Commercial Motor insurance is the collective name used to describe all of the different types of policy for the different types of vehicles used by businesses for commercial purposes including taxis, minibuses, trucks, tippers and HGVs. It also covers Fleet insurance too which is aimed at businesses with two or more vehicles. Commercial Motor policies come in three levels of cover; Third Party Only, Third Party, Fire & Theft or Comprehensive.
If you use a taxi, minibus, HGV, truck, lorry, van or even fleet of vehicles for your business, then you will need commercial motor insurance, which is the collective name for all of these individual types of insurance cover involving vehicles used for commercial purposes.
When taking out your policy you can choose from three levels of cover. Third Party Only will cover any third party damage or injury claims made against your business in the event of an accident., but this type of cover is the cheapest of the three. Third Party, Fire and Theft covers the same as Third Party Only but with added protection for your own vehicles for damage caused by fire or if they are stolen. Comprehensive on the other hand is the most expensive level of cover, however it will protect your own vehicles against any damage suffered to the vehicle , to other vehicles and pedestrians or motorists during an incident.