Who needs commercial vehicle insurance
If you use a vehicle in the day to day running of a business you may need commercial vehicle insurance.
When is a commercial vehicle insurance policy required
Generally speaking any commercial vehicle requires a commercial vehicle insurance policy.
Commercial vehicle insurance policies take into account the increased risk that business vehicles and commercial vehicles have given that they are on the road more often, for longer hours transporting goods or people.
You can sometimes add a commercial vehicle or business vehicle insurance component onto your personal vehicle insurance. This needs to be discussed with your insurance broker.
Why is commercial vehicle insurance important?
If you need to make a claim because of an accident involving a commercial vehicle you own or a claim is made against you for negligence this may need to be covered by a commercial vehicle insurance policy.
Personal car insurance is not the same as commercial vehicle insurance and not being insured correctly in the event of a claim may result in significant stress and financial hardship if a claim is denied.
How much is commercial vehicle insurance?
The insurance premium for commercial vehicles and fleet insrance varies due to the following factors:
- Types of vehicles
- Numbers of vehicles
- How often and how far they are driven
- You and your emloyees driving records
- Your last 5 years claims history
- Age and gender of drivers (womend statistically have less accidents than men)
- Your location and how the vehicles are stored
Do you need commercial vehicle insurance if you already have personal vehicle insurance?
Depends on the terms and conditions of your insurance policy.
Some insurers may cover you for limited circumstances if using the vehicle for business purposes and some may not.
You should always speak to a qualified insurance broker or read the fine print on all of your insurance policies so you know when you are covered and when you are not.
What is the difference between business vehicle insurance and commercial vehicle insurance?
You can get insurance policies that will add business use to a personal car insurance policy. Typically suited to those that use the car for both personal and business use like Tradies and Real Estate Agents.
Commercial vehicle insurance is mostly used when the vehicle is used exclusively for business purposes. An example may be when a vehicle is used to transprt goods or make deliveries for a business.
Is commercial vehicle insurance mandatory?
Legally your vehicle needs to be covered by at least a CTP policy .
A CTP policy however will not cover you or the costs to repair your commercial vehicle or anyone else’s property in the event of a claim arising.
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