Heavy Motor Vehicle Insurance - Overview
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Read this guide to assist you in assessing your insurance requirements.
Registered heavy motor vehicles require compulsory third party (CTP) insurance by law, this covers claims as a result of a road accident which causes bodily injury to other parties. Cover can also be arranged to include cover for the driver of the vehicle as well. This cover has to be arranged direct with insurers not through our brokerage, usually it is purchased from garages who provide inspection pink slips required for registering the vehicle.
Heavy Motor vehicle insurance can also be arranged for third party property damage (TPPD) , this covers claims as a result of a road accident that cause damage to other parties motor vehicles and property including buildings & fences etc.
Comprehensive motor vehicle (CMV) covers TPPD & also the cost of repairs to your own vehicle.
CMV & TPPD policies are subject to excesses that are payable in the event of a claim but can be recovered if the accident is not your fault. These excesses are usually approximately $400.00 but additional excesses are applied to policies for inexperienced, or traffic convicted,or under 25 year old drivers, first time drivers under the age of 20 are difficult to insure as most insurers do not accept them.
No claim bonuses (NCB) are achieved by having claim free years of CMV insurance, they reduce the cost of the premium and usually work on the following basis 1 year claim free 20% discount, 2 years claim free 30% discount, 3 years 40% discount, 4 years claims free 50% discount As you can see the NCB can substaintially reduce the cost of insuring your motor vehicle there are conditions applied to maintaining a NCB usually they are that the insured maintains a paid up policy continuously & if they do not the NCB is valid for 12 months from the expiry of their policy. There are other circumstances where a NCB can be achieved eg if an insured has a company car provided & can supply evidence from their employer that they have driven the vehicle without claims being incurred insurers will accept this and provide the appropriate NCB.