What are coverage symbols?
The symbols indicate the type of vehicle covered by the liability or physical damage limit, regardless of ownership. The symbols indicate whether vehicles used in business operations are insured against liability, physical damage, and medical payments.
What do car insurance symbols mean?
Personal Auto Physical Damage Rating Symbols are codes that indicate the relative risk of loss for each private passenger vehicle for a given model year. Each Symbol has a corresponding Symbol relativity, or factor, that insurers can use to develop premiums for comprehensive and collision coverage.
What is symbol 2 in auto insurance?
Under Symbol 2, coverage is automatic when vehicles are acquired and continues on those and originally scheduled autos throughout the policy period. Symbol 2 covers autos owned by the insured. Period.
What is symbol 10 on auto policy?
Symbols 10 (business auto), 32 (garage), 51 and 52 (truckers), and 72 and 73 (motor carrier) are custom symbols, available through the use of the covered autos designation symbol endorsement (CA 99 54), which allows the insurer and named insured to agree to some modified wording that is a better fit in defining the …
What does symbol 1 mean on an auto policy?
liability coverage
When symbol 1 appears next to liability coverage in the declarations, the named insured is covered for claims arising from accidents caused by any auto used in the business. This means that you are covered for claims stemming from the use of owned, hired, or non-owned autos.
What is symbol 8 on an auto policy?
8 = Hired “Autos” Only. This symbol covers only those “autos” that the insured leases, hires, rents, or borrows, unless the “auto” is leased, hired, rented, or borrowed from an employee, partner, or member of the insured’s household.
What is symbol 10 on an auto policy?
In some instances, a particular insurance company may agree to provide coverage for a vehicle or ownership situation that is not described in the above symbols. When this occurs, a special symbol, such as 10 for liability or 7 for physical damage coverage, is used and added to the policy by an endorsement.
What is symbol 29 on a garage policy?
Symbols 21 through 26 provide vehicle automatic coverage. Symbol 21 includes Hired and Non-Owned auto coverage. If symbol 21 is not used and Hired Auto (symbol 28) or Non-Owned Auto (symbol 29) coverage is desired, those symbols must be checked. The symbols indicate the automobiles to which each coverage applies.