What is Symbol 8 on my auto insurance?

Symbol 8 represents “hired autos” only. These are autos that the named insured either leases, hires, rents, or borrows. Symbol 8 gives the insured coverage for rented or leased autos during the policy period. Although this will save the insured premium dollars, there are other things the risk manager needs to know concerning the use of symbol 8.

For example let’s take a look at the Gartner Company. The company risk manager explains that the company does not own any autos, but does rent autos every once in a while, and even requires employees to use their own cars on company business. Jeff, the risk manager explains that the company’s current auto policy uses symbol 1 to describe covered autos and as a result has a very expensive premium because of the broad coverage. Jeff the risk manager asks how to lower the premium and still have appropriate coverage.

Max which is Jeff’s agent then explains both symbols 8 and 9 and how this can protect the company while reducing the cost of insurance.

It is important to note that under symbol 8 autos leased, hired, rented, or borrowed from any of the named insured’s employees, partners, members of a limited liability company, or members of their households are not covered.

Symbol 8 is only applicable when the named insured rents, leases, or hires an auto whether at an airport or any other car rental business. Remember that if an employee is on company business and rents a car in his or her own name, symbol 8 will not apply.

Lastly, it is very important to understand that a hired auto is one that is not owned by the named insured!

Category: Auto Insurance