If you are a business owner or an individual with two or more vehicles, then fleet insurance is an insurance policy you must acquire. Basically, this insurance policy makes it possible for you to insure different vehicles. This includes minibusses, trucks, taxis, and HGVs. In this article, we discuss explicitly all that you need to know about fleet insurance. This includes what it covers, the types of vehicles it covers, advantages and, and every other thing you need to know. Therefore, you can count on this article to serve as a guide.
What does fleet insurance cover?
As we have earlier stated, fleet insurance is basically a multi-vehicle insurance plan which covers different types of vehicles. This type of insurance policy is available to registered businesses and organizations with several vehicles.
As a business owner, this policy is an amazing way to manage the insurance of your business vehicles within a fleet. This is because this plan condenses all your business vehicles into one insurance policy. For example, if you have 50 vehicles within your business they will condense them all into just one policy, which is the fleet insurance policy. This means that any time you wish to renew your policy, you will have to renew just one policy irrespective of the number of vehicles your business has.
What types of vehicles does a fleet insurance policy cover?
A fleet insurance policy covers all types or classes of vehicles within your business. This can include cars, motorcycles, minibuses, trucks, etc. However, it is important that these vehicles are registered under your business. Therefore, this means that the fleet insurance policy will not cover vehicles that are not issued by your company or within your business operations.
What are the different types of fleet insurance?
Just like every other insurance policy has different types, so also the fleet insurance policy. Here are the different types:
- Third-party:
If you choose this plan, then, only you will be covered for any third-party damage to another driver and or his or her car. The third-party fleet insurance is the least expensive, but, the disadvantage is that it does not provide cover for damage to your own vehicle or driver.
- Third-party, fire, and theft
This insurance policy provides you with an extra level of coverage to the third party. Basically, this policy covers you for the third party and it also makes it possible for you to make a claim if they steal your vehicle or it damages because of fire.
- Fully comprehensive:
This insurance policy is the most advanced and expensive. If you opt for this fleet insurance policy, then you are protecting yourself against all forms of the fleet insurance policy. These are the third party, fire, and theft.
What are the benefits of fleet insurance?
- One policy covers all vehicles
Fleet insurance affords you the privilege of insuring all your business’ vehicles in our policy. In fact, this is regardless of the vehicle type, whether mixed-used or not.
- One renewal date:
Opting for this insurance policy for your company’s fleet means that you only have to worry about one renewal date. This is very advantageous for businesses with several vehicles as this helps you to free up the resources on other core areas of your business.
- Cheaper premiums:
When you compare taking individual insurance policies to fleet insurance, then you discover that the latter is cheaper. In fact, if one of your vehicles has an accident, the insurance company may decide to spread the cost of any claim you make across all your vehicles. This definitely will lower the premium you pay.
Conclusion:
We cannot overstate the importance of fleet insurance policy for business. This policy affords you the privilege to manage your business vehicles in one insurance policy. As a business owner, you will find this policy more useful. Therefore, if your business vehicles do not have a fleet insurance policy, ensure you acquire one today.