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Business Vehicle Insurance

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Business vehicle insurance certificate

A business vehicle certificate of insurance is a formal document provided by your insurer that outlines the details of your insurance policy. It is an abbreviated version of the insurance policy that serves as proof of your insurance coverage. It includes information such as the types and limits of coverage, the issuing insurance company, your policy number, the named insured, and the policy’s effective periods.

When do you need a certificate of business vehicle insurance?

While business vehicle insurance is not legally required in New Zealand, there are scenarios where you may have to provide a certificate of insurance as proof of having business vehicle insurance. 

Buying a Vehicle with Finance

When you’re purchasing a business vehicle using finance, your lender will usually require evidence of insurance coverage. This is to protect the lender’s investment. If an unfortunate event occurs and the vehicle is damaged or stolen, the insurance would cover the cost of replacing or repairing it. Hence, without an insurance certificate, you may find it challenging to secure the finance required to purchase your business vehicle.

Business Contractual Obligations

 When engaging in business contracts involving the use of your business vehicles, such as delivery or transportation contracts, you may be required to prove that your vehicles are insured. Here, a business vehicle insurance certificate is needed to demonstrate that your business can cover any potential vehicle-related financial losses, ensuring that the contract obligations can be fulfilled irrespective of potential accidents or damage to the vehicles.

Vehicle Leasing or Renting

If your business leases or rents vehicles, the leasing company or vehicle owner may require proof of insurance. This is to ensure their vehicle is covered if an accident occurs. Without an insurance certificate, you may find it impossible to lease or rent vehicles for your business operations.

How much does business vehicle insurance cost?

Business vehicle insurance premiums are calculated on several different factors including:

  • Type of cover
  • Use of vehicle
  • Location 
  • Claims history

Business vehicle insurance in NZ typically costs between $50 to $100 per month. 

What information does a business vehicle cover certificate of insurance include?

A Certificate of Insurance typically includes the following information:

  • Policy Number: This is a unique identification number assigned to your insurance policy. It’s used to identify and track your insurance coverage.

  • Insured’s Details: This section outlines the information about the policy holder, such as the name and address of the business. It’s important because it confirms who the policy covers.

  • Vehicle Information: This section contains details about the insured vehicle, like make, model, year, and Vehicle Identification Number (VIN). This identifies which vehicle the policy is protecting.

  • Policy Effective Dates: These are the start and end dates of the policy. They confirm the period during which the insurance policy is valid and the vehicle is protected.

  • Insurance Provider Details: This includes the name and contact information of the insurance company. It’s essential because it provides information on who to contact in case of a claim or for further policy inquiries.

It’s essential to understand that a Certificate of Insurance is proof of insurance but doesn’t alter, extend, or change the coverage provided by your insurance policy.

How do you get a certificate of business vehicle insurance?

To get a business vehicle certificate of insurance you must have a policy in place. If you don’t have business vehicle cover, you can contact one of our brokers.

Our brokers will typically have quotes to you on the same day. Once you accept a quote for business vehicle insurance a certificate of insurance can be issued immediately. 

If you already have cover in place, contact your broker at Gerrards and they will send you your certificate. 

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