Motor Fleet Insurance
If you own a small business, or have more than one vehicle, you may be looking to insure more than one vehicle at the same time. If you are, it can often be cheaper to insure them collectively with motor fleet insurance rather than arranging cover for each car or van individually.
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What is Motor Fleet Insurance?
Motor fleet insurance is car or van insurance that will cover all your company’s vehicles and drivers all on a single insurance policy. This can not only be more convenient but also more cost effective than arranging individual insurance policies. Of course if you run a business with more than one vehicle, fulfilling your legal requirements and keeping them all insured can be a bit of a pain in the neck. But fleet insurance makes that a lot easier.
What Should I Consider When Choosing a Motor Fleet Insurance Policy?
When you are thinking about which fleet insurance to go for, be sure to think about:
- How many vehicles you have and what types these are. (If you have motorcycles, for example, make sure these are covered by the policy as well as cars and vans.)
- How many drivers will be utilising those vehicles.
- Whether employees use company vehicles for private use. (This is often an exclusion on motor fleet insurance policies, so make sure you’ll be covered.)
- The level of cover that you require.
Types of Motor Fleet Insurance:
When taking out motor fleet insurance, you will generally be able to choose between three levels or types of cover. These are:
Third Party Only Motor Fleet Insurance
This is the minimum insurance level required by law in the UK. It covers drivers against:
- – liability for injuring others, including passengers.
- – damage to the property of a third party.
- – liability while towing a trailer or caravan.
Third Party, Fire and Theft Motor Fleet Insurance
- In addition to covering the above, this option also covers:
- – damage from fire.
- – in case of theft.
- – damage to vehicles incurred when stolen.
Comprehensive Motor Fleet Insurance
- This is the most expensive option but also the most comprehensive. It will cover all of the above and also:
- – Any loss or damage to your vehicles.
- – cover for windscreens.
- – Personal effects in vehicles.
- – Accidental damage.
- – Medical costs after an accident.
Policies vary considerably in scope and cover, as well as cost. If you have idiosyncratic requirements, it can be a good idea to call an insurer directly to discuss your specific needs. Think about what cover you might require additional to the above and work to tailor a motor fleet insurance cover that suits your business.