What You Need to Know About Commercial Vehicle Insurance
Why do I need Commercial Vehicle Insurance?
Commercial Vehicle Insurance is so-called as it provides insurance cover for use of a vehicle whilst working. The cost of the premiums may be a little higher than standard car insurance, which only covers domestic use and commuting, however, if you have an accident whilst carrying out work duties, and you do not have Commercial Vehicle Insurance, you will not be covered. In addition, with the right Commercial Vehicle Insurance, you can also change drivers of your vehicles without concern that their individual cover may not be adequate.
How does Commercial Vehicle Insurance work if I have a fleet of vehicles?
If you have a fleet of vehicles, there are additional aspects of your policy that you should consider:
- A mini fleet policy can be arranged for 2 vehicles or more
- Premium prices can be more competitive if you have a fleet of vehicles
- There is just one renewal date to remember for your entire fleet
How does Commercial Vehicle Insurance work if I have equipment fixed to my vehicle?
Be aware that for companies who transport water tanks in commercial vehicles, many insurers will only cover the vehicle, so the tank is not covered. Ensure that you have the additional cover, in place, for your tank and equipment. This can be as an extension to your existing policy and there will be an additional premium. Remember, that by insuring tools and water feed poles, you have the peace of mind that both the vehicle and the equipment inside it are fully covered.
Many insurance companies will not insure commercial vehicles where modifications have been fitted – Polished Insurance will provide cover for modified commercial vehicles.
Top Tips for purchasing Commercial Vehicle Insurance
Don’t compromise on the right commercial cover for a cheaper standard premium, just to tick the legality box. You may pay out considerably more in the long run
Be honest in your requirements and disclosures. It could affect your premium if you do not demonstrate total honesty. Disclosure of all relevant information is crucial
Your claim could be void if you have failed to disclose all previous claims, even if accidents pertaining to those claims were not your fault. There seems to be a common misconception that if an accident wasn’t your fault, it doesn’t count…it does!
Fire and theft, accidental damage, and windscreen cover are all standard. Cover for any additional elements such as personal possessions and audio will be quoted on top of the standard cover. If you require this cover, make sure that you tell your broker
Commercial Vehicle Insurance can be purchased for named drivers or for any driver over the age of 25. Some policies will also consider younger drivers.
Drivers need to be experienced, usually with at least 12 months’ driving history, otherwise there will be an increased premium and policy excess.
A Commercial Vehicle Insurance policy ensures that your business is adequately covered when using a vehicle, so if you use a small van, or if you run a mini-fleet, you will need Commercial Vehicle Insurance!