As the name suggests, vehicle recovery insurance is a type of insurance for vehicle recovery businesses. Every breakdown and recovery business needs to have this type of insurance in place, but what will it cover and how can you find the best deal on your insurance? Let’s take a look.
How Does It Work?
Vehicle recovery insurance is a type of motor trade insurance policy which has been crafted specifically for vehicle recovery businesses.
There are three levels of cover that a vehicle recovery insurance policy can provide – Third Party Only; Third Party, Fire & Theft; and Comprehensive.
Third-party insurance will only cover damages suffered by other people’s vehicles during their recovery. Third-party, Fire & Theft will cover damages to other people’s vehicles, as well as any damage your own vehicle suffers due to fire or theft. Finally, comprehensive cover will provide cover for your vehicles as well as other people’s.
To get an idea of how much to expect to pay for vehicle recovery insurance, head on over to quotezone.co.uk. This price comparison site enables you to compare prices on recovery insurance and other types of insurance, helping recovery businesses save both time and money.
What Will Be Covered?
The level of coverage that you have will depend on the level of insurance that you buy. Remember, the most basic forms of vehicle recover insurance will only cover you for accidental non-fire or theft damage to other people’s vehicles but not to your own. Needless to say, you should aim to have insurance for every vehicle in your fleet and you should consider adding some public liability insurance into the mix for good measure.
It is also a good idea to invest in insurance for your main business premises and any tools and equipment that you store in it. If you keep your vehicle locked away inside at night, your vehicle insurance won’t cover damages caused to the surrounding structure while someone is trying to steal it.
Finding The Right Policy
There are a number of things that you need to consider when choosing the right insurance policy for your business. Whenever you are buying any form of insurance, it is essential that you carefully research it and don’t just jump on the first supplier you see.
The right insurance policy is the one that provides you with all the cover that you need for the lowest price possible. You don’t want to have gaping holes in your policy; nor do you want to be paying through the nose for coverage you don’t need. Assess your business’s needs before you begin so that you know exactly what you are looking for.
For any business that recovers vehicles commercially, vehicle recovery insurance is essential. Without it, all it takes is one accident to land you in serious financial, and legal, troubles.