Insuring your fleet: Factors to take into Consideration
Fleet Insurance is a must for those that deploy multiple vehicles to run their business. Not only is it required by law, but it also helps to protect your investment so that your business can thrive well into the future.
What is the biggest advantage of having fleet insurance?
By taking out a multi vehicle policy to cover your fleet of vehicles the premiums will be lower. This is possible because you have decided to purchase insurance in bulk. It is the same principle with most commodities, the more you purchase, the higher the discount is.
How do determine which fleet insurance is right for your organization?
Before taking out an insurance policy, an organisation needs to assess how they use their vehicles. Items that factor into the selection for the right type of insurance policy include the following;
What are the different types of insurance that can be grouped into fleet insurance coverage?
Are there any other types of coverage a business should consider?
For protection against lawsuits a public liability policy is highly advised. This will cover the legal costs and any settlement when someone files an accusation against your business in court.
Because the fleet will be away from the office when in operation, the recovery of vehicles that break down is very handy to have. Unless a tow truck and mechanic are on staff, Breakdown assistance will cover the costs of recovering the vehicles when they become stranded on the road.
Does every vehicle have to be covered with the same type of insurance?
Each vehicle covered in a fleet insurance policy will have its own individual policy. While all the policies can be the same, it is not a requirement. This makes it possible for the vehicle used by sales representatives to have Full Comprehensive while the delivery vans to be covered with a courier’s policy.
By taking out a fleet insurance policy all the vehicles can be covered at a lower price. Because each vehicle is also covered with its own policy that fits the needs for how it is used, the correct type of coverage for each vehicle is obtained.