• You are here:
  • Home »

The Different Types of Fleet Insurance

The different types of fleet insurance are all related to the level of road risk a business carries on its vehicles. Having the wrong level of cover could affect how well your business can operate. On your fleet management checklist will be the risks you are willing to take with your vehicles while they are on the road, parked on your lot or they are in the garage.

When it comes to fleet insurance many products are available depending on the type of fleet and the end user requirements. Popular products include taxi fleet insurance,  courier fleet insurance, small fleet insurance plus many others. Within all these products you will normally have a choice of three different levels of cover.

What are the different types of fleet insurance to cover road risks?

The three distinctively different levels of road risk cover for protection of a fleet of vehicles include Comprehensive, Third Party Fire and Theft along with Third Party Only. These types of cover are the options for every commercial vehicle fleet insurance policy. These types of protection can be for van fleet insurance, car fleet insurance, taxi fleet insurance, courier fleet insurance and even lorry fleet insurance.

What is comprehensive fleet insurance?

Comprehensive fleet insurance is financial protection for both your vehicle and the third party’s vehicle when an accident occurs. This protection repairs your vehicles and the third party’s vehicle when you are at fault in the accident. It also covers repairs to your vehicle when you are in a single vehicle accident like when hitting a tree or curb and your vehicle is damaged. From most insurance firms this type of fleet insurance also has the highest excess when making a claim.

What is Third Party Fire and Theft fleet insurance?

Third Party Fire and Theft fleet insurance is financial protection that covers the repairs of the third party’s vehicle when you are at fault in a road accident. The repairs to your vehicles are not covered. Repairs to your vehicle when involved in a single vehicle accident are also not covered.

This policy does protect your vehicle if it is stolen or damaged by fire. If the vehicle is damaged when an attempt to steal it occurs the replacement of broken windows and damaged locks are covered. From many firms, the vehicle might even be replaced if the theft is successful. Damages from a fire will also be repaired just as long as the fire is not a result of a road accident.

What is Third Party Only fleet insurance?

Third Party Only fleet insurance is financial protection that covers the repairs of the third party’s vehicle when you are at fault in a road accident. This is the minimal level of cover required by UK law to operate a vehicle on the road. This level of cover does not repair your vehicles when it is damaged no matter how it was damaged.

By understanding the different types of fleet insurance available, an organization can determine how to manage a fleet of business vehicles so the level of cover they decide on will fit their needs. By asking an insurance broker for several quotes a positive comparison will occur so a determination on the right policy for the organization can be made.