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Car insurance for commercial vehicles
Most businesses and organisations use vehicles in one way or another. During a typical working day, perhaps a majority of vehicles on the road are there because their drivers’ jobs need them to be there. Such vehicles feature in the accident figures just like any other – commercial vehicles are involved in about 30% of serious and fatal road accidents.
Because of what they may contain, commercial vehicles are disproportionately targets of crime; a van loaded with say, consumer electronics, could be worth thousands to thieves. A recent police report estimates that 900 commercial vehicles are stolen every week in the UK - £152 million worth every year.
Additionally, there is significant evidence that some commercial vehicles are not driven very well. Though many of the drivers involved are professional, in most cases they are driving vehicles that do not belong to them, and hence care less for their welfare. The image of the white Transit van careering around, oblivious to other road-users, has more than a grain of truth to it.
There are three types of policy available to commercial vehicles that use road. They will provide varying levels of cover:
- Third Party Commercial Vehicle Insurance: This insures third parties for accidental death or injury arising from use of a commercial vehicle.
- Third Party, Fire and Theft Commercial Vehicle Insurance: Increases the level of cover provided by third party insurance to include damage to your vehicle caused by fire, or if it is stolen.
- Fully Comprehensive Commercial Vehicle Insurance: Provides comprehensive ‘all risks’ cover for the vehicle. In its simplest terms it means that you are able to claim for any damage caused to your vehicle, apart from those exclusions (e.g. legal and medical fees) you agree with your insurer.