How to Get Insurance for a Car Rental Businessby Breann Kanobi
If you intend to start a rental car business you need to find an insurance provider. Rental car businesses need small business insurance as well as a way to provide clients the option of buying extra insurance for vehicles they will drive. Make sure that all of your company policies are intact and well thought-out before comparing insurance options. You should estimate the costs and profit for your business as well as the rates that you intend to charge customers.
Write a list of all the cars in your rental fleet. Include model, make, year and license plate number, as well as minor or major damage to any vehicles.
Make copies of documents such as a business license, tax returns and registration for each of your vehicles. Insurance companies will need you to verify all information with proof.
Call insurance companies to request a quote for your rental car business. Most insurance companies provide small business insurance services. If you have a very large rental fleet with many employees, it may be harder to find insurance.
Compare offered rates and coverage.
Select an insurance company and set up a policy to sell temporary insurance to rental car clients. Rental car companies typically offer a number of add-on insurance options to renters, such as personal liability or collision insurance. Most rental car companies charge $10 to $30 a day for these options. Work with your insurance specialist to create this system.
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