The Insurance Information Institute (III) notes that new vehicles can depreciate in value as much as 20 percent within their first year, and
standard auto policies typically cover the actual cash value, which will likely be less than the purchase price.
Not exact matches
If you or your staff members use a vehicle for commercial purposes, you need a commercial
auto policy, as your
standard personal
auto policy will
typically not cover you for business use of that vehicle.
A basic, or
standard,
auto insurance
policy typically has two or three coverages (depending on how you count them).
You can
typically buy up to $ 300,000 or $ 500,000 of bodily injury liability insurance in a
standard auto policy.