Talk With An Auto Insurance Agent Before You Try To Make Money With Your Car

Posted on: 7 August 2018

Scores of apps promise to help you "Make money with your car!" Cursory research into several top ridesharing and food delivery apps reveals the promises are legitimate. People do make full-time, even lucrative incomes if they do their jobs right and put in the necessary areas. Anyone contemplating monetizing their driving should speak with a car insurance agent though. 

No margin for error exists when using a vehicle for commercial purposes. Without insurance coverage, a major accident could leave you financially devasted. Discussing your specific needs with a car insurance agent reduces the chances of purchasing the wrong insurance.

Purchasing Insurance vs. Purchasing the Right Insurance

The benefit of working with an auto insurance agent increases the chances of procuring the right policy. Anyone using a vehicle for commercial purposes must maintain a policy that covers business use of a car. Buying "any" policy isn't adequate. Drivers benefit from the most appropriate one. Case in point, auto insurance companies do provide particular coverage policies for rideshare drivers. Many drivers accept this type of coverage without question. 

Unfortunately, they may not be aware that the coverage only maximizes when a passenger enters the vehicle. They don't always realize their coverage substantially drops when looking to pick up a passenger. An auto insurance agent can point such policy aspects out and steer the driver to a comprehensive one. Without the help of an agent, the driver may discover the hard way he/she is underinsured.

This example reflects just one way an agent assists customers. When speaking to the agent, you can also discuss:

Appropriate Coverage Limits: Choosing the levels of insurance coverage requires insights and experience. Coverage levels must consider risk along with the financial status of the driver. $100,000 might "seem" like enough coverage to someone with $10,000 in savings. The person may not realize his/her $200,000 house would face a lien after an unfavorably high civil judgment. Nor may the individual take the tremendous risks associated with driving at night on the weekends in a big city. An auto insurance agent may understand the totality of the situation and advise on the right policy.

Comparing Prices: Personal driving history, commercially operating a vehicle in a highly populated area, credit history, and more can factor into auto insurance costs. Don't assume you can only purchase a costly policy. An agent might locate a reasonable policy even when the application raises concerns to the provider.

Enthusiasm to earn money with your car is laudable, but don't be in too much of a rush. Take care of important responsibilities such as making sure you acquire the best possible insurance policy. For more information, contact a company like Hayes McDowell Insurance Agent.