Fleet Insurance is something many people will have heard of, but how many of us know much about it? If you have been tasked with getting insurance for your business, this is the place to be. In this guide we will answer all your questions on business vehicle insurance including:
Read on to get answers to frequently asked questions such as:
- What is fleet insurance?
- Does my business need fleet insurance cover?
- What types of different fleet insurance are there?
- How many vehicles do I need for a motor fleet policy?
- Who can drive on motor fleet policies?
- How is the fleet insurance calculated?
- How much is company fleet insurance cover?
- How can I reduce my fleet insurance costs?
Once you have got all the answers to your commercial fleet questions, head over to the quotation tool. Using our tool you can get multiple insurance quotes for your vehicle fleet with ease!
What is Fleet Insurance?
In our experience, the first question people want answered is simple. What is a motor fleet policy? If you would like this insurance explained, read on. This section of our guide will give you information on fleet coverage so you understand how fleet insurance works.
Motor fleet insurance – or simply fleet insurance – is a single insurance policy taken out by a business to cover multiple vehicles and drivers. Businesses that might need this insurance include construction companies, courier companies, companies with a travelling sales team or taxi companies. This type of commercial insurance might also taken be out by companies who have company cars for their employees or keep pool cars that are used whenever there is a need.
Does my business need Fleet Insurance cover?
Why do businesses choose to take out commercial insurance on their vehicles rather than insuring them individually? There are lots of reasons.
One of the biggest reasons for choosing fleet insurance is because it makes life much easier. If you take out one insurance policy for each vehicle in your fleet, the administration quickly becomes very complicated. How much cover do you need? Is the vehicle only driven by one person or do several people drive it?
When you choose your premium, instead of having one insurance policy for every vehicle in your fleet, you only need one insurance policy to cover all of them. The insurance is tailored to your business’s needs, so it will provide you with all the cover you need for the minimum of effort on your part.
Another big reason for needing a policy to cover multiple vehicles is the economies of scale. Rather than taking out individual insurance policies, only having one insurance policy is likely to cost you less money both in terms of the cost of the premium and the cost of the administration time to look after it.
As a final consideration as to whether your business needs cover, if you intend on selling fleets of vehicles to other businesses you may want to consider motor traders insurance to cover your fleet.