What exactly is monoline commercial auto insurance? Learn about this type of commercial auto insurance by reading the following article. You’ll find out what it covers, how it’s different from traditional commercial auto insurance and much more! If you’re looking to learn more about monoline commercial auto insurance, then keep reading below!
Although it sounds intimidating, monoline insurance is actually pretty simple. As you may have guessed from its name, monoline insurance companies only offer one type of coverage. So if you need more than one type of coverage (liability, for example), then a monoline insurer isn’t for you. But if you’re looking for coverage in just one area, a monoline insurer could be your best bet.
How it works
Monoline policies are a kind of commercial auto insurance. Monolines usually specialize in providing coverage for commercial fleet operators, but they may also provide insurance for other kinds of business-owned vehicles. In contrast to multiline policies, monolines only sell one type of policy (hence their name). Thus, if you wanted to purchase multiple types of vehicle insurance through a single provider, you might find yourself looking at a monoline policy.
Why would you need it?
While many insurance companies offer comprehensive commercial auto insurance, it’s important to note that not all provide exactly what’s needed for a small business owner or fleet manager. Monoline commercial auto policies help fill in gaps where other policies fall short and are usually cheaper, so you can get better coverage at an affordable price.
When should you buy it
Before you purchase a vehicle, you should consider purchasing a monoline commercial auto insurance policy. This is because a motor vehicle will have a major impact on your finances if it is ever involved in an accident, and standard personal insurance will not protect you from all types of claims.
Are there alternatives?
One benefit of a monoline commercial auto insurance policy is that it has one premium. This means there are no other costs to pay out of pocket at renewal time, which is a nice perk. But what happens if you don’t renew your policy and end up needing coverage in an emergency situation?