Laid Up Cover

If your vehicle(s) ever need to be off the road for a period of time… or ‘laid up’, there are ways to help minimise your insurance costs without cancelling your cover. One option worth considering is GT’s Laid Up cover.

GT’s Laid Up cover works by essentially ‘pausing’ the on-road components of insurance policies for commercial and heavy vehicles. It then replaces them with a reduced level of cover that still protects for defined off-road events such as fire, malicious damage and theft, all at a reduced premium.

GT’s Laid Up cover is available for most types of commercial vehicles and some classes of Plant & Machinery.

Please contact your local GT Insurance Relationship & Development Manager or Underwriter to learn more.

GT’S LAID UP COVER IS AVAILABLE FOR:

  • Trade-use utilities and vans used for commercial purposes
  • Rigids of 2 tonne or greater carrying capacity and associated trailers
  • Prime movers and associated trailers and dollies
  • Buses
  • Plant & machinery
  • Taxis, rideshare and hire cars & limousines.

GT’S LAID UP COVER IS NOT AVAILABLE FOR:

  • Third-Party Only (TPO)
  • Private use vehicles or business-use sedans, wagons, SUVs, 4WDs or where the vehicle is a mixture of private/business use
  • Motor-cycles
  • Caravans, box trailers, miscellaneous items and horse trailers (not including those pulled by Prime movers)
  • Trade plates
  • Hired in vehicles/plant and/or non-owned vehicles/plant
  • Business Interruption (Downtime)
  • Public & Property Liability
  • Carriers Transit.

The above is a limited summary only of some of the features and benefits available on GT’s Laid Up cover. Limits and exclusions apply.

Frequently Asked Questions

Will GT insure New Business for Laid Up cover?

We will consider new business in certain circumstances. Every customer’s situation is different, and we will endeavour to provide a fair solution for all our Clients.

Will GT cover the vehicle whilst being driven to a mechanic or repairer under Laid Up cover?

Yes, we will if the vehicle is being driven directly to or from a mechanic or similar repairer in order to conduct necessary servicing, maintenance or repairs, provided such driving does not exceed a 25 kilometre radius from where Your Insured Item is Laid Up. We will require a copy of the mechanic or similar repairer’s invoice for the work conducted in the event of a claim.

Can GT apply Laid Up cover to Business Interruption (Downtime)?

No. Laid Up cover does not apply to Downtime in that we will not provide a discounted premium. Business Interruption cover premium will still apply even if the vehicle is in Laid Up cover.

Where vehicles currently have Australia-Wide cover, will Laid Up cover reduce the radius to local?

No. The discounted premium for Laid Up cover applies to most classes of vehicles and is relevant to each radius band. Our intent is to provide clients with an option to provide relief on their current premium structure.

Can finance arrangements affect which vehicles should – and shouldn’t – be protected by Laid Up cover?

Some financiers may require assets to be insured for on-road use at all times. Prior to requesting Laid Up cover, we recommend you discuss this with your service providers, to guard against breaching any contracts and/or your finance agreement.

How important is the security of ‘laid up’ vehicles?

Very. In assessing new policies we’ll ask a series of questions such as:

  • Is the fleet partially or fully laid up?
  • Where are the vehicles being laid up?
  • What security is in place at this location?
  • Is there a potential fire risk?
  • Is there a flood/CAT exposure?

Any advice provided here does not take into account your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the relevant Product Disclosure Statement (PDS) which is available on this website.

 

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