Commercial motor insurance covers vehicles used for business purposes, making it appropriate insurance for haulier, courier, postal, delivery, logistics, and other general business companies. Commercial motor insurance is tailored cover designed for customers that require insurance for high mileage vehicles, goods carrying vehicles, equipment carrying vehicles and general commercial undertakings. Unlike personal motor insurance, this specialist insurance offers adapted characteristics that ensure businesses can financially underwrite their commercial doings.
Businesses that transport goods on the roads or offer mobile services need specialist cover that insures their loads and ensures that their vehicles spend as little time off the road as possible. After all, time is money, and time spent with your commercial vehicle in the garage or broken down on the roadside is time spent not earning. With these specialist needs in mind, dedicated commercial motor insurance providers offer unique policies designed to satisfy the demands of business.
More and more mainstream motor insurance providers are entering the commercial motor insurance sector and, as a result of the more competition within the market, policies are offering more coverage options, while premiums are falling. When choosing commercial motor insurance customers should first find which sector their vehicle falls within. Most van insurance providers offer courier, small van and large van (such as a Transit) cover. While hauliers and large logistics firms are also catered for. In general, insurers divide commercial vehicles into three distinct groups: under 3.5 tonnes; 3.5 to 7 tonnes; and over 7 tonnes. Premiums are related to vehicle size and use, so customers should ensure that they have the right cover for their vehicle and its use.
Commercial motor insurers also offer commercially sensitive add-ons, such as goods in transit insurance, tools cover and public and employer's liability insurance. Goods in transit insurance can provide cover for the loss of merchandise, whether it is due to spoiling or theft, while it is contained in the insured vehicle. This insurance is a valuable addition for any vehicle operating company but is of particular value to the self-employed or courier sector, which are likely to be carrying goods belonging to a third party.
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