What You Need To Know About Motor Fleet Insurance
Motor fleet basically comprises three or more vehicles
. Today where vehicles have become a vital part of people's business and daily routines, a lot of families have become accustomed to owning motor fleet. Motor fleet is also common in car companies that provide transportation services, such as car rental, taxis, courier vehicles, limousines, and security firms.
Owning a motor fleet can be expensive and so does its maintenance. One way to ensure financial security against recurring calamities and unforeseen accidents, it is important for fleet operators to purchase a commercial fleet insurance. Instead of buying separate business insurance for each of the vehicle, opting for motor fleet insurance can help save money and time. Motor fleet insurance policy allows fleet operators to insure all vehicles under a single policy. Since there is only one date to remember for renewal, it is not that hard to keep pace with the motor fleet maintenance.
What are the benefits of motor fleet insurance?
Motor fleet insurance covers any damages to the vehicle and medical expenses in case of accidents, as well as mitigates cost of repair and in case if the accident was the fault of the insured driver. This type also covers for loss and theft. In the case where a car is not recovered, the insurance may pay for its value at the time of theft.
How does it work for business?
Motor fleet insurance is more common in business, particularly in courier and transportation companies. In case of accidents or during calamities, motor fleet insurance protect the company from any liabilities. While there is no need for the company to pay for considerable loss and damage, the company is able to save money and remain stable even after a life threatening disaster.
How does it work for residential customers?
Families who own a variety of vehicles can also benefit from motor fleet insurance depending on the number of cars that they have. Families with only one or two vehicles may not for a motor fleet insurance. However, a family who has more than one driver and more than three vehicles can benefit from the coverage and rate breaks.
How much does it cost?
The cost of a motor fleet insurance may vary depending on a variety of factors, such as the insurance company, number and type of vehicles, the amount of coverage, and extras to the basic policy (i.e. legal fees and other expenses). Normally, the more vehicles you have the higher premium that you will pay. However, compared to ensuring vehicles one by one, purchasing a motor fleet insurance is cheaper.
by: Louise Collins
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