As you've probably heard already, COVID-19 is still causing significant disruption to global supply chains, with factory shutdowns, freight delays and backlogs at ports. We've already seen this with whiteware, electronics and furniture, and now auto parts are being impacted.
Insurer's are seeing long delays for some vehicle repairs due to parts being unavailable, longer lead times to get parts into the country, delays at the ports and the resulting backlogs at repairers. This will potentially lead to more time off the road for some vehicle claims, and in some cases higher costs of repair.
If you have commercial vehicle insurance you may like to think about adding the "loss of use" extension to your cover, which will provide for the costs to hire a replacement vehicle if the loss is covered by the policy. Talk to us if you're interested. There is an additional premium cost per vehicle, a maximum allowance per day for rental costs, a stand down period (typically 5 days) and you can choose a term, usually 14 or 28 days. Click here to get an instant quote for our commercial vehicle cover.
When it comes to arranging contract works insurance be aware of the likelihood of delays with materials and other components affecting project completion dates. It may be prudent to add on a few months to the policy just in case. This generally won't increase the cost by nearly as much compared to having to do an extension to the policy later. Click here to get an instant quote for our contract works cover.
