Fleet Insurance Practical And Convenient
When you operate a business that utilises more than three vehicles
, or you are a car collector of several units, the most practical and convenient insurance coverage for you is a fleet insurance.
Since all motor vehicles are required under the law on road safety to have a vehicle insurance coverage, getting fleet insurance is always recommended for owners or operators of multiple vehicles like:
1. Taxi cab service
2. Car rental business
3. Bus companies
4. Courier business
5. Personal car collectors.
What are the benefits of getting this type of insurance?
1.The insurance coverage for all your vehicles are covered under one policy. So this means that you keep track and keep file of only one insurance policy for all your vehicles.
2.Payment of premium is computed in a single policy instead of multiple policies with different expiry, renewal and payment dates.
3.The insurance provider can give you bigger discounts on your premium dues because you are giving them good business. You can always negotiate for lower premiums, and discuss the add-ons to your coverage and bargain for the least cost or the maximum discounted rate.
What is the coverage for fleet insurance? The coverage is no different when you get protection for a single vehicle, whether private or for hire. You may choose to cover for:
1.Third party insurance. This will cover your vehicle for any third party property damage arising from accidents, and for passenger liabilities.
2.Third party fire and theft. This is similar to third party insurance but it includes protection from damage caused by fire and loss due to theft.
3.Comprehensive. Your protection includes all of the risks covered in third party fire and theft plus damage to your own vehicle regardless of whose fault it is.
Other add-ons to your fleet coverage which are worthy of consideration are:
1.Protection in case of vehicle breakdowns plus provision for temporary car replacement
2.Damage to the windscreens
3.Towing services
4.Public liability insurance that will cover for legal claims.
Your insurance provider will take into account the following information that will also determine the premium rate for your fleet coverage:
1.Driving history of your drivers based on the records of your local authority. Premiums are much lower when there is no adverse information in the driving history.
2.Age of your drivers. Younger drivers, usually below 25 years of age, will result to higher rates because records have shown that a bigger percentage of road accidents involve younger drivers.
3.Year model of your vehicle. The more expensive the vehicle, the higher the premium rate, and the same holds true for older types of vehicle.
4.No previous claims. Insurance providers will always offer additional incentives to clients who have had no insurance claims for own damage and personal accidents from the previous year.
Regardless of all the above factors, however, always bargain for a good fleet insurance rate. There is stiff competition among insurance providers, which always work to our advantage. Get quotations from the insurance companies with a good track record, and squeeze information from all of them regarding their restrictions and add-ons.
by: Neil Anderson
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