Why Fleet Insurance Is Essential For Your Business
Whether you have several cars, vans, trailers
, or other types of vehicles, the right way to protect them is with fleet insurance. This type of insurance can cater to all types of vehicles. Additional cover can include breakdowns, legal expenses, and uninsured loss recovery. Insurance companies do offer customised packages and will be able to offer you one that suits your requirements. There are different levels of cover available with fleet insurance which include comprehensive, third party fire & theft, and third party only.With fleet insurance you ought to give careful consideration to the age of the drivers since those over 25 will help you fetch discounts from the insurance company. Putting all your vehicles under one policy results in great savings and is convenient when it comes to renewal since there is not much paperwork involved, which can otherwise be an administrative nightmare. It doesn't matter whether you own two cars for your business travel and ten vans for your delivery business; you can have them all under one fleet insurance policy.
When applying for fleet insurance you ought to be aware that you need to declare the convictions and claims histories of all drivers. In addition, you will have to keep a record of the types of vehicles that each driver operates. This is essential in order to determine the amount of premium that is payable. A few risk management procedures will help reduce premiums significantly.
Appropriate safety measures installed in your vehicle will also help you reduce premiums to the minimum. Alarms, immobilisers or tracking devices are what insurance companies will consider when determining premiums. Many insurance companies offer competitive premiums to new clients who have a previous no claims bonus record on their standard private car or commercial vehicle policies.
One of the biggest advantages of fleet insurance is that the claims process takes less time as compared with other types of insurance. Purchasing insurance bonds is not advisable since you can end up spending much more as compared with fleet insurance if it does not cover specific situations.
Among the main features that influence the amount of premiums is the type of vehicles, their condition, age, mileage, the number of vehicles and other relevant factors as determined by the insurance company. The age and experience of the drivers is one of the major factors that insurance companies consider when calculating the cost of your fleet insurance. Drivers with convictions are considered as high-risk and could automatically increase the premiums. Age restrictions differ among insurance companies but typically apply to under 21s and over 70s.
Vehicles that are parked in safe places such as garages reduce the risk of theft and vandalism and help reduce fleet insurance costs. Monitoring each drivers abilities and helping them improve their driving skills will not only help reduce running costs, but also insurance costs in the long term since many insurance companies welcome businesses with a proactive approach to reducing the risks of accidents. While saving money on insurance may be on your agenda, you ought to ensure that you have the right amount of cover in order to protect your business.
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