If your company has three or more vehicles of any kind, fleet insurance may be a great option to consider. Fleet insurance can be customized for your unique needs and budget, but it is almost always more cost-effective than having separate insurance policies on each company vehicle. It is also easier to manage, and different vehicles are easily added or removed from the fleet insurance policy as needed.
When you are considering a fleet insurance policy, it is important to consider the following:
- Will you assign drivers to each vehicle? It is possible to specify which driver will drive which vehicle, but this can get complicated if you must call in frequently to make changes. Many companies opt to have a policy that allows any driver to drive any of the vehicles in the fleet.
- What types of vehicles will you include? Fleet insurance can include multiple cars, vans, trucks and even boats or aircraft. It may be possible to mix different types of vehicles into one fleet insurance policy.
- What coverage limits and deductible do you need? There is a good chance you will want to go beyond the state requirements for coverage because it will better protect you from liability and unexpected losses. You may want to raise the limit for physical damage and liability. Each situation is unique, and your fleet insurance can be customized as needed.
- Are there any add-ons you want to consider? Common add-ons include roadside assistance, uninsured or underinsured motorist coverage and product or cargo coverage.
There are steps you may be able to take to lover the cost of your fleet insurance as well, like having your drivers complete safety trainings or placing GPS or telemetric devices in your fleet vehicles.