An Overview to Motor Fleet Insurance01/08/2017
Managing your business’ fleet of vehicles – worth anywhere from a few thousand to millions of pounds – can seem like a massive task. As a fleet owner, you must ensure your employees are authorised to drive, that each vehicle’s use is covered in your insurance policy and that you can add or remove vehicles from your policy to coincide with your business’ needs.
Fortunately, with a bespoke Motor Fleet insurance policy you do not need superhuman strength to manage your business’ vehicles. Compared to standard Motor insurance policies, the average Motor Fleet policy is much more robust and flexible, making your job easier by reducing driver restrictions and allowing you to regularly add or remove vehicles from your policy. Unburden yourself by securing a comprehensive motor fleet policy for your business.
Types of Cover Available:
Insurers usually define a fleet as anywhere from five to thousands of vehicles. The advantages of a Motor Fleet policy stem from its flexibility and wide breadth of cover. While standard Motor insurance can only cover certain vehicles under certain policies, Motor Fleet can cover an assortment of vehicles with a variety of uses under one policy. This flexibility reduces the need for fleet oversight and thus lowers overall administrative costs. The following vehicles can be covered all together under one policy:
- Special type vehicles and mechanical plant
- Agricultural and forestry vehicles
- Heavy goods vehicles (HGVs)
- Private cars
Although Motor Fleet policies are more flexible and can encompass a larger array of vehicles, the same general range of covers, listed below, is available to fleet operators as private individuals:
- Third party only policies are legally required in the United Kingdom and only protect against injury, loss or damage to third parties.
- Third party fire and theft policies extend fire and theft cover to a third party only policy.
- Comprehensive policies come with a higher excess but substantially protect vehicles owned by your business or in its custody from accidental damage.
Fleet policies can be anywhere from five to thousands of vehicles, therefore insurers often excluded additional extensions on the policy to make the cover more adequate.
The extensions often include the following:
- Replacement locks following loss or theft of keys
- Vehicle recovery and redelivery
- New vehicle replacement
- Occasional business use
- Replacement locks
- Personal accident
- Medical expenses
- Personal effects
- Legal protection
This list is not comprehensive. It represents just a few options available.
For further information please contact one of our in-house experts on: 01634 868444.