Commercial vehicle insurance is essential to protect your assets. Find out what you need to know to choose the best cover for your business.
The risks associated with operating commercial vehicles
In 2023, 94,378 vehicles were used exclusively for commercial purposes in Luxembourg. Using commercial vehicles exposes your business to different risks, such as road accidents.
The first essential thing is to have personal injury insurance for the driver and passengers. Just like your own car, your commercial vehicles may be damaged, stolen, or vandalised. Without specific insurance, the financial consequences can be severe when a disaster occurs.
If you have an accident, vehicle repair or replacement costs can add up quickly. There will also be a loss of income due to a company car being off the road. If you’re liable as a third party, you may have to pay for costly legal proceedings. You should properly cover your staff, cars, vans and other commercial vehicles so everyone can drive with peace of mind.
Good to know: The difference between commercial vehicle insurance and fleet insurance
Commercial vehicle insurance is suitable for the self-employed and SMEs, while fleet insurance is intended for large companies with several vehicles (usually 30 vehicles or more).
Benefits of commercial vehicle insurance: time and cost savings
Don´t mix policies. Take out insurance with a single insurer. Make sure the cover includes all the equipment and vehicles in your fleet:
- Company cars
- Heavy goods vehicles
- Trailers
- Etc.
Two key benefits:
- Simplified administrative management. Insurance policy centralisation offers you peace of mind. By dealing exclusively with one policy, you won’t have to waste as much time on administration.
- Financial gain. Assigning all your company vehicles to the same insurer means you can benefit from preferential rates. The annual review is also easier as you only have to deal with one contact person who understands your expectations.
Self-employed and SME insurance often offers cover tailored to your needs as a business owner, including:
- 24 hr assistance.
- Cover for financial losses following the immobilisation of a vehicle.
Advice on choosing the best cover for your commercial vehicles
All motor vehicles in your company’s name must have compulsory third-party liability insurance. This means that any damage caused to third parties by your vehicles is covered by the company you choose. To avoid unforeseen expenses and maintain a quality service for your customers, it is advisable to opt for insurance tailored to your business needs.
Here are a few tips to guide you:
- Take the time to assess your business’s needs. Take out cover based on the different types of vehicles, their use, and their value.
- Determine what cover is essential for your company.
- Go further by customising the policy considering the unique features of your business, such as specially installed equipment.
- Make sure you choose a reliable company offering flexible insurance solutions.
Foyer’s exclusive offer for commercial vehicles for the self-employed and SMEs
Foyer offers commercial vehicle insurance designed especially for the self-employed and SMEs. Here’s an overview of our solutions:
- Comprehensive cover. This flexible offer allows you to tailor the cover according to the type of commercial vehicles you have and what they’re used for. Cover is available for cars, vans, motorcycles, trailers, or buses.
- Flexible management. Take advantage of simplified underwriting procedures to lighten your administrative workload.
- Assistance in the event of a breakdown or accident. For worry-free driving, our service is available 7 days a week, 24 hours a day.
- Four levels of cover. From basic compulsory third-party liability to comprehensive protection, our packages include various options to suit your needs, such as insurance for the transportation of commercial equipment or interior fittings.
- Personalised advice. Our experts will carefully assess your business profile to prepare a tailor-made offer for you.
In summary, commercial vehicle insurance protects your assets by combining the cover essential for your business in a single policy. Tailor your cover to your needs and benefit from simplified administrative management. At Foyer, flexibility is extremely important to us, which is why our offers are adapted to your needs and not the other way around.
Ask our experts for your personalised solution in a few clicks.
Three points to remember:
1. Company vehicle insurance offers comprehensive protection against the risks associated with the use of commercial vehicles.
2. By covering all your vehicles with a single insurer, you simplify administrative procedures and save time.
3. Tailor-made support guarantees you services adapted to your business, plus peace of mind.
Frequently asked questions about commercial vehicle insurance
Which drivers are allowed to use the insured vehicles?
In general, company employees with a driving licence are allowed to drive company vehicles. Some policies may restrict use to designated drivers, or even to just the manager.
Does your commercial vehicle insurance include a bonus-malus system like that for personal vehicle insurance?
No, it does not include a bonus-malus calculation as in the case of private vehicles. However, for vehicle fleets, it is possible not to have a bonus system. The premium is adjusted each year according to the business’s claims record.
