Understanding Commercial Vehicle Insurance
As you probably already know, it is illegal to drive any form of vehicle on the roads in the United Kingdom if you don't have insurance
. This of course means that all commercial vehicles also need to be insured before they are allowed on the roads.Apart from the fact that it's a legal requirement, having adequate insurance cover in place is just the sensible thing to do considering what the average vehicle costs nowadays, should you ever need to replace the one you have.
Irrespective of whether you have a car or a van, if you use it for commercial purposes then you'll need to make sure you have commercial vehicle insurance. This is not an option, but instead, it's an absolute necessity simply because regular vehicle insurance will not cover you if your vehicle is being used to conduct any form of business.
One of the first things you'll notice when you begin shopping for commercial insurance is that it costs noticeably more than private insurance. Even so, considering your commercial vehicle plays a crucial role in your ability to generate an income, the extra expense is well worth it.
Something else which you'll discover is that not any vehicle will automatically qualify for commercial vehicle insurance and in fact the insurance company you decide to go with will always request a number of details regarding the vehicle and also the driver and/or drivers who will be using it. For example, they will want the names of all the drivers, together with their age and driving records.
You will also need to satisfy the insurance company that all the drivers are in possession of a valid license. With that said, you can insure a commercial vehicle in such a way so that any driver with a license can drive it, but if you're looking to keep your premiums down, then it's in your own best interest to name the individual drivers.
Insurance companies will of course also want to know the make and model of the vehicle and they'll want to know if it's to ever been involved in any previous claims.
Furthermore, the risk of theft will also be taken into consideration. In other words, if the vehicle doesn't have an alarm and an immobiliser, your premiums will inevitably be higher. Certain areas of the country are also deemed to be higher risk in terms of theft and if your vehicle will be spending extended periods of time in such areas then this is to something which will be reflected in your to premiums.
Mileage also influences the cost of insurance, in that the more time a vehicle spends on the road, the more chance there is of it being involved in an accident. Lastly but not least, you'll need to inform the insurance company as to what type of goods will usually be transported in the vehicle.
There is simply no denying that commercial vehicle insurance cost more than ordinary vehicle insurance, but of course there are still several steps you can take in order to keep premiums at a minimum. Perhaps the most important thing of all is that you invest a little bit of your time to compare quotes from a number of different companies. After all, with so much demand and so many competing companies, it really is a buyer's market out there nowadays.
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