Credit Hire Insurance
What do I need to know about credit hire insurance?
Credit hire insurance policy offers a credit hire business the facility to place their vehicle with a cover at a daily rate.
This type of facility can include:-
- Discounts for multi-day hire
- Cross-hire cover
- Comprehensive cover available immediately
- Refund for uninsured hire days
- Flexible underwriting terms to match business model
In an event of an accident the credit hire company will arrange a replacement vehicle hire on ‘credit’ under the basis that they can claim the costs back from the party who is to believed to at fault in the accident.
What if I have a credit hire business?
Credit hire businesses are likely to have access to s fleet of vehicles at their disposal that will be allocated to drivers who have been involved in a non-fault accident. The business will organise the ‘credit hire’ of the vehicles to the drivers and each driver and the vehicle needs to be insured for the hire period they are in.