The company vehicle insurance can be quite challenging to manage. It is a laborious task that needs regular check in policy pricing and constant tracking of renewal policy dates. So most organisations with three or more official vehicles need to secure fleet insurance to cover all their vehicle needs.
Fleet insurance providers offer a single application form that covers all the vehicles in your fleet.
The policy will include a standard excess and covers the vehicles for all risks including third-party and damage to the vehicle caused by a fire, theft, malicious damage or vandalism.
The best way to get good fleet insurance coverage is to get your quotes online and compare the different policies of more than one insurance company. Try to cross-verify the existing policies to get the best deals and quotes. The following are some points that can help you find the best insurance coverage for your fleet.
If you are looking to insure your cars through a fleet policy, there are two main options to choose from: a single vehicle insurance policy or a multi-vehicle policy.
For a single vehicle insurance policy, the premium rate is based on the make and model of the vehicle, its age and the value of your existing fully comprehensive cover. Depending on the provider, the policy can cover the cost of a smashed windscreen, damage to the vehicle caused by vandalism, theft or fire and third-party liability as well as damage caused by an accident.
A multi-vehicle insurance policy covers a wide range of vehicles including hatchbacks, sedans, vans, utes and trucks. The premium rate is generally lower than that of a single vehicle policy, but the excess will be higher. The policy generally covers all third-party risks, theft, fire and malicious damage to the vehicle.
Many providers also include comprehensive cover for a period of up to five years.
The minimum number of vehicles for a multi-vehicle policy is four, but some providers allow you to insure a single vehicle.
There are several factors to consider when choosing a fleet insurance provider.
To begin with, it's best to get quotes for all the types of insurance you need from several providers. If you are looking for a single vehicle insurance policy, the premium rate will vary depending on the provider, but generally it will be higher than the rate for a multi-vehicle policy.
The types and value of vehicles, the number of drivers, the area you cover and any additional cover, such as glass damage, also affect the cost of the policy.
Most providers will cover a driver's use of a company vehicle for business purposes, such as running errands, but not for private use.
Prices will vary depending on the provider and the nature of your business, so it pays to shop around.
There are a number of questions to ask when comparing quotes:
- Does the policy cover all the risks you need?
- Is the excess option suitable for you?
- Does the provider offer multi-vehicle or single vehicle insurance?
- How long will the policy cover your vehicles for?
- Does it include cover for business use?
There are several things to consider before purchasing a fleet insurance policy, so be sure to get a few quotes, compare their terms and weigh up all the options. With the right insurance, you can save time and budget and manage your coverage with one provider.
Without the right insurance, it is difficult to run a business smoothly. Ensuring you have the right coverage for your company vehicles will decrease your workload and help you manage your fleet of vehicles. With the right policy, you can rest assured that the needs of your fleet are covered and you can focus on running your business. Therefore, make sure you invest wisely in a fleet insurance policy by comparing quotes from different vendors and finding the one that fits your needs.
Ensura is a team of car insurance brokers in Sydney who can provide you with the right insurance policy for all your company vehicles. Let us help you secure the right fleet insurance for your business. Schedule an appointment with us today!
Disclaimer: As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time without notice.
