Vehicle Rental Insurance
Insuring Your Auto or RV Rental Business
Because your auto and RV rental business faces some unique liability risks, it’s important to find a policy that will protect your company from potential exposures. Fortunately, SL Specialty Insurance offers coverages that can help alleviate those risks.
Rental Fleet Policy
A Rental Fleet policy is a comprehensive auto policy that insures multiple vehicles on a single policy form and offers a few crucial features you won’t find anywhere else, including covering employees while driving on an excess liability policy and providing rentees statutory coverage on an underlying policy.
All fleet insurance policies include basic auto liability coverages, such as bodily injury and property damage. The policy can be written with self-insured retentions or liability deductibles and extends coverage for Negligent Entrustment or the allegation of
Your policy can also include coverage for physical damage to your vehicles, via Comprehensive and Collision coverage, and for companies with large fleets that do not want individual coverage on each vehicle, a Catastrophic coverage option is also available. This option provides a comprehensive (non-collision) type of protection against loss from things such as tornadoes, hail and wind and offers “per-occurrence” deductibles in lieu of a “per-vehicle” deductible. This option limits your out-of-pocket expenses in the event of a catastrophic-type loss to multiple vehicles at the same time.
Counter products, a line of supplemental insurance products such as RLI, SLI, PAC and PPC, can be sold to your rental customers as an additional revenue stream based on the number of rental days sold for each product, while providing extended protection for your customers.
- RLI (Rental Liability Insurance) is primary insurance that can protect against claims for damage to property or bodily injury as a result of an accident.
- SLI (Supplemental Liability Insurance) also known as renter’s insurance, is excess third party liability insurance that can protect both the renter and rental operator against claims from third parties for injury and/or damage sustained as the result of an accident.
- PPC (Personal Property Coverage) can protect the renter’s personal property.
- PAC (Personal Accident Coverage) can add extra medical and death benefits in the event of an accident.
Auto and RV Rental business owners should also consider Garage Liability – that is, coverage for bodily injury and property damage caused by you and your employees, resulting from the ownership, use or maintenance of the covered vehicles. This feature can provide first-dollar coverage to owners and employees, and it can also extend coverage to owned units not listed in the Rental Fleet Policy as well as vehicles removed from the Rental Fleet Policy and held for sale.
Commercial Auto Policy
Vehicles that are not covered under your Rental Fleet Policy, such as shuttle buses and tow trucks can be protected under a Commercial Auto Policy with separate limits and deductibles that you select.
Commercial General Liability Policy
Protect your business from slip and fall accidents at your location(s) with a Commercial General Liability policy. SL Specialty Insurance can evaluate your needs and recommend appropriate coverage that can limit your exposure and cover your buildings, contents and cash as well as protect from employee theft and business interruption.
Besides the obvious convenience of having all your vehicles on one policy with one premium and one renewal date, fleet insurance offers additional benefits that you’ll want to take advantage of.
The first is a reduction in your overall premium. When you insure multiple vehicles on the same policy, you pay less than you would if you insured them separately.
The second benefit is flexibility, and this is where a fleet policy really starts to shine. For example, fleet policies give you the option to select “blanket” coverages for all your vehicles or choose different coverages for different classes of cars.
Some policies also allow you to choose to cover “any vehicle” versus a scheduled list of specific vehicles. This can be especially beneficial to companies with large fleets and/or companies who frequently add and delete new vehicles. Choosing this feature ensures you don’t have to worry about “missing a vehicle” and incurring damage that isn’t covered by your policy.
Lastly, protecting your Rental Fleet Policy is critical to the success of your business. Supplementing your Rental Fleet Policy with the additional policies we offer such as Garage Liability, Commercial Auto, and Commercial General Liability, allows your Rental Fleet Policy exposure and costs to remain as low as possible.
How to Apply
SL Specialty Insurance is a leading specialized regional insurance agency and works with all major insurance carriers to ensure you always receive the best coverage for the best price.
We specialize in insuring Auto and RV Dealers as well as Auto and RV Rental Companies and provide a complete line of policies to protect your business. We also offer a full line of ancillary products, such as worker’s compensation and surety bonds, to help you maintain compliance in your state.
To request a quote for fleet insurance or any of our specialized products, just give us a call! Our expert agents will be happy to assist you.