TRANSCRIPT:

Hi Greg Vojtanek here of Fade In Financial. If you have incorporated yourself, or if you have a side gig, I want to talk to you about something very important regarding your auto insurance policy.

Specifically, to qualify as a Personal Auto Policy, your car cannot be owned by your corporation. It has to be owned by an individual or by spouses who live in the same household.

It has to be a private-passenger automobile. It also cannot be used as a public or livery service.

So if you have a side gig for a ride-sharing, or delivery service, or a taxi cab, or something like that, then generally it’s not covered under a Personal Auto Policy.

And lastly, you cannot rent your car out to other people. It wouldn’t be covered under a Personal Auto Policy.

Now this isn’t all doom and gloom. You can simply get additional coverage if you don’t qualify under it. So speak with a professional, an auto insurance agent, and see exactly what is covered under your Personal Auto Policy

This isn’t everything to consider, but I do hope you found it helpful. Thanks for watching.