Third-Party, Third-Party, Fire and Theft, or Comprehensive?

Three Basic Coverages

• Third-Party (WA): damage you cause to others.
• Third-Party, Fire and Theft (Restricted Comprehensive): additionally covers theft, fire, storm, and window damage, among other things.
• Comprehensive (All-Risk): additionally covers damage to your own car, even if you caused it yourself.

For a Leased Car

For financial lease, the financier often requires comprehensive insurance as long as the car has not been fully paid off. Explore the options for business car insurance.

Factors for Choosing Your Insurance

The choice for the right car insurance depends on various factors specific to your business situation and the vehicle. Besides the age of the car, the expected annual mileage is important, as is the frequency and nature of use. A vehicle that is used intensively for business trips may warrant higher coverage than a car primarily used for less frequent journeys.

The financial value of the car also plays a crucial role. For a new or nearly new vehicle with a high current market value, more extensive coverage is often advisable, partly due to the potential depreciation loss in case of damage. Also consider the excess options and the financial buffer your company has to cover unexpected costs itself. These considerations help in determining an appropriate balance between premium and risk.

• Age and current market value of the vehicle
• Annual mileage and intensity of use
• Ability to bear own risk (excess)
• Type and value of cargo (if applicable)

Additional Coverages That May Be Useful

In addition to the basic coverages of Third-Party (WA), Third-Party, Fire and Theft (restricted comprehensive), and Comprehensive (all-risk), there are various supplementary coverages that can further optimise the protection of your business lease car. Consider personal accident insurance for occupants, which provides a payout in the event of injury or death of the driver or passengers after an accident, regardless of who is at fault. This is particularly relevant when employees regularly travel with passengers.

Occupant damage insurance can also be useful; this compensates for actual damage suffered (such as medical expenses, loss of income) by occupants after an accident. Roadside assistance coverage, legal assistance insurance for traffic incidents, and new-for-old or agreed value clauses can also be valuable additions to cover risks and prevent financial surprises.

Frequently asked questions