The difference between insuring your work vehicle(s) under personal or commercial cover may not appear much, but the deeper you look, the more they diverge.

Here’s why it’s important to know the difference between these policies, and how you can secure the correct cover to protect your assets.

Whilst personal vehicle insurance is for individuals and their use of vehicle for private needs, commercial vehicle cover protects vehicles used by a business and its staff.  Typical business or commercial vehicles include sedans, utes, vans, trucks, forklifts, tractor, ride-on mower, and trailers, etc.

Why does commercial insurance cost more?

There are greater risks associated with having a commercial vehicle as they are more often used in heavier traffic and on unfamiliar roads and conditions, etc.  As well, commercial vehicle insurance usually has a higher claim limit and gives you options for extra coverages.

What should my commercial vehicle insurance include?

Assuming you’ve already secured the compulsory third-party cover required to drive on Australian roads, you can opt for insurance as either part of your business insurance package or as a stand-alone product for a group of vehicles under a single policy.  Always ensure that your policy includes cover for such things as legal liability for accidental damage, fire or theft, replacement vehicles, and offers a choice of repairer, lifetime guarantee on repairs and different payment options.

In essence, commercial vehicle cover aims to help your business keep its wheels on the road.

If you would like to know more about the best-fit commercial vehicle insurance, please CLICK HERE or contact us for more information.