Fleet vehicles are groups of motor vehicles owned or leased by a business, government agency or other organization rather than by an individual or family. Typical examples are vehicles operated by corporates, car rental companies, public utilities, public bus companies, school buses etc. In addition, many businesses purchase or lease fleet vehicles to deliver goods to customers, or for sales representatives to travel to clients. Protecting all your vehicles using different insurance policies can be operationally challenging and financially expensive. The Fleet Insurance policy is the solution to this problem.
A Motor Fleet policy typically covers the following:
- 5 vehicles or more
- Vehicle types from Cars, Buses, Pickups/Vans etc
- Damage to the vehicles as well as injury to the driver/passenger if they are in a company vehicle
- Loss of or damage to vehicles caused by theft, fire, natural calamities and other unexpected causes
- Third Party injury or death and damage caused to their property
A Motor Fleet policy can also be tailormade according to your company’s specific requirements:
- Public or private hire usage (for private drivers, rent a car, limo transfers or taxis)
Motor Fleet Policy- The Advantages
As every policy has its advantages and disadvantages, one should consider the same for a motor fleet policy. We have compiled a list of reasons why being covered by a fleet policy is beneficial for you and your business.
A single renewal date: A single policy reduces the need for you to remember multiple dates and amounts for each of your vehicles and drivers individually. You just have to keep one date in mind for your entire fleet of vehicles and their drivers.
Smooth and efficient claims process: If you have covered your vehicles under different policies, you will have to follow different claims process of different companies or different types of vehicles. Being covered by a single fleet policy makes the process of claiming the amount a much smoother and more efficient, when compared to individual motor insurance policies.
Lower Rates: Fleet rates are comparatively lower than individual motor policy rates, as insurance companies prefer such bulk business and is able to provide discounts on these types of policies.
Choosing the right insurance policy is not so hard if you have the right people besides you. New Age Insurance Brokers help clients choose the best insurance policy for their requirements. Contact us to know more about Fleet insurance and how that can help you manage the insurance of your fleet more effectively.