Heavy commercial vehicles are used to carry goods from one place to another. When the number of units or mass of goods to be carried exceeds the limits of light commercial vehicles, you need to use a heavy commercial vehicle. Driving a heavy commercial vehicle is very stressful. Both the driver and the vehicle are exposed to stressful situations. These situations increase the risk of:
- Loss of goods
- Accidents
- Loss of life
As the business owner, you have to face financial and legal implications. This is where heavy commercial vehicle insurance protects you. A comprehensive heavy commercial vehicle insurance covers death due to accident, injuries, property damage and third-party liabilities.
Heavy Commercial Vehicle Insurance
This type of insurance policy covers your heavy commercial vehicle against damages and third-party injuries and personal liabilities. Heavy commercial vehicle insurance also protects against legal liabilities due to injury, death, third-party property damages.
Types
The following are different types of heavy commercial vehicles insurance:
- Comprehensive policy
- Third-party cover
A comprehensive policy covers third-party property and vehicle damage, third-party bodily injury and damage and loss to the insured. Third-party insurance covers injury to third-party and damage to third-party vehicles. This does not cover you for any loss.
Heavy commercial vehicles insurance covers the following:
- Damage or loss to the vehicle due to terrorist activities, landslide, storm, flood, earthquake, strike, riots, lighting, explosion, fire, theft, burglary, accident etc.
- Third-party insurance coverage protects against damage to the property of a person or death or injury to a third party.
How does it work
Before you invest in a policy, read and understand all the terms and conditions of the policy. You miss some of the important benefits if you skip understanding each term and condition of the policy. It is important to understand how it works.
Start with requirements evaluation. Understand what you need. Check the track record of the insurance company and thoroughly analyze the plans and policies available to you. Submit the form and other documents. Share all the details with the insurance company in the case of an accident or any other unfortunate event. Submit vehicle and claim-related documents. Your insurer deputes a surveyor who ascertains the amount to be paid according to the terms and conditions of the heavy commercial vehicle insurance policy. The insurance company processes the claim to determine the medical expenses and compensation to the deceased’s family. After the completion of the entire process, you get your vehicle from the company.
In Australia, the Heavy Vehicle National Law (HVNL) defines a heavy vehicle. It is a vehicle with an aggregate trailer mass or gross vehicle mass more than 4.5 tonnes. The following are some examples of heavy vehicles:
- Special purpose vehicles such as mobile cranes
- Agriculture vehicles
- Vehicle carriers
- Passengers vehicles
- Road trains
- B-double freight trucks
- Semi-trailers
Heavy commercial vehicle insurance can be expensive. However, there are several ways you can reduce your insurance cost. For example, you can increase your commercial insurance deductibles. You can also save money by making full insurance payments. Electronic funds transfer and getting policies for other vehicles from the same company are other ways to save money.
