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Real estate car insurance

Real estate business vehicle insurance

Real Estate Car Insurance is a specialized form of auto insurance catered to those involved in the real estate industry. In essence, it provides coverage for cars owned by real estate professionals or businesses, considering the specific risks and demands of this sector.

Why is real estate car insurance important? 

Business motor vehicle insurance protects you against the most common risks of owning and operating a real estate business vehicle. 

The importance of real estate business vehicle insurance cannot be overstated. If your real estate business owns or operates vehicles, these vehicles are potentially exposed to numerous risks daily. From fender benders in the car park to major collisions on the highway, any incident involving your real estate car can lead to hefty repair costs and legal fees. Beyond the direct financial impact, such incidents can also disrupt your business operations and damage your company’s reputation.

Real estate car insurance serves as a safety net, helping you manage these risks and ensuring that unexpected incidents don’t derail your business. Its affordability makes it a wise investment. In New Zealand, the average cost of real estate car insurance typically ranges between NZ$50 – NZ$100 per month. 

Real Estate Car Insurance Gerrards

It’s crucial to have real estate car coverage if your business:

  • Frequently transports clients
  • Drives between properties daily
  • Carries real estate equipment
  • Values reputation and professionalism

What does real estate car insurance cover?

In New Zealand, there are four primary types of business vehicle insurance policies: Third Party, Third Party Fire and Theft, Comprehensive, and Fleet.

Real Estate Car Third Party Insurance

This is the most basic level of coverage. It covers the costs of damage to another person's vehicle or property that you or your employee cause while driving your real estate vehicle.

Real Estate Car Third Party Fire and Theft

This insurance includes third party coverage and adds protection against damage to your real estate car from fire or theft.

Real Estate Car Comprehensive Insurance

Comprehensive insurance covers everything that third party fire and theft insurance does, and it also covers accidental damage to your own vehicle, regardless of who's at fault. It's the most extensive coverage you can get for your real estate vehicle.

Real Estate Car Fleet Insurance:

Fleet insurance is designed for businesses that operate multiple vehicles. It allows you to insure all your real estate vehicles under one policy, which can often be more convenient and cost-effective than having separate policies for each vehicle.

How much does real estate car insurance cost in NZ?

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Real estate car premiums are calculated on several different factors including:

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

Real estate car insurance in NZ typically costs between $50 to $100 per month. 

Who needs real estate car insurance?

Anyone involved in the real estate industry who uses a vehicle for their business should consider Real Estate Car Insurance. This includes real estate agents, property managers, appraisers, and even real estate photographers.

Insurance companies exclude vehicles used for real estate purposes from private policies. This is because they are deemed to be higher risk due to the frequency that real estate professionals use them compared to a typical driver. 

Yes, Real Estate Car Insurance policies typically include cover for personal use. 

How do I get proof of real estate car insurance

You can usually get proof of insurance same day when you purchase real estate car insurance through Gerrards.

Acquiring real estate car insurance from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for a real estate car purchased that day. 

To obtain insurance coverage promptly, contact us. We may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The make, model and registration of the vehicle
  • The amount you want to insure the vehicle for 
  • What you are using the vehicle for
  • Your claims history

What does real estate vehicle insurance not cover?

There are certain key areas where business vehicle insurance may not provide coverage:

Personal Items

If personal items are stolen from your business vehicle, these are usually not covered by business vehicle insurance.

Driving Under Influence

 Accidents that occur when the driver is under the influence of drugs or alcohol are not covered.

Unlicensed Drivers

If the driver of the real estate vehicle at the time of an accident doesn’t hold a valid license, the insurance may not provide coverage.

Normal Wear and Tear

General aging, breakdowns, or damage due to lack of maintenance are not covered.

Other common questions about real estate car insurance NZ

No, but it’s strongly recommended for professionals in the real estate sector due to the specific risks involved.

You require commercial real estate car insurance, not personal insurance. This insurance is not much more expensive than personal car insurance so it is worthwhile changing to this immediately if you are a real estate professional. 

Under most real estate car insurance policies, anyone with the appropriate license and your permission is covered to drive the real estate car. However, it’s always prudent to check your specific policy or consult with your insurer or broker to ensure you understand who is covered under your insurance policy.

It’s possible. Premiums can increase after a claim, but this depends on the nature of the claim and your insurance company.

In New Zealand, the sum insured of your real estate car should be stated exclusive of Goods and Services Tax (GST). If you are paid out for the real estate car following an insured event, the insurance company will add the GST back on when they pay you out. There are some insurance companies that are the exception to this. To find out you can search for the GST section in your policy wording or talk to us. 

Yes, if you have selected the ‘Loss of Use’ cover in your real estate car policy, the insurer will pay for a rental vehicle following an accident. However, it’s important to note that if you are at fault in the accident, there is typically a one week stand down period before the rental cover comes into effect. The specifics may vary based on your policy, so it’s always a good idea to consult your policy document or your insurance broker to understand the details.

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