Keep Your Fleets Safe with the Best Commercial Fleet Insurance

Several businesses such as car rentals, taxi services, construction companies, delivery services, etc. own many vehicles such as vans, cars, trucks, HGVs, etc. that they utilize for their business on a regular basis. Commercial Fleet Insurance can help keep you business safe.

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Keep Your Auto Fleets Safe with the Best Coverage

A commercial fleet insurance can help to cover all the liability risks for all the vehicles owned by the business and the insurance includes coverage for various vehicles such as cars, vans, trucks, SUVs, buses, tractor-trailers, etc. A commercial fleet insurance is a more affordable option for the business rather than getting an insurance for each vehicle separately.

The vehicles which you insure under a fleet insurance plan does not require to be used for the same purpose. For instance, your commercial cars as well as construction vehicles can be insured under the same fleet insurance policy.

So, how many vehicles constitutes a fleet? This really depends on the fleet insurance company. Some companies may require 5 vehicles or more to comprise a fleet, while other insurance providers may allow you to buy a commercial fleet insurance for just 2 cars. However, it has been found that it is most cost-effective when you have a minimum of 3 vehicles on the policy.

Commercial Fleet Insurance FAQ’s

The fleet insurance cost depends on various factors. If there are more vehicles in the policy, the cost of the policy will be greater. Other factors that affect the fleet insurance cost are:

Value and Age of the Vehicle

Buying used or old vehicles can save money on the insurance since they are cheaper to repair compared to new or custom vehicles.

Purpose of Use

Contractors such as locksmiths, plumbers, etc. who are into service-oriented jobs pay the least amount of insurance. Vehicles used for delivery purposes such as florist or pizza delivery vans usually fall in the mid-range insurance policy cost and the vehicles used to transport merchandise to other businesses and also to transport people pay the most amount on the insurance cost.

Type of Vehicle For your Commercial Fleets

Vans and SUVs are costlier to insure as compared to passenger cars. Trucks are categorized into 3 classes – light, medium and heavy-duty.

  • Light Trucks: Are under 10,000 lbs. and include pickup trucks, flatbed trucks and full-sized vans.
  • Medium Trucks: Between 10,000-20,000 lbs and include box trucks and refrigerated trucks that are mid-sized.
  • Heavy-Duty Trucks: Over 20,000 lbs such as tractor-trailers, construction vehicles and beverage trucks.

Commercial Fleets Policy Option

The more comprehensive the insurance policy, the greater will be the cost. However, taking a comprehensive policy is a good idea, as in the case of a serious accident, these policies can save you from tremendous loss.

You should ask your fleet insurance broker to get you at least 3 fleet insurance quotes that you can compare before you determine the right one for you. This will also help you ensure that you are not paying too much for the policy.

Other ways to reduce costs of your fleet insurance policy without reducing the coverage or giving up the coverage are:

By ensuring that your fleet drivers have excellent driving records, you can get discounted rates.
You can save money by raising the deductible amount. However, while you will pay a lesser premium when you file a fleet insurance claim, you will pay a higher deductible amount. So, when you increase the deductible amount, although, your fleet insurance becomes more affordable, make sure that the business can afford the deductible amount at the time of loss.
You can save on the fleet insurance by combining policies. Apart from your fleet insurance, if you require various insurance policies, then by purchasing all of them via the same insurance provider can reduce overall premiums. You can also save money on your insurance policy by having anti-theft and safety equipment, maintaining safety standards and being claims-free.
When you’re purchasing a fleet insurance, make sure to ask the insurance provider the discounts and deals available that can lower the premium you pay.

  • The best way to get discounts on your fleet insurance policy is to hire drivers who have a clean and safe driving record. Adding even a single driver with a poor track record can raise the insurance premium by over 10% and when this amount is multiplied across all the vehicles in the fleet, the amount can be significantly large.
  • Your fleet insurance provider may offer discounts for having GPS equipment installed in the fleet vehicles. This is not only a great way to get a discount, but you can also keep track of your vehicles.
  • Buying your fleet insurance from the same company that has your other business and general liability policies can offer some great discounts. You can also try and add your family personal policies into the bundle for more discounts.

Getting a fleet insurance for your business can be complex and without the help of experts, you can find it quite challenging to get the best policy that will offer you complete coverage and protection. Our fleet insurance specialists can help to guide you in understanding fleet insurance and the type of insurance that is best-suited for your specific business needs.

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