Fleet Insurance - Some Basic Information
If you own a fleet of vehicles and wish to provide protection against untoward incidents
, then you must look at a fleet insurance option. Though this is a policy that would cover multiple vehicles, the procedure is very similar to standard motor insurance.The first step would be to contact an insurance broker. They will be able to guide you on how to go about obtaining insurance quotes and the best insurance for your business needs. Most brokers have good working relationships with insurance companies and, being in the business, are well aware of the different plans that are in operation. That would make the process of getting the right insurance policy quicker and a hassle free one.
Once you have made your company choice, you only need to fill in the application form and provide all relevant information about the vehicles you are using for your business and that would be covered under the policy. A disclosure statement that details the policy you have taken is then sent to you, followed by a 21day cooling off period, when you can go over the policy chosen and whether you wish to make any changes to it. Now is the time to either go ahead with the policy chosen or back out (and you will get full refund of the premium you may have paid).
Make sure that you understand everything contained in the disclosure statement, as some of the terms and jargon could be confusing. You need to be clear about the kind of coverage being provided and the benefits, as well as how quickly the company will honour any claim. Make sure that you have taken the protection needs of your entire fleet into consideration and no vehicle is left uncovered.
There is a responsibility that you also need to fulfill. That is, informing the insurance company and updating them about any changes to the information already provided by you. Remember, the insurance company expects you to take all necessary precautions and safeguards to prevent any untoward incidents, and you are also under obligation to maintain the vehicles in top condition. Any negligence on your part can lead to the insurance company denying the claim.
Essentially, the coverage is of three types:
1) Third-party only - This would cover any damage caused to a person not involved with the day-to-day running of the business. If your vehicle happens to cause an injury to somebody on the road, then the insurance company will protect you against any claim made by that person. This is, however, a mandatory requirement under law and many businesses have no option but to take it.
2) The comprehensive policy - This would cover your vehicles against all kinds of risks including accidents, theft, riots and vandalism, any natural disaster and so on. It is up to you to exclude certain covers if you feel the premiums are on the higher side and be selective about the cover you want.
3) Cover against Third- party and Theft - This is the most popular policy usually taken by businesses as it covers them against the common risks at a premium that is not too costly.
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