Hit & Run, Third Party Insurance. Company Vehicle. Who pays?

atrixblue.-MFR-.

I'm wondering what company offers business/commercial use insurance policies that only has TPO on offer.


surely as a business youd want to protect your assets as much as possible especially if the asset in this case is a VAN that makes up part of your business efficiency and profit. Vans cost alot money new and to have one or two damaged or written off a year is a substancial loss of money to replace if your only covered by TPO policy. Are the company going to get employee's to falk out on a new van whet here is a situation where non recoverable loss claims are submitted? if so I'd jump ship ASAP because that's a liability I would not want hanging over me everytime I turned the key.

vaio

Looks like the company are self insuring the "own damage" side with the sweetener that the driver/employee picks up the first £1k if it can't be recovered elsewhere.

All perfectly legal as long as the £1k employee contribution was agreed in writing before the incident happened

Aretnap

atrixblue.-MFR-. wrote: »

surely as a business youd want to protect your assets as much as possible especially if the asset in this case is a VAN that makes up part of your business efficiency and profit. Vans cost alot money new and to have one or two damaged or written off a year is a substancial loss of money to replace if your only covered by TPO policy.

Quite the opposite actually - a business, particularly a large business with a lot of vehicles, expects a certain number of them to be damaged each year and will just budget for the repairs, rather than paying an insurer who'll charge roughly the expected repair cost, and a profit margin on top.

A very large business will go one step further and won't bother with third party cover and will self-insure and settle third party claims themselves - perhaps taking a third party policy with a massive excess to cover themselves against rare large personal injury claims which are difficult to budget for.

AdrianC

-Chris wrote: »

I do have an insurance excess of £1000 that I have agreed to, however, I agreed to that excess under the condition that I would be at fault for the accident

As Aretnap says, in this instance you are effectively "at fault" - in that, if an insurance claim was made, you would be claiming from your own insurance not from somebody else's. If it was your own policy, your NCB would be hit from it.