto insurance may even save the driver money over a personal auto policy when comparing apples to apples on coverages.

Additionally, commercial auto policies usually are enforced on an annual basis as opposed to semi-annually as is the case with a PAP. This should be taken into account when researching coverage changes in relation to overall premium increases. Many investors would rather pay an additional few hundred dollars over the course of a year for one million dollars in coverage as opposed to a $100,000 personal auto policy.

As always with insurance, there is not a single answer that is the best for every scenario. Some reading this article may still find a personal auto policy is the best suited for their situation. However, there is the possibility that you are currently driving on a daily basis with less than adequate auto coverages. Be sure to contact an agent at the Insurance Group of West Florida for additional information and to make sure that you and your investments are protected at all times.

Kiley Baldauf
Insurance Group of West Florida
Licensed Agent
Phone: 727.230.9804 Ext. 101
Fax: 727.230.9861

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
1910 Park Meadows Drive, Suite 202
Fort Myers, FL 33907

https://infinitybusinessbrokers.com