What Level Of Fleet Insurance Cover Are Available?
What Levels Of Fleet Insurance Cover Are Available?
What is fleet insurance?
Fleet insurance is a type of motor insurance policy that enables you to insure multiple businesses including different types of vehicles, at once. This is known as a fleet. When compared to insuring vehicles separately, fleet insurance often works out cheaper and is easier to manage than separate policies.
The key benefit of Fleet Insurance is that it’s an easy way of insuring multiple vehicles, rather than keeping on top of dozen of car insurance policies.
Here’s everything you need to know about the levels of Fleet Insurance cover that are available:
Fleet Breakdown cover
This is different to your normal personal breakdown cover. You get all the same perks as you would have on a single vehicle; however, cover is applied to each vehicle you select all under one premium. This means that any driver registered on your fleet of specified business cars, vans or HGV’s is covered on the vehicles you selected. This protects you against costly downtime and damage to your reputation should one of your vehicles break down.
What does Fleet insurance cover?
- Loss of, or damage to your vehicles
- Vehicle recovery in the event of a breakdown or accident
- Support with paying legal fees
- Damage to your vehicles’ windscreens and windows
- Replacement locks should your keys be stolen
- Help towards medical expenses – should you or a passenger be hurt in an accident in a vehicle that’s part of your covered motor fleet.
What levels of Fleet Insurance cover are available?
- Comprehensive – The highest level of fleet insurance cover you can have for your vehicles. A comprehensive FI policy covers you for damage to your vehicles, as well as any damage caused to other vehicles in a collision. You can claim for damages even if your drivers are deemed to be at fault.
- Third Party, Fire & Theft (TPFT) – While you won’t be able to claim for most damages to your vehicles on TPFT, you will be able to claim if they’re stolen or catch fire. You’ll also be covered for any damage to other road users and their cars.
- Third Party Only – This is the most basic which will cover claims made against you by any third parties but offers no protection for your own vehicles. Some types of vehicles, such as Plant, can only cover the third party.
- Any Driver Policy – An ‘any driver policy’ is very useful for businesses, where different drivers need access to any vehicle within your company. It allows a great deal of flexibility and means you don’t have to worry about whether driver X is insured to drive vehicle Y.
Levels of coverage
UK law requires that all vehicles have third party insurance, at a minimum. But, additional levels of coverage might often be necessary to properly protect vehicles in the fleet, and protect the business from associated liability.
Some motor fleet insurers may actually decline to provide this level of insurance for a fleet. Instead, they may provide comprehensive insurance as the standard form of coverage. Typically, these insurers only offer third party coverage alone for vehicles that are limited use, such as construction vehicles. Choosing this option may result in lower premiums. But when an entire fleet of vehicles is involved this may come at the cost of a significant amount of insurance protection.
Exclusions for motor fleet insurance could include theft of an unattended vehicle, theft by deception, mechanical breakdowns, and tyre replacements.
A main difference between motor fleet insurance cover and other insurances is the lack of a no-claims discount. This is because, for very large fleets, the likelihood of maintaining a zero-claims record is usually low. Instead, insurers operate an alternative claims cost system. This is where the total cost of claims is tallied over a fixed period of time. The premium is adjusted depending on the total value of claims, with a lower total value earning a higher discount.
- Public Liability – Public Liability insurance is a very useful type of cover to get. It will cover you for any liability claims that go against you. Businesses always have to be wary of liability claims, especially those that rely on the use of multiple vehicle
- Breakdown assistance – Breakdown assistance is another handy type of cover that you can have included in a fleet policy. You may be able to save money by getting breakdown assistance included in your policy.
How We Can Help
We know our clients appoint us to make a difference to them. To make sure that their businesses are competitive and to give them the comfort of knowing they are being provided with the very best competitive and secure solutions.
Speak to one of our Fleet Brokers today at Trevellyan Insurance Brokers. We will offer you the advice and service you need for fleet insurance and the levels of fleet insurance cover.
Our low cost Fleet quotes go unmatched!
July 20, 2022
May 16, 2022