All You Need To Know About Fleet Insurance


If you own a business, we understand how important it is for your equipment, machinery, and heavy assets to stay secure and working always. If these assets are insured, you can work worry-free and your business operations will be smooth at all times. Fleet insurance for your vehicular assets can go a long way in making your business a success. To buy a cheap motor fleet insurance cover, you should first have complete knowledge regarding it. Let’s learn about it here.

Different levels of a Fleet Insurance cover

Generally, you can categorize a motor fleet Insurance policy on these levels:

  • Third-Party, Fire, Theft— Even though you can’t claim for most damages to your vehicles on this level, but you will be able to claim an amount if the vehicle is stolen or catches fire. You’ll still be covered for damages to another road user and their car.
  • Comprehensive — This is the greatest level of insurance you can have for your fleet. A comprehensive yet cheap business Fleet Insurance policy includes you for harm to your vehicles, as well as any loss caused to other vehicles in a crash. You can claim for losses even if your drivers are assumed to blame.

What to look for in a cheap business fleet insurance policy provider?

  • Expert insurers— If a company compares quotes of motor fleet insurance from a specialist panel, and then provides you the cheapest one, that’s the best fit for you.
  • Including Windscreen Cover— Our clients don’t have to buy a Windscreen Cover as it is included in comprehensive fleet insurance. So, no need to buy it separately.
  • Covering repairs— Upon damage of your car, the business fleet insurance must be able to cover the repair cost up to the market value of the car (accidents and malicious damages).
  • Pay-outs as per market value— A cheap commercial fleet insurance cover covers damage or total loss that happened due to fire and theft. It covers the cost as per current market value.

What are the factors that impact the cost of Fleet Insurance?

Every business runs differently, and so their requires very too. That is why different factors impact the actual price of fleet insurance.

  • Types of vehicles: — Since your insurer has to pay out more to cover the market value of your high-value vehicle or HGV, its value will be higher than others.
  • The size of your fleet— The larger the fleet, the bigger the overall price of a business fleet insurance will be. However, it also means the cost per vehicle would be less ( benefit of scale).
  • Time on the road — The more one spends time on-road driving, the larger the chances of facing a collision. Therefore, prices tend to rise for a fleet insurance policy/ premium.
  • The risk profile of driver — If your driver has a history of making a high number of claims or more points on their license, you won’t get a cheap business fleet insurance With such a history, you will get a pricy policy.
  • Claim history of your organization— Those who have made few to none claims in the past get higher chances of landing cheap fleet insurance. So, the lesser the claims, the lesser the cost of a policy.