Recovery Truck Insurance
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Reducing the cost of recovery truck insurance
If you run a car recovery business or own vehicles like a breakdown truck, lorry, or trailer, it’s important to have recovery insurance. This insurance protects your business from any unexpected accidents or legal claims.
Figuring out the best policy for your business can be tough because there are so many options. In this article, we’ll make it easier for you. We’ll explain what recovery truck insurance covers and give you some top tips on how to save money on your policy.
What is recovery insurance?
Recovery insurance is a type of motor trade insurance that is designed for breakdown cover providers. It can protect vehicle recovery businesses against liability claims or other types of financial loss in case of accidents or legal claims made against the business.
You will need to take out some form of recovery insurance if you own or run recovery trucks or a recovery business. You can insure one vehicle individually, or cover vehicles under a company-wide insurance policy, which can also include add-ons like breakdown cover.
What types of recovery insurance is available?
There are three main levels of cover available:
Comprehensive cover
Comprehensive cover is the most all-inclusive policy available on the market Typically, fully comprehensive insurance will cover the full cost of repairing any damage to your own vehicle, as well as insuring against any third-party damage in the event of an accident: even if it was your fault.
Comprehensive cover policies can vary in terms of additional add-ons which can be included and you may want to add some of these to your plan: for example, if you wanted a car breakdown policy.
Third-party, fire and theft cover
This type of plan protects you against any damage which you cause to other people’s vehicles in a road accident, as well as any damage to your own vehicle through a fire, or if your vehicle is stolen. Crucially, it provides no personal cover, and any damages to your personal vehicle won’t be covered by this type of policy.
Third-party cover
Third-party cover is essentially the same as third-party, fire and theft except, you guessed it, it won’t cover you against any fire or theft damage to your vehicle.
This type of policy is the most basic type of insurance plan and is the minimum legal requirement for vehicles on the road in the UK.
Why is having a recovery policy important?
As well as certain elements being required by law, recovery insurance protects your vehicle recovery business from any unfortunate accidents, claims made against the business or loss/damage to property, be that yours or your customers.
As a business, it’s a really good idea to have a good, comprehensive policy – for peace of mind and the security of your firm.
How do I switch my motor trade insurance policy?
In order to switch policy, you’ll need to wait until your plan with your current provider expires, in order to avoid paying any hefty early cancellation fees.
Once this contract has ended, you’re free to shop around for a new deal! To start, why not use our comparison service to see what deals are available to you and your business, and compare the cost of different policies. You can then contact your chosen new provider directly to get your new policy.
Compare recovery vehicle cover with Utility Saving Expert
Before you take out a new vehicle recovery policy, make sure you compare prices with Utility Saving Expert!
It’s really important that you compare prices before committing to a policy so you can find the right insurance for your business. You can save on your next plan in just a couple of minutes with our free, impartial comparison service: simply complete one short form to compare plans from up to 16 different top insurance providers.
The cost of your policy will vary depending on a number of factors that are unique to you and your business, such as:
- The size of your business, including the number of vehicles you need to insure, and the number of employees.
- The location of your business premises: policies will take into consideration crime and accident rates in your local area.
- The type of add-ons you decide you need in your policy.
Some elements of a recovery vehicle insurance policy are required to have by law, such as road risk cover and, if you have employees, employer liability insurance. These policies can be included in your insurance bundle, to make sure you’re following all legal guidelines.
In order to switch policy, you’ll need to wait until your plan with your current provider expires, in order to avoid paying any hefty early cancellation fees.
Once this contract has ended, you’re free to shop around for a new deal! To start, why not use our comparison service to see what deals are available to you and your business, and compare the cost of different policies. You can then contact your chosen new provider directly to get your new policy.
As well as certain elements being required by law, recovery insurance protects your vehicle recovery business from any unfortunate accidents, claims made against the business or loss/damage to property, be that yours or your customers.
As a business, it’s a really good idea to have a good, comprehensive policy – for peace of mind and the security of your firm.
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