Goods carrying vehicle insurance, also known as commercial vehicle insurance, is an important part of protecting the people and the goods in your business’ vehicles from potential financial loss if an accident occurs or one of your trucks is stolen or damaged. While it can be costly to purchase commercial vehicle insurance, especially if you have more than one truck, it can end up saving you hundreds or even thousands of dollars when something goes wrong. With these benefits of goods carrying vehicle insurance, you may find that it’s a much better investment than you realize.
When To Insure Commercial Vehicles
One of most common questions that arises when considering Goods Carrying Vehicles (GCV) is when to insure them? The simple answer to that question is at all times. Your GCV could be damaged or stolen at any time, and if you do not have adequate insurance coverage in place you could be faced with an economic loss with costs far exceeding your policy limits. As a rule, we advise our clients to maintain GCVs on their policy even while they are off-site or parked in long-term parking facilities. If you operate a fleet it may make sense for you to seek out vehicle insurance solutions that cater specifically to your commercial needs and offer added flexibility around when and where your vehicles are driven.
Why Insure Commercial Vehicles?
Transporting goods by car is a great way to do business. Having your own vehicle allows you to save on transport fees, and make quicker deliveries than if you had to arrange for an outside transport service. Even so, operating a commercial vehicle isn’t without its risks. To protect your business from unexpected losses, such as those caused by accidents or natural disasters, you’ll need commercial vehicle insurance (sometimes called Goods Carrying Vehicle Insurance). Commercial insurance covers your vehicle against unforeseen events—meaning it may reimburse you for any losses stemming from accidents or damage that wasn’t caused by a driver or passenger in your car.
How to Save Money On Commercial Vehicle Insurance
Your business may need a commercial vehicle, whether it’s for deliveries or moving materials. There are many advantages to using your own vehicle for work purposes; however, you may be surprised to learn that there are also financial advantages, especially when it comes to insurance. If you take out Goods Carrying Vehicle (GCV) insurance, you could cut down on costs and improve your profit margins in unexpected ways. Let’s look at some key benefits of GCV insurance and see how you can get a discount on commercial vehicles.
Who Insures Commercial Vehicles?
If you own a business, or have employees who use their personal vehicles for business purposes, you’ll need commercial vehicle insurance. Goods carrying vehicles are any vehicles used to transport goods from one place to another. These include delivery trucks and vans, taxis, buses and motorhomes. If you own a goods carrying vehicle—or if your company uses one—it’s extremely important that it is properly insured at all times. Failure to do so could lead to fines or imprisonment.
What Is Included In Goods Carrying Motor Vehicle Insurance?
Goods carrying motor vehicle insurance is a special kind of insurance that covers losses incurred while goods are being transported in vehicles. The coverage offered by such policies varies from insurer to insurer, as does their cost. In general, however, these policies provide compensation for goods that are stolen or damaged during transit. They may also cover goods if they’re lost or delayed, with some policies offering additional cover for goods that are insured against loss in transit but go missing when arriving at their destination. Some manufacturers and sellers will offer refunds to customers if items purchased by them suffer damage due to transportation conditions, making it vital for drivers to carry adequate cover on their policy.
What Type Of Risks Are Covered By Good Carrying Motor Vehicle Insurance?
Good carrying vehicle insurance covers you for liability, collision and comprehensive. The first two are mandatory in most states. Liability will pay for your legal responsibility to others and collision/comprehensive pays for damage you cause to another person’s car. Most policies will also include personal injury protection (PIP), medical payments coverage (medical) and uninsured motorist coverage (UM). Depending on where you live, these coverages may or may not be included in your policy. Finally, if you drive a semi truck you’ll have options such as drop-deck that might be included with your policy.
Is it True That Goods Carrying Motor Vehicles Are Excluded From Comprehensive Policies?
Although most insurance policies are written to exclude goods carrying vehicles from comprehensive coverage, it is important for you to know that liability coverage exists for these types of vehicles. Comprehensive coverage is designed to help pay for damages caused by non-collision accidents and natural disasters. Even though vehicles used primarily for business purposes will typically have some form of comprehensive coverage, it is important that you contact your provider and ask questions about what may be excluded in your policy. Once you have determined which parts of your policy are excluded, it might make sense to purchase an additional coverage option or an endorsement if you feel that you may need extra protection in certain situations.