Understanding Business Vehicle Insurance Symbols
Have you taken a close look at your company’s vehicle insurance policy? If you have, you might’ve seen some small numbers next to the various coverages. If these numbers seem unfamiliar, here’s a breakdown:
Vehicle Coverage Symbols Explained
These small numbers are known as vehicle coverage symbols. They signify the kind of vehicle that’s protected by the relevant insurance limit, be it for liability or physical damage. As you delve into the definitions of these symbols, keep a few things in mind:
1. A symbol might pertain to a specific vehicle type OR its ownership status.
2. The term “auto” has a specific definition, so it’s crucial to understand your policy’s interpretation, as it might differ among insurance providers.
3. The symbols vary based on whether they’re for liability or physical damage coverage.
Symbols for Business Auto Liability Coverage
Symbol 1. Any “Auto”: This is the most comprehensive symbol, covering any vehicle.
Symbol 2. Owned “Autos” Only: This includes any vehicle owned by the policyholder, even those acquired after the policy’s start date. It also covers any “trailer” when towed by an owned vehicle.
Symbol 3. Owned Private Passenger “Autos” Only: This pertains only to private passenger vehicles owned by the policyholder.
Symbol 4. Owned “Autos” Excluding Private Passenger “Autos”: This covers all vehicles except private passenger ones owned by the policyholder.
Symbol 5. Owned “Autos” in No-Fault States: This is for vehicles owned in states with no-fault insurance laws.
Symbol 6. Owned “Autos” in States with Uninsured Motorist Laws: This is for vehicles in states mandating uninsured motorist coverage.
Symbol 7. Specifically Listed “Autos”: This covers only those vehicles specifically mentioned in the policy.
Symbol 8. Rented or Borrowed “Autos” Only: This covers vehicles that the policyholder rents or borrows, but not from employees or household members.
Symbol 9. Nonowned “Autos” Only: This covers vehicles not owned or rented by the policyholder but used for business purposes.
Symbol 10. Certain Mobile Equipment: This applies to specific land vehicles considered mobile equipment under certain state laws.
Symbols for Business Auto Physical Damage Coverage
Symbol 1. Owned “Autos” Only: Covers all vehicles owned by the policyholder.
Symbol 2. Owned Private Passenger “Autos” Only: Pertains only to private passenger vehicles owned by the policyholder.
Symbol 3. Owned “Autos” Excluding Private Passenger “Autos”: This covers all vehicles except private passenger ones owned by the policyholder.
Symbol 4. Specifically Listed “Autos”: This covers only those vehicles specifically mentioned in the policy.
Symbol 5. Rented or Borrowed “Autos” Only: This covers vehicles that the policyholder rents or borrows, but not from employees or household members.
*Custom Symbols
In certain situations, an insurance company might agree to cover a vehicle or ownership scenario not described by the standard symbols. In such cases, a unique symbol, like 10 for liability or 7 for physical damage coverage, is used. This symbol is added to the policy through an endorsement, which must clearly explain the symbol’s meaning. The symbol then appears next to the relevant coverage(s).