Buying Commercial Vehicle Insurance

When it comes to buying commercial insurance it is more than wise to shop around and compare premiums. Year on year insurance premiums continue to rise so getting the best deal which suits you and your company can be a worth while money saving exercise in itself.

Insurance companies calculate the insurance premiums by using certain factors, some of which are able to be reduced using relatively simple measures.

Age	The age often has a large impact on determining the premium. Younger drivers will attract higher premiums and it is common for insurers to provide commercial insurance for drivers of a minimum age of 25yrs.
Security	If the vehicle is fitted with an alarm or immobilizer this will help reduce premiums.
Overnight Parking	Parking vehicles in a secure place or lockable garage overnight will be considered favourable.
Voluntary Excess	Most insurance companies have a standard contribution which is made towards any claim by the insured. It is possible to request a higher voluntary excess which often reduces the overall premium.
No Claims Bonus	As with private car insurance, many insurers will consider past history. If you have not made a claim on your past insurance this could help keep premiums down. Often a written letter of confirmation from the last insurance provider is required as proof of this.

Insurers will calculate the premium based on the information provided and many will offer a range of payment options. As the policy will usually run for a 12 month period one of the most common payment options is to spread the cost over this period.

Check if the convenient option of spreading the premium over 12 months comes at an additional charge.

Once the premium has been calculated and the policy agreed by both parties (the insurer and the insured), a policy schedule is issued. This is a very important document which provides all the details of the insured people and vehicles, it also contains other important terms and conditions which may apply. If any details on this schedule are incorrect or change over the course of the policy the insurers must be notified immediately and the relevant amendments made. This will ensure that the policy remains effective and valid.

Details of how to make a claim are often detailed within this document and it may be a requirement to return the schedule should the policy be cancelled for whatever reason, it is therefore important to keep this document in a safe place.

Guide Contents

Commercial Vehicle Insurance
Finding competitive Commercial Vehicle Insurance
Buying Commercial Vehicle Insurance
Frequently asked questions about Commercial Vehicle Insurance
Where to get more help and advice about Commercial Vehicle Insurance

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