Fleet insurance protects a company’s whole fleet of vehicles. It lets you insure all of your vehicles under one policy rather than separately, and you may either insure all drivers or assign named drivers to each vehicle.
Businesses that lease or own at least two vehicles are eligible for this insurance. The phrase “fleet” refers to a group of cars that is typically between 2-500 vehicles in size but can be any number depending on the insurer.
How Does It Work?
Fleet insurance covers a company’s several cars, whether leased or owned and can be registered in the company’s name, a partner or a director. Payments can be made monthly or annually, depending on the needs of the company, and deals can be discovered on insurance comparison websites or through specialized brokers.
What is Covered?
Fleet insurance, like ordinary car insurance, comes in three distinct levels of coverage. These are the following:
- Comprehensive coverage – protects you against damage to your own and/or third-party vehicles, as well as injuries to you, your passengers, and third parties in the event of a fault or non-fault accident.
- Third-party fire and theft insurance – covers damage to third-party cars as well as your own in the event of a fire or theft.
- Third-party only – covers damage only to other people’s property or cars, as well as injury to others and your passengers.
Because policies differ from one provider to the next in terms of what they allow and don’t allow, double-check your policy for any important limitations, such as personal use, before signing.