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Commercial Car Insurance – What are those Auto Symbols?
If you’ve reviewed your Commercial Car insurance policy at any time, you’ve likely seen reference to your limits and coverage applying to “symbols” concerning your Autos. And you aren’t the only one who’s probably had a head-scratching moment trying to understand what this means and if it’s even necessary?

Home » General Insurance » Commercial Car Insurance – What are those Auto Symbols?

Commercial Car Insurance – What are those Auto Symbols?

If you’ve reviewed your Commercial Car insurance policy at any time, you’ve likely seen reference to your limits and coverage applying to “symbols” concerning your Autos. And you aren’t the only one who’s probably had a head-scratching moment trying to understand what this means and if it’s even necessary?
Below are the most common symbols and what they mean (and why they ARE essential) for you to understand as a Business Owner with a Commercial Car insurance policy or Commercial Auto Coverage as part of your insurance portfolio.

 

Symbol 7: “Scheduled Vehicles”

The most common type of coverage purchased for Business Auto is “Symbol 7” Symbol 7 coverage refers to any “scheduled” or listed vehicles on your policy. It is like Personal Auto coverage. The Insurance policy will only respond to claims for specific vehicles- identified by year, make, model, and VIN- you have identified as wanting coverage on and listed on your policy. If a vehicle isn’t specifically listed, you don’t have coverage. You have the option of Liability coverages and physical damage coverage (comprehensive and collision) as well as additional coverages such as towing and rental reimbursement that will follow the scheduled vehicles.

Auto Symbols

Symbol 1 - Any Auto

Symbol 7 - Scheduled Vehicles

Symbol 8 - Hired Autos

Symbol 9 - Non-owned Autos

Symbol 8: “Hired Autos”

Symbol 8 or Hired Autos provides coverage for your business if you hire an Auto to perform functions for your business and there is an accident. This would include hiring a driver for delivery or livery service for your business. Liability-only coverage for Hired Auto’s is most purchased, but you can also get physical damage coverage for Hired Autos as well. This coverage can be included on a separate Commercial Car insurance policy but can sometimes be added to an existing Business Owners Policy or Commercial Package Policy.

 

Symbol 9: “Non-Owned Autos”

Coverage for Symbol 8- Hired Autos and Symbol 9- Non-Owned Autos are often bundled and purchased together. Coverage for “Non-Owned” Autos provides coverage for any Autos that the business and its owners do not personally own but are still used during your business. For instance, an employee is asked to go to the post office as part of his duties and gets into an accident.  In this scenario, the business does not own the vehicle, nor did they “hire” the auto. Still, the car was being used for business purposes. Like Hired Auto Coverage, Liability only coverage is most often purchased, but physical damage coverage can be added as well.

 

Symbols 7, 8 & 9:  If your Business has a Commercially owned vehicle, you may benefit from having Symbol 7 “Scheduled Vehicles” and Symbols 8 & 9 listed on your business auto insurance policy.  This way, you have coverage not only for your registered vehicles but also for Hired and Non-Owned vehicles used for your business purposes. 

 

Symbol 1: “Any Auto” 

Symbol 1- “Any Auto” is the most comprehensive coverage option available on a Commercial Car insurance policy. It includes coverage for scheduled, hired, and non-owned autos, as well as other types of vehicles that may be involved in use for your business. Not every policy offers Symbol 1 coverage as an option as it is so broad and often depends on the type of business you operate. Still, if it’s available, it’s a highly recommended coverage.

Symbol 1 coverage does not replace scheduling and listing your vehicles on your policy, as most states require an Auto ID card and report to their Department of Motor Vehicles that your owned vehicles have coverage. Still, as a risk transfer tool for your auto-related risks, it’s the widest-reaching for applying for liability coverage.

Below are the most common symbols and what they mean (and why they ARE essential) for you to understand as a Business Owner with a Commercial Car insurance policy or Commercial Auto Coverage as part of your insurance portfolio.

 

Symbol 7: “Scheduled Vehicles”

The most common type of coverage purchased for Business Auto is “Symbol 7” Symbol 7 coverage refers to any “scheduled” or listed vehicles on your policy. It is like Personal Auto coverage. The Insurance policy will only respond to claims for specific vehicles- identified by year, make, model, and VIN- you have identified as wanting coverage on and listed on your policy. If a vehicle isn’t specifically listed, you don’t have coverage. You have the option of Liability coverages and physical damage coverage (comprehensive and collision) as well as additional coverages such as towing and rental reimbursement that will follow the scheduled vehicles.

commercial car insurance graphic

Auto Symbols

Symbol 1 - Any Auto

Symbol 7 - Scheduled Vehicles

Symbol 8 - Hired Autos

Symbol 9 - Non-owned Autos

Symbol 8: “Hired Autos”

Symbol 8 or Hired Autos provides coverage for your business if you hire an Auto to perform functions for your business and there is an accident. This would include hiring a driver for delivery or livery service for your business. Liability-only coverage for Hired Auto’s is most purchased, but you can also get physical damage coverage for Hired Autos as well. This coverage can be included on a separate Commercial Car insurance policy but can sometimes be added to an existing Business Owners Policy or Commercial Package Policy.

 

Symbol 9: “Non-Owned Autos”

Coverage for Symbol 8- Hired Autos and Symbol 9- Non-Owned Autos are often bundled and purchased together. Coverage for “Non-Owned” Autos provides coverage for any Autos that the business and its owners do not personally own but are still used during your business. For instance, an employee is asked to go to the post office as part of his duties and gets into an accident.  In this scenario, the business does not own the vehicle, nor did they “hire” the auto. Still, the car was being used for business purposes. Like Hired Auto Coverage, Liability only coverage is most often purchased, but physical damage coverage can be added as well.

 

Symbols 7, 8 & 9:  If your Business has a Commercially owned vehicle, you may benefit from having Symbol 7 “Scheduled Vehicles” and Symbols 8 & 9 listed on your business auto insurance policy.  This way, you have coverage not only for your registered vehicles but also for Hired and Non-Owned vehicles used for your business purposes. 

 

Symbol 1: “Any Auto” 

Symbol 1- “Any Auto” is the most comprehensive coverage option available on a Commercial Car insurance policy. It includes coverage for scheduled, hired, and non-owned autos, as well as other types of vehicles that may be involved in use for your business. Not every policy offers Symbol 1 coverage as an option as it is so broad and often depends on the type of business you operate. Still, if it’s available, it’s a highly recommended coverage.

Symbol 1 coverage does not replace scheduling and listing your vehicles on your policy, as most states require an Auto ID card and report to their Department of Motor Vehicles that your owned vehicles have coverage. Still, as a risk transfer tool for your auto-related risks, it’s the widest-reaching for applying for liability coverage.

The Last Word

Knowing what Auto Symbol Coverage is best for your needs and what is available to you as a business owner is critical to making sure your policy covers you as best as possible. Therefore, we highly recommend working with your Advisor at InsureGood to review your auto-related risks and available coverages to meet your needs!

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