Two major insurance companies Allied and Nationwide announced new commercial auto product features with the Commercial Auto Plus Endorsement. It provides the following coverages:
New Vehicle Replacement Cost Coverage – can cover new private passenger vehicles, or pick up trucks up to 20,000 gross vehicle weight, without depreciation, if they are in an accident resulting in a total loss.
Hired Auto Physical Damage with Loss of Use Coverage – can cover rental vehicles for collision or comprehensive coverage, if the business also purchased hired auto liability coverage, and has collision & comprehensive coverages on owned vehicles.
Auto Loan or Lease Coverage – If a leased vehicle is a total loss because of an accident, Commercial Auto Plus Endorsement can cover the difference between the unpaid amount on the loan or lease and the actual cash value of the vehicle.
Expanded Towing – Standard business auto policies do not provide towing coverage for trucks. With Commercial Auto Plus Endorsement, Allied Insurance covers trucks and private passenger autos for the cost of towing, jump starts, and minor roadside repairs.
Rental Reimbursement – Standard business auto policies do not pay for a rental car, but Allied’s Commercial Auto Plus Endorsement makes sure that business owners are covered when they need a replacement vehicle.
Personal Effects of Insured and Property of Others – Commercial Auto Plus Endorsement provides $250 of coverage for property of others that is in a business’ custody or control while it is being transported. It also provides $500 for personal property of the insured that is lost or damaged while being transported, with no deductible.