# Your truck: In your name or company name?



## tc70518

How many of you use your company truck as your everyday driver? I currently have a v6 Tacoma that I use for my everyday driver, but I also it for my company. I need something with more room and more pulling power. I'm trying to decide whether to buy a cheap company truck and keep my Tacoma, or sell my Tacoma and buy a nicer full size truck with a bigger engine to use for work and an everyday driver. How many of you use your company truck as an everyday driver and have your business listed on the title? I always thought having it in my name, and leasing it to my business was better from a liability standpoint. I have an LLC to protect my business assets, but driving around all the time in the "company vehicle" would seem to put my business at risk, every time I'm on the road. Any thoughts?


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## rbsremodeling

tc70518 said:


> How many of you use your company truck as your everyday driver? I currently have a v6 Tacoma that I use for my everyday driver, but I also it for my company. I need something with more room and more pulling power. I'm trying to decide whether to buy a cheap company truck and keep my Tacoma, or sell my Tacoma and buy a nicer full size truck with a bigger engine to use for work and an everyday driver. How many of you use your company truck as an everyday driver and have your business listed on the title? I always thought having it in my name, and leasing it to my business was better from a liability standpoint. I have an LLC to protect my business assets, but driving around all the time in the "company vehicle" would seem to put my business at risk, every time I'm on the road. Any thoughts?


 

To be honest I have all of my vehicles even my wives vehicle in the company name. God forbid you ever have an accident during working hours you will regret if you go up against the wrong attorney that knows his ass from his elbow. My limits are extremely high on my commercial policies


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## tc70518

So are you saying I'm at more of a risk with my vehicle in my name?


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## rbsremodeling

tc70518 said:


> So are you saying I'm at more of a risk with my vehicle in my name?


In a way. The law is a bit weird and not absolute of course but if you use your vehicle for business it should be insured commercially.

If your driving your truck going to a job and a 2x4 comes off the back and takes out a car. The insurance company can refuse to pay. Their rationale is that you should have commercial coverage.


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## Warren

If your vehicle is in your name and not covered under the companys Insurance policy you may not be fully covered in an accident. They say that if you are hauling ladders and one slides off and causes damage, this would not be covered under your personal auto policy.


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## Mike Finley

If your truck is titled to the company, you're carrying the insurance through the company. 

If you're driving it during business hours or off hours there should be no difference in regard to coverage, that is as long as you don't have a company policy that says nobody can use a company work truck personally.


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## rbsremodeling

Warren said:


> If your vehicle is in your name and not covered under the companys Insurance policy you may not be fully covered in an accident. They say that if you are hauling ladders and one slides off and causes damage, this would not be covered under your personal auto policy.


Exactly what Warren said. Also commercial limits are usually higher than personal limits


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## tc70518

Ah, okay. I wasn't quite sure about how that worked. I have a million dollar liability coverage. Would I have to change that to include vehicle coverage? I'll have to take a look at my policy when I get to the office a little later.


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## 480sparky

Busniess name. For tax and insurance purposes.


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## Mike Finley

tc70518 said:


> Ah, okay. I wasn't quite sure about how that worked. I have a million dollar liability coverage. Would I have to change that to include vehicle coverage? I'll have to take a look at my policy when I get to the office a little later.


Your general liability policy won't cover your autos or anything that happens as a result of an accident driving them, you need a separate commercial automotive insurance policy.


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## Darwin

480sparky said:


> Busniess name. For tax and insurance purposes.


what sparky said


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## tc70518

Mike Finley said:


> Your general liability policy won't cover your autos or anything that happens as a result of an accident driving them, you need a separate commercial automotive insurance policy.


It has to be written in the policy that I can use it for personal use as well, correct?


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## Mike Finley

No, I don't think so. But you better check for yourself. I'm pretty sure it's covered 24 hours a day, working or not. I guess who is to say if you are working or not. I guess maybe if you are at Disney land in Florida there would be a case to be made you weren't working. Commercial auto insurance wants to know who is driving it and bases the premiums partly on the driver and his/her record and you have to usually have anybody driving the vehicle named in the policy.


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## ERAD_DIB

Mike Finley said:


> I guess maybe if you are at Disney land in Florida there would be a case to be made you weren't working.


Well, maybe if he was giving Mickey and Minnie an estimate on their new storm shutters . . .
:jester:


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## SLSTech

At the moment - all vehicles are in my name, I carry Commercial Insurance which allows personal use. My next vehicle will definitely be in the companies name. 

The catch with an LLC is that it is to help protect your personal assets not your business assets. If your company vehicle is in your name, or you deposit money from a job into your personal account, you have just lost that protection, because your name is now out there, not the companies.


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## TBFGhost

I have been told that even if I get into an accident and I am using the truck for work....it won't be covered...even if the ladders stay on the truck and I just rear end someone.......however...I still have it under my name...


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## FJRFencer

Business name. Tax, liability and insurance (and fuel and maintenance - under the tax heading)

I also Carry an additional 1mil umbrella personal policy to cover what ifs its only $140 per year.

Its my daily driver, a 1 ton dually, I get crappy fuel mileage, but I advertise every place I go.

per tax records though, you should keep a log of total mileage and separate business vs personal use.


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## dougger222

I have the Excursion, F250, and F350 all in my personal name. The work trailers are in my business name though.

My auto insurance is with one of the best in the business and my agent is a personal friend who sends me a lot of work. It would be safe to say IF something should occure it will be taken care of very quickly.

Had a deer run into the dually last Summer and the adjuster called and emailed me weekly. After several months of being to busy to repair she said to just call when I was ready. Getting close to a year now, $5K+ in damages.

Not of my vehicles or trailers have advertising on them. Most know who's at there house looking at there roofs due to the plates, DOUGER and DOUGGER. The X has Support our Troop plates.

Get really good insurance rates with two homes, 3 trucks, 3 cars, and several trailers.


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## woodchuck2

Both of my trucks are through registered commercial and are insured personally. Neither trucks are lettered for advertising and neither of them have ladder racks. My insurance company handles all of my policies and my agent recommended to just modify the policy to commercial for towing my trailers. The one truck i keep a log book for personal/work milage and the second truck is used strictly for the business so i will just write off the total milage for the year.


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## davitk

I just spoke with my insurance agent about this (American Family, Business Key Policy) and he said it did not really matter one way or the other, his point being that even if my wife was driving her personal vehicle to the bank to make a business deposit and was hit,while she was doing official business at the time we would be covered, regardless of the vehicle or who owned the vehicle involved in the incident. That said I just purchased a 12,000 GVWR cutaway van and am registering it under the business name. I can see no reason not to.


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