Commercial Vehicle Insurance
Commercial Vehicle Insurance covers any vehicle used for business purposes such as lorries, container trucks, tourist buses, public light buses, etc. As same as Private Car Insurance, Commercial Vehicle Insurance is usually divided into two coverage types: Third-Party Legal Liability Insurance and Comprehensive Insurance.
Third-Party Liability Insurance protects the insured car owner and driver(s) against their legal liability for the bodily injury or death to a third party arising out of the use of the car. Although Third-Party Property Damage Cover is not a legal requirement, some insurers may still provide coverage of up to HK$1,000,000.
Comprehensive Car Insurance covers not only Third-Party liability, but also accidental loss or damage to the insured car itself.
Optional benefits can also be added to enhance the coverage:
Commercial Vehicle Insurance premium calculation:
A Commercial Vehicle Insurance premium is usually calculated based on the business purpose, performance, vehicle type, age of the insured vehicle; and the driving record, driving experience, age, occupation, and No Claim Discount* (NCD) of the named driver(s). The market value of the insured car will also be considered while buying a comprehensive insurance policy.
*The NCD applicable to Commercial Vehicle Insurance renewal premiums usually starts from 10% in the second year, it can only be accumulated up to 30%.
Documents Required for Application
