There’s a lot more to Commercial Vehicle Insurance than just being regular motor insurance. It is essentially the collective name that is used to describe a whole umbrella of different policies that are specifically used for business vehicles, including commercial vehicles such as taxis, minibuses, HGV’s and other fleets. It can cover your whole fleet or just a single vehicle and cover comes in three levels like your motor insurance policy; Third Party, Third Party Fire and Theft or Comprehensive.
So What is Commercial Vehicle Insurance?
If you use a taxi, minibus, van or lorry or even a fleet of vehicles for the running of your business then you will need to make sure you get commercial vehicle insurance.
What does Commercial Vehicle Insurance Cover?
As mentioned before, there are 3 levels of cover, including, Third Party, Third Party Fire and Theft and Comprehensive.
Third Party
Third Party Insurance is the cheapest of the 3 levels as it has limited cover. This type of insurance will cover you against any third party damage or injury claims made against your business if there is an accident. This type of insurance covers that only and doesn’t actually cover your vehicle, so, you will find that you will have to fork out for repairs if you do get into an accident.
Third Party Fire and Theft
Third Party Fire and Theft is essentially Third Party cover plus the added protection of your vehicles for damage that is either caused by fire or theft (or an attempt to be stolen).
Comprehensive
Comprehensive cover is the most expensive cover but it does have a higher level of cover. It will not only protect all of the above but it will also cover damage to your vehicle plus personal injury caused by an accident.
As well as different levels of cover you can also select driving restrictions for your vehicles. Like regular motor insurance you will need to specify the “Named Driver”. Commercial vehicle insurance has a “Named Driver” policy which is great for allowing specific drivers to drive specific vehicles.
However, if you have drivers that need to drive all your vehicles then you will need an “Any Driver” policy. This type of insurance is usually the more expensive option as it increases the risk for insurers.
You can also set an age limit on your commercial vehicle insurance policy so that younger and less experienced drivers can’t be included. The same goes for drivers with any convictions. “Any Driver” policies are great for busy companies such as haulage and delivery services as well as taxis.
