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Personal and Commercial Vehicle Insurance

Why do I need Personal and Commercial Vehicle Insurance?


As you’d expect, the vast majority of personal and commercial vehicle insurance claims revolve around damage.

There are vastly different ways of claiming for each and every eventuality. That depends on damage, fault, people involved, location and many other factors. You can even claim for accidental damage that you personally cause to your vehicle or yourself. It should be obvious, but if you hit something, it really matters a lot what it is that you hit. Having a collision with your gateway might cause a few scratches or a damaged rear view mirror. Having an accident in the company garage might damage more than just your car and possibly cause minor structural damage. The scope of cover has the potential to expand dramatically when you’re out on the road.

Let’s face it, most vehicles are meant to be on the road, whether we’re driving for business or pleasure. Accidents can happen at any time and once you’re out of your garage, those can involve other people. And a multitude of other things. Public Liability insurance might also be something you consider. For example, if you leave a company vehicle in the wrong place and it causes access issues or accidents.

Other vehicles are meant to be used in private or closed settings. Using a vehicle in a confined space like a warehouse creates issues about management liability. Whilst using a vehicle on a building site would come under a different type of insurance such as Builders Contract Works. Using rented vehicles creates different insurance issues compared to actually owning them outright.


How much cover should I get?

 
The amount of cover that you need depends on the number of vehicles you own or rent. You need to consider how and when they are used. Are your vehicles used just for business? Or are they also used for personal reasons as part of someone’s contract with your company?

What is your vehicle claim history? Companies with a large history of accidents or claims should take advice about what they should and shouldn't cover. As a small to medium company, you should talk to your accountant or to Sure Insure about it. The reason for this is that you can save money by buying and insuring either personally or privately. It depends on the size of your company, your personal circumstances and the implications of tax.

Personal and Commercial vehicle insurance policies can involve payment of excess. That is when you agree to pay a fixed amount to cover an accident in order to reduce your overall premiums. Depending on how old someone is, how experienced they are and their driving history, excess payments can vary dramatically. Obviously, the larger your fleet, the more diverse it is, the cost of the vehicles and where you keep them are factors.

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Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

Personal and Commercial vehicle insurance policies can involve payment of excess. That is when you agree to pay a fixed amount to cover an accident in order to reduce your overall premiums. Depending on how old someone is, how experienced they are and their driving history, excess payments can vary dramatically. Obviously, the larger your fleet, the more diverse it is, the cost of the vehicles and where you keep them are factors.


Claiming on my Personal and Commercial Vehicle Insurance


When you have an accident the first thing you need to do is call your broker. This button takes you straight to the page where you can find our phone numbers, email address and advice.

While you are calling us, think about the accident you have just been in. DO NOT ADMIT FAULT. We will deal with the claim. What we need from you are the details.

If you were on the road and another vehicle was involved, we need photos. We also need the driver’s name, make model and registration of car. We need the driver’s license number if at all possible. If you collided with a parked vehicle or the other driver is uncooperative, take photos and take notes. Also, take the phone numbers and names of any witnesses to the accident. It helps if you can get a statement from them at the scene as they may not be so keen to help after the event.

If you MUST move the vehicle, wait until the police arrive and make sure that you get their report.

When accidents happen in a work carpark, warehouse or building site, immediately inform the managers responsible for that area.

Most insurers will provide the option of a replacement vehicle while yours is fixed under personal and commercial vehicle insurance. If you are dealing with rented plant equipment, your site manager will have to talk to Sure Insure about the Builders Contracts Insurance policy.





General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


SureInsure Insurance Advisors, ABN 11 642 332 698, AFSL 525177

This article originally appeared on Sure Insure Blogs and has been published here with permission.

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