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What You Should Know About Fleet Insurance

What You Should Know About Fleet Insurance

Businesses and commercial vehicle operators need to ensure their vehicles are properly insured in case there is an accident or a loss

. Anyone who has multiple vehicles can benefit from a type of insurance specifically designed to accommodate the needs of vehicle owners with multiple vehicles.

Fleet insurance protects businesses in case there is an accident or a loss. The need for this type of insurance is common knowledge amongst business owners. However, it is not as commonly known, that such insurance can also be used by residential consumers who have more than one vehicle and can be a benefit to them.

Residential benefits

One of the most prevalent misconceptions regarding insurance for a fleet is that it is only available for business or commercial use. While this is the most common use, residential customers can also benefit from fleet insurance. Families with one or two vehicles may not qualify for all forms of this type of insurance. However, there are some that will qualify. For example, a family has two adults and two dependent teens who all drive. They each have a vehicle plus they have a recreational or sporting vehicle that is used for special occasions. This single family now has 5 different vehicles with four different drivers. They very well may qualify with some insurance companies as a fleet and can benefit from the coverage and rate breaks.

Commercial and business insurance

While it is available for some residential customers, the more common use is for businesses. Courier companies, companies that have multiple vehicles for employees, delivery services, van lines and transportation services all use fleet insurance. Any time a business has multiple vehicles or they use their vehicles for commercial purposes they can qualify for a fleet policy. The insurance is available to protect the company from liability and to allow financial stability in the event of an accident or loss.

What does insurance provide for?

In case there is an accident, the insurance on the vehicles will cover any damage to the vehicle in order to restore it to working order. In the case that the accident was the fault of the insured driver, it may also mitigate damages and pay for the repair of the other vehicle that was not at fault. Insurance may also cover loss. For example, if a vehicle is stolen and not recovered, insurance may pay for the value of it at the time of theft. Fleet insurance can also cover medical expenses in the case of an injury as a result of an accident. There are various policies available and different coverage. The choice of what to cover and how much is covered will depend on the business.

How much does it cost?

A fleet policy will vary widely in cost depending on the company you go with, risk factors and amount of coverage. It is important to shop around to get competitive quotes. However, most fleet policies are cheaper per vehicle than it would be to insure a single vehicle in the fleet.

by: Paul Delaney
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What You Should Know About Fleet Insurance