01 / The meaning
What it means.
The relevant cover depends on the vehicle, its work and the selected policy. Compare damage to the insured vehicle separately from liability for damage to somebody else’s property. Compulsory personal injury motor cover is a separate statutory question that varies by jurisdiction; buying comprehensive vehicle cover does not settle every registration or injury insurance obligation.
A delivery van, mobile workshop and long-distance truck create different exposures even if they have similar purchase values. Describe delivery work, towing, attached equipment, operating radius and authorised drivers accurately. Goods carried in the vehicle, tools, hire vehicles and lost income during repairs may require specific provisions or another policy. Finance balances should also be compared with the settlement basis because an agreed or market value settlement may not equal the amount owing.
02 / Put it in context
A practical example.
Hypothetical example: A plumbing business uses a van for daily service calls. Following a collision, it has separate questions about van repairs, damaged customer property, tools inside the van and the cost of hiring a replacement vehicle.
This example illustrates the term. It does not predict a claim outcome.
03 / Read the detail
What to check.
- Check vehicle use, driver restrictions and operating territory.
- Check accessories, tools, cargo and hired vehicle provisions separately.
- Check the settlement basis, excess and finance interest recorded.
04 / Start a useful conversation
A question for your broker.
Does the motor schedule describe how each vehicle is actually used?
05 / Connect the terms
Keep the meaning in context.
06 / Apply it to your business
Related insurance guides.
Further reading
Read the source guidance alongside the relevant policy wording.
General information only. This does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you. Cover is subject to insurer acceptance and the policy terms, conditions, limits and exclusions. Read the Financial Services Guide and the relevant PDS (where applicable) and/or policy wording before deciding.
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