How Does Fleet Insurance Really Work?
Insuring an entire fleet with a single insurance policy can be a great way to save money on premiums, as well as a lot of time that would otherwise be spent going through paperwork and setting vehicles up on individual policies. Some people may be afraid of getting insurance for their fleet, or may not even know what a fleet is made up of. So how does this process of insuring a fleet really work?
Essentially, purchasing a fleet insurance plan for your vehicles is having all of them on a single policy. Whilst you can often have different levels of cover for individual vehicles, all of the information on the vehicles is in one place and under one name, making it very useful. The insurance company is then able to more effectively and efficiently respond to claims and you can more easily add and remove vehicles and drivers from the policy.
The first thing you should know about any fleet insurance policy before you even think about purchasing it is how many vehicles you need to own and what types of vehicles can be included on the policy. Most insurance companies have a minimum of 4 or 5 vehicles before they consider them a fleet, though there are a few that will insure as few as 2. For businesses with a large number of vehicles, there are a lot more insurance companies available to them, but for someone insuring just a few vehicles may be limited in their choices.
There may also be restrictions on the types of vehicles you can insure. There are some policies that will only allow you to insure a specific type of vehicle, or require all vehicles to be the same, but there are many policies out there which allow you to cover a variety of vehicles, sometimes even allowing you to include your personal vehicles on the same policy as the business vehicles. Most of the restrictions, however, are up to the company alone as there are no exact rules as to what and what does not constitute a fleet policy.
The best way to find out about all the options that are available to you is to start contacting people. Contact companies and providers and compare their quotes, or contact a broker to guide you through the process. You may be surprised with the amount of money you can save by opting for this type of insurance. The bottom line is that for anyone responsible for many vehicles, or even just a few, purchasing fleet insurance is an absolute must. It can save time, money and stress for you!
Under this type of policy it is also possible to have specific needs of each individual vehicle stipulated, such as restrictions as to who is permissible to drive certain vehicles. This is why it is important to deal with insurance companies who specialise in fleet insurance, as they will offer their expertise as to which type of policy best suits your business or personal needs, as well as being to offer flexibility in payment and the contents of the insurance schedule.
About the Author:
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
fleet insurance
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