Do you own more than two cars and wondering how to handle insurance issues? Do you have specific drivers for each of them? Keeping up with policy expiry and renewal dates can also be a daunting task, enter fleet insurance. This blog will tell you all You Need To Know About Fleet Insurance.
Fleet insurance is a cover that caters to multiple vehicle entities such as companies and sole proprietorships. The vehicles may bear your name, the company’s or business associates’. Fleet insurance protects all the vehicles, drivers and saves the firm from administration baggage. All You Need To Know About Fleet Insurance-
What is fleet insurance?
Fleet insurance is a type of car insurance that allows a business person to cater to all the vehicles under one policy cover rather than individually. Each driver can be assigned to a particular vehicle so that their name appears on the policy.
Similarly, the beneficiary can cover all drivers against all the vehicles. One may also choose to assign named drivers. It is an insurance policy customized for businesses that assign cars to their employees or depend on company-owned cars to run their daily operations.
Who Qualifies For Fleet Insurance Cover?
Anyone who owns or runs a car leasing business should consider fleet insurance. The policy’s limit is 500 cars, but this number varies from one provider to another.
Benefits of Fleet Insurance
One policy covers all business cars
Every vehicle in the company’s ownership is provided by one policy.
One policy for all vehicles
Generally, fleet insurance enhances your legal compliance. Fleet insurance ensures that all the company vehicles are covered. It avoids the eventuality or risk of having some vehicles or drivers not insured. In almost all fleet insurance covers, the renewal date is uniform for all the cars and ensures all vehicles are insurance compliant.
One policy renewal date for all vehicles
Fleet insurance saves time because all provider covers for all the company cars. Consequently, ensuring all vehicles under one umbrella saves a substantial amount for the company. Insuring multiple vehicles by one provider attracts massive discounts, unlike purchasing policies from different providers.
What’s Included in Fleet Insurance Cover
Fleet insurance cover caters to the same issues catered in the standard vehicle insurance. These include:
- Fully Comprehensive– This is the most advanced and the most expensive of the three policy types. It caters to all damages to your car and other cars involved in the accident, as well as injuries to the insured car driver, passengers, and any third party from a faulty or non-faulty road accident.
- Third-party only- This insurance caters to all damages and injuries to the third party. It includes damage to other peoples’ property. This is the most affordable form of fleet insurance because it attracts a minimum amount for premiums.
- Third-party fire and theft- covers third-party losses incurred from burglary and fire accidents. It caters to the named insurance bearer and fire and theft of the third party. It offers a higher level than the third-party-only insurance cover.
Fleet insurance offers a cover for company’s or entities with more than two vehicles.