Bank Financing a Vehicle vs. Leasing a Vehicle

Over the past few weeks, we have been discussing techniques for when the time comes to choose the perfect livery vehicle for your fleet. As a livery vehicle operator, you should be aware of all options in order to purchase the best vehicle in the most financially fit way possible. It may be overwhelming when you first think about finances associated with your vehicle, from the vehicle itself to the livery insurance. Luckily, you have options! Let’s talk about the benefits of bank financing versus leasing your vehicle.

Bank Financing:

According to the National Limousine Association, “banks have a menu of items as opposed to leasing companies that most likely have many restrictions on to purely collateralized equipment.” As a livery vehicle operator, you may have a good relationship with your bank and will be able to ask for money. The benefits of bank financing your vehicle are:

• A much lower interest rate;

• A chance to avoid excess mileage fees;

• A chance to avoid hidden fees that a lease may have;

• An easier exit out of the vehicle.


Again, according to the National Limousine Association, “leasing companies borrow money from banks at the best possible rate, and then refinance it out to anyone who wants to borrow it again.” This type of program will benefit:

• People who do not have the best credit score;

• People who may not have a down payment for a vehicle;

• Drivers who may want to choose a different vehicle in a few years down the line;

• Drivers with low-mileage.

Now that you are aware of your options, it is time to make a decision! Once your finances are figured out, it is time to look into our affordable and reliable livery insurance. Without coverage, your vehicle, drivers and company will be at risk each day. After all the time and effort put into choosing the best vehicle for the best price, the last thing you want is to face a financial loss or worse, an uninsured claim from a lawsuit. Be sure to check out our policies, from workers compensation to garage insurance. We would be happy to protect your new vehicle!

Choosing the Right Livery Vehicle: Corporate vs. Retail

As the owner of a livery vehicle or fleet, it is no secret that this industry is made up of two major segments: corporate and retail. However, those who are new to the industry may not be as educated on this! As your livery insurance experts and provider, we have a few pointers that are crucial to know before you go and choose a vehicle. First, it is important to figure out which market you are going to target.


For those who are aiming for a retail market, it is important to choose a vehicle that has diverse applications. For the most part, a white-stretch limousine is the best option. They have a variety of interiors that could suit weddings, proms, bachelor/bachelorette parties, birthdays and more. However, until your company is established and financially secure, it is best to stay away from SUVs and expensive details. Between fuel and expensive repairs, it is best to work your way up. If you are unsure about a cool feature, ask yourself four questions

1. How difficult is it to operate this feature?

2. How easily may this part break apart?

3. Can I easily replace this piece?

4. How much will it cost to replace this?


If you are looking to target the corporate side of the industry, you are in luck. Corporate vehicles are generally easier to choose and much less expensive. To start, it is smart to look into sedans or even SUVs. It is also important to consider what your passengers will feel most comfortable in. Many prefer SUVs because they are higher up and have good storage space for luggage. Once your business is up and running, then you may look into stretch limousines, preferably black or dark in color for the corporate world.

Once you figure out which market to target, you can go ahead and start looking at vehicles!

Choosing reliable livery insurance is just as important as it is to choose the proper fleet vehicles. At Wolpert Insurance, we have put together unique and comprehensive limo and livery insurance solutions. We offer programs such as automobile insurance, discounted workers compensation, employment liability, umbrella insurance, and much more. We are dedicated to protecting your specific business needs, and you should be too!

Choose Your Livery Vehicle & Livery Insurance Wisely!

When a driver goes to choose a livery vehicle, a lot of factors may
run through their mind. It is not just a question of which vehicle looks
sharp; there are a variety of factors that play into the final
decision. It is important to consider whether the driver wants a new
vehicle, old vehicle, what type of vehicle, length, style and much more.
With all these decisions to be made, it may be hard to even start
thinking about the livery insurance you will need to go with it!

So how do you go about choosing the perfect vehicle to add to your
fleet? It is important to follow a few guidelines and do the research.
Here are a few tips to get you started:

• First, do not be fooled by the price. If the price sounds too
good to be true, it most likely is. There may be issues with the
vehicle’s parts, engine or more. The last thing you need is a cheap
vehicle that will cost more to fix up every few months.

• Make sure the company that you purchase your vehicle from has manufacturers and garage keepers insurance.

• Ask questions about the materials that the vehicle is made from. They should be of high quality.

• Research the company and make sure they have a good reputation
and a strong warranty program. If they cannot stand behind their
product, that is a bad sign.

There is much more to discuss when it comes to purchasing the right livery vehicle.
This process is going to require a little research and patience, but it
is much better to have a headache now rather than having a headache
after you have purchased a faulty vehicle.

At Wolpert Insurance, we believe that having the perfect vehicles in
your fleet is a priority. If you are not aware of the many options and
factors that should be taken into consideration, you may not end up with
the best product possible. Choosing reliable coverage is just as
important; our area of expertise. Remember to come speak with us about a
livery insurance policy once you come to a final decision.

Still having trouble choosing a vehicle? Be sure to come back next
week for more information on whether your company needs a corporate or
retail vehicle!

Stay Clear of a Costly Lawsuit with Livery Insurance

As the owner of a livery vehicle or company, it is important to keep track of regulation changes and even legal disputes within the business. If you are not up to date and aware of changes, you may find yourself facing an issue or even lawsuit. Luckily, having livery insurance will keep your company afloat but it is still best to be informed on the latest news.

One of the most recent issues would be a lawsuit that took place in Tennessee. Metropolitan Government of Nashville and Davidson County (Metro) placed new restrictions and regulations on motorized, non-taxi passenger vehicles for hire. This regulation was fought against by three Plaintiffs, all affordable livery vehicle owners. Their dispute? They believed that Metro “worked closely with expensive limousine services in order to eliminate the robust competition in Nashville’s transportation market.”

There were four specific provisions in particular that the Plaintiff’s felt were “threatening” enough to put the Plaintiffs and any other affordable limousine and sedan services out of business. These four provisions were:

I. The “minimum fare”; requires that limo and sedan service operators charge a minimum of $45.00 per trip. This was an issue because “minimum fares serve to artificially inflate the cost of limo and sedan service while doing nothing to increase the safety of the service or protect consumers.”

II. “Prohibition on leasing”; requires that limo and sedan service operators hold title to their vehicles, making leasing impossible. The issue with this is the fact that it does nothing to promote health, safety or consumer protection.

III. “Dispatch restriction”; requires that the operators dispatch vehicles only from their place of business. The issue with dispatch restriction is the fact that it complicates passenger pre-arrangement, increases the amount of time that customers will have to wait for service. This will ultimately destroy consumers’ goodwill.

IV. “Vehicle age requirement”; requires that operators take all sedans and sport utility vehicles out of service after being seven years old and limos out of service after ten. This was a big concern because this regulation exempted classic and vintage vehicles. The argument here is the fact that vintage vehicles actually have less safety features. The only reason why these vehicles were “exempt” is because some of the high-end limo companies have these vehicles in their fleet. These are the companies that helped Metro “craft” these restrictions.

Ultimately, Metro’s Motion to Dismiss will be denied and an appropriate Order will be entered. What do you think about this issue in Nashville? As an affordable livery company, would you feel the same as the three Plaintiff’s did?

Our advice to the Plaintiff’s: stand up for what you believe it right, but make sure you have the proper protection in place. Having reliable livery insurance is crucial if you will be battling it out through a lawsuit. Be sure to grab a free quote from us at Wolpert Insurance, today!