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The Benefits of Fleet Insurance

Jun 18, 2008
If you own a business or simply enjoying several different vehicles at one time, fleet insurance is definitely a type of insurance you should consider. Fleet insurance is a type of insurance that will cover four or more vehicles under one policy. This has many different benefits and can save many of the hassles that would arise from having different van insurance policies, or other types of auto insurance. Fleet insurance is generally used by companies that use vehicles to travel for business purposes but this type of insurance can also benefit an individual that drives many vehicles.

The largest benefit of fleet insurance is of course that many different vehicles are covered under one policy. This eliminates much of the worry and stress of handling a different insurance policy for each different vehicle. If the company has two cars used for business travel and three vans for a delivery business, compiling two car insurance policies and three van insurance policies would become a major hassle. Fleet insurance will simply cover all the vehicles and ensure that each vehicle is outlined in the policy.

One of the benefits of fleet insurance is that when a claim is made, the process is much smoother and more efficient than when handled through another type. One type that companies sometimes consider is to purchase insurance bonds and find their policies through that means. However, such insurance is expensive and poses much threat to the business, especially if the insurance doesn't handle specific situations such as company van insurance. Choosing the fleet insurance option over insurance bonds causes less stress for the company and the administrative aspects are also less significant.

The requirements for fleet insurance is generally different for every company but there are some basic factors that every company will take into consideration when deciding on fleet insurance eligibility. The main factors are the number of vehicles there are to insure and what kind of vehicles those are. If the company is insuring a mixed combination of different types of vehicles the insurance and the cost will be different than a quote for five of the same type of vehicle. The age of the vehicles and the condition that they are in will also greatly affect the price of fleet insurance as is the estimated mileage that the vehicles incur.

One other main benefit of fleet insurance is that if an insurer cannot become insured under an individual policy, they may have coverage provided to them using a fleet insurance policy. This will not only provide them with a way to obtain coverage but can also add to their past history should they wish to choose individual insurance at a later time.

Companies that provide fleet insurance will still take into account the driver's past history and experience and determine a final quote accordingly however, the policy is still much cheaper than purchasing individual insurance.

If the fleet insurance policy will be used for vehicles that are transporting goods that are essential to the business, it's also important to purchase insurance that will cover the costs of the goods in the event that they are lost, damaged, or stolen in the event of an accident or a breakdown. Many fleet insurance policies will provide such an option.

Fleet insurance has many different benefits that can greatly help reduce insurance cost and provide as much coverage is needed. It's important to recognize your specific needs and know what will most benefit your situation.
About the Author
Motor Direct is UK's largest firm of independent insurance consultants. Motor Direct offers van insurance and also other types of automotive insurance. They aim to provide efficient low cost benefits such as fleet insurance.
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