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Information About Work Vehicle Insurance For Tradies
If you’re a tradesman, there are a few things you should know when asking for commercial vehicle insurance quotes to ensure you get the best value policy.
For starters not all excesses are the same.
Drivers under 25 years (which commonly applies to a tradesman with apprentices) should be noted on your commercial vehicle insurance policy. If they’re not, your commercial vehicle insurance excess can increase by up to $600 over the standard and applicable age excesses. It’s called “undeclared driver excess”.
At Tradesure, we also recommend that you protect your commercial vehicle insurance no claim bonus, otherwise you could be paying a whole lot more for your commercial vehicle insurance premium.
If you are considered a Rating 1 Driver, ensure that your commercial vehicle insurance policy includes No Claim Bonus Protection or No Claim Bonus for Life, which can save you an increase of up to $250 on your annual commercial vehicle insurance premium if you need to make an at-fault or non-recoverable claim.
It’s also worth knowing, that it takes 2 years without any claims, to regain your commercial vehicle insurance “no claim” privileges.
While most tradesmen understand that commercial vehicle insurers are unlikely to alter your no claim bonus or ask you to pay an excess if you are not at fault, what you may not know is that you must be able to supply the name and details of the driver who caused the damage.
If you’re a tradesman or contractor who operates trucks and commercial vehicles which are 2-tonne or more, it’s important to check your travel radius.
Some commercial vehicle insurance policies limit your travel to 250km from your base. If you have an accident outside that radius, your excess can increase or you may even find yourself uninsured.
All tradesmen are looking to keep their commercial vehicle insurance premium at a minimum, so it is important to confirm the ‘sum insured’ as your commercial vehicle insurance premium is based on it. You’ll pay more premium than you need to if your commercial vehicle is over insured and conversely some commercial vehicle insurance policies will penalise you in the event of a claim, if your commercial vehicle insurance cover is valued at less than 80% of the vehicle’s value.
As ‘duty of disclosure’ applies, you also need to advise your commercial vehicle insurer if you or any of your drivers have had their license cancelled, suspended, restricted or they have had a criminal offence. Once again, this can vary from insurer to insurer, so you need to talk to your Tradesure commercial vehicle insurance advisor to seek clarification.
One final tip…
Tradesmen should also ask their commercial vehicle insurer about hire cars. Most commercial vehicle insurance policies cover you for a hire car in the event of theft, but not always in the event of an accident claim.
To find out more information about Tradesman insurance and in particular, to get a commercial vehicle insurance quote, please contact us or get an instant insurance quote.
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