Fleet insurance is basically a type of commercial insurance that gives coverage for all vehicles owned by a company. This way, the policy holder can have the same coverage for all the vehicles, or if they choose to, they can customize coverage based on specific needs. The vehicles covered do not necessarily have to be the same in make and model in order to be insured.
The coverage policy of fleet insurance will depend on your particular business needs.
Comprehensive and basic liability insurance is the most that you can get out of any insurance offers. This insurance is inclusive of repairs and medical expenses demanded when an incident involving any of your vehicle and driver occurs. Sometimes, insurance companies will offer coverage that temporarily replaces a vehicle when one of your own cannot be used. This type of policy will obviously cost more, but nonetheless, the offer is very well worth it.
In liability coverage, the coverage only includes the other party in an accident. If an accident is found to be at the fault of your driver, insurance covers the other party's medical needs for injuries and repairs on the vehicle only. Your driver and your car will have no coverage. This is a much cheaper option for those who own the vehicle with completed payments and paperwork. However, for those who have vehicle that are still being loaned, the lender will usually require the comprehensive type of insurance.
No matter what type of coverage your vehicle gets, it is important to purchase a roadside assistance policy. This is useful in the event of accident or vehicle breakdown in the middle of the road. The service includes mechanical help and towing when needed.
Driver Requirements
Fleet insurance companies will only provide coverage when an individual with proper license is driving the vehicle. Aside form a standard driver's license, a commercial driver's license is also required. To further keep your insurance cost down, let your drivers attend driving seminars and drivers education classes. The insurance company will look into this and can see your drivers as low-risk individuals in terms of insurance claims.
Keeping Costs Low
There are many things you can do to get a discount. Aside from the previously mentioned driver education classes, you can hire drivers who have more experience in this type of job. Young, inexperienced drivers are usually seen by the insurance company to be high-risk.
You can also safeguard your car by installing an anti-theft device. It is not an alarm system, but rather it uses a coded key that allows the vehicle to shut down when the wrong key is used. Having this type of protection for your car is another way to cut down vehicle costs.
The most common discount you can avail is the multi-car discount. This is offered by insurance companies to businesses who want to insure a large number of vehicles.
The vehicle's size and the type of activities it performs are factors that influence the cost of the policy. Ask a licensed insurance agent how to get further discounts to cut your costs.
Fleet insurance is an important part of owning company cars. Covering all your vehicles will save you a considerable amount of time and money.
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