A fleet car insurance policy covers different types of vehicles and needs to be purchased for each vehicle individually.
Fleet insurance policy covers cars that belong to a business entity but may also cover an individual’s car if the vehicle isn’t used only by that person but rather rented out or loaned to other people regularly.
So, does this mean that you need a fleet car insurance policy? In this article, we’ll take a look at fleet vehicle insurance and explore how it can benefit your small business or organization.
What Is Fleet Car Insurance?
If you have a company and employ people to use company cars, you should consider getting fleet insurance. In other words, if there are several cars that your employees and those cars use are only used by your employees, then you should get fleet car insurance.
This will help protect against loss or damage for these vehicles since they don’t belong to any particular person but belong to your business.
The same would apply if these vehicles belonged to a leasing company that rents out fleet cars, which is why most companies prefer using leasing companies to limit their liability and claim on any stolen or damaged vehicles.
What Are the Things to Consider While Buying Fleet Car Insurance?
If you own a fleet of cars or trucks, there are some things to keep in mind when buying a fleet car insurance policy. The three most important things are coverage amounts, deductibles, and deductible options.
If your business has several expensive cars or trucks that are often leased for short periods and then returned with no damage, higher levels of liability coverage may be warranted. However, if your vehicles don’t fit that description, lower levels of liability coverage can save money on premiums.
Also, consider whether collision and comprehensive deductibles are appropriate given your vehicle safety records. Lowering these deductibles will lower your premiums and increase out-of-pocket costs if a claim occurs.
Benefits Of Fleet Car Insurance
If a vehicle is used to transport clients, employees, or supplies, it is more than likely that your business needs fleet car insurance.
Fleet policies cover liability and physical damage and provide additional features such as injury, medical payments coverage, and loss of use. Depending on which policy you choose, you may also be able to include options like delivery reimbursement and extra expense reimbursement.
Even if your fleet includes just one vehicle right now, purchasing a fleet car insurance plan can save money compared to policies purchased individually.
And if your business grows into a large corporation with multiple vehicles (even if they’re currently all leased), there will be times when your fleet is too expensive to maintain without a fleet care package from your insurer.
The Best Tips to Save More While Choosing Fleet Vehicle Insurance
- Shop around for a new insurer and ensure that they have a good reputation and are trustworthy.
- Ask your current insurer if they offer any discounts, such as multi-car or fleet policies, which could reduce your premium costs.
- Get quotes from different insurers so that you can compare them and see who offers you the best deal on fleet vehicle insurance policy
- Consider raising your excess if it is within reason to save money on your premium
- Make sure that your fleet vehicle is properly insured by checking with your insurer to ensure all of its features are covered
- Compare prices between insurers to find out who offers you a better deal on fleet vehicle insurance.