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COMMERCIAL MOTOR VEHICLE INSURANCE

Did you know we can provide Commercial Motor Vehicle Insurance as part of your business package! 

What is Commercial Motor Vehicle Insurance?

Commercial motor vehicle insurance is designed to provide coverage for vehicles used for business purposes. This insurance generally covers your businesses liability for bodily injury or property damage arising from accidents involving your commercial vehicles. It helps protect your business from financial losses associated with accidents, theft, or other incidents involving your fleet of vehicles. 
 
Commercial vehicle insurance is essential for businesses that rely on vehicles to carry out their day-to-day operations, such as delivery services, transportation companies, construction companies, and any other business that requires the use of cars, trucks, vans, or other vehicles to get from A-ToB. 
 
In New Zealand, while commercial motor vehicle insurance is not a legal requirement, it is highly advisable for businesses that own or operate commercial vehicles as it can provide coverage for a range of risks, including damage to vehicles, medical expenses for injured parties outside of ACC, legal fees, and compensation payments resulting from accidents or incidents involving your commercial vehicles. 
 
The amount of commercial motor vehicle insurance you need depends on various factors, including the size of your fleet, the types of vehicles you own, the nature of your business operations, and any regulatory requirements or contractual obligations you may have.

What to Consider When Assessing Your Commercial Motor Vehicle Insurance Needs:

  1. Assess your fleet’s risks: Identify potential risks and liabilities associated with the operation of your commercial vehicles, such as accident frequency, driver experience, and vehicle usage patterns. 
  2. Evaluate your fleet’s value: Determine the value of your fleet, including vehicles, equipment, cargo, and any other assets that need protection ensuring calculating an accurate market value for each vehicle or asset. 
  3. Review contractual requirements: If you have contracts with clients, suppliers, or other parties, review any insurance requirements specified in these contracts to ensure compliance and adequate coverage. 

Example of an Commercial Motor Vehicle Insurance claim:

commercial-vehicle-insurance-example-crash

The client was driving along and loss concentration for a second hitting a third party vehicle.

The client was found liable for the cost of repair to the third party vehicle, and the commercial motor vehicle insurance covered the cost to repair. 

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