Car Insurance

Why Your Company Needs a Fleet Insurance Policy

car rental fleet

Every business needs a reliable means of transport to run its operations. If you are in the transport business, you might even need to have more depending on the volume of clients you deal with. Either way, you need to secure these priced assets. When it comes to insuring commercial vehicles, taking an individual policy for each might not be a prudent move. Instead, it is advisable to get one comprehensive policy for all of them.

fleet of trucks

It is your responsibility to keep your vehicles insured. An auto insurance plan is meant to protect other road users and your possessions as in the case of a comprehensive motor insurance plan. These benefits cut across both individual insurance policies and fleet insurance. You are legally mandated to insure your vehicles on the road or otherwise risk huge penalties as fines imposed by the relevant court. So you can never ignore the need to insure your vehicles provided it will get to the road.

Fleet insurance policies

Now that we understand the benefits of having an auto insurance policy, we need to look at the benefits of having a fleet insurance plan. Unlike individual car insurance, fleet insurance plans are recommended to companies with more than three cars. Individual plans are prescribed for individuals and companies with one to three cars.

Benefits of fleet insurance

There are many reasons most companies prefer getting fleet insurance and not individual policies. Why do they find fleet insurance policies appealing over individual policies? Read on!

Convenient: Handling multiple insurance documents can be cumbersome especially when the company involved owns many cars. A single policy document for all vehicle with has a single renewal date for all vehicles. The terms and conditions will always same.

Saves time and money: Another good thing about a fleet insurance policy is that they are economical. As such, fleet owners pay reduced amounts per unit without compromising the benefits offered by the policy.

fleet of cars

Flexible: Most fleet insurance policies offer a great deal of flexibility when it comes to the use of the vehicles in their fleet. In most instances, any driver is allowed to drive each vehicle in the entire fleet. This leaves you with more freedom to use your vehicles and little concerns to think about.

Finding the best policy for your fleet can be complicated. Since most business, owners are too busy to do this on their own, not forgetting that they need nothing less than the best cover, most of them resort to comparing insurance quotes online insurance review platforms. This way, one conveniently find a decent deal.

How to Save Money on Car Insurance

Car insurance is quite costly. This explains why most consumers do not want to buy it. Purchasing the right cover is necessary, but it will cost more to have your new car insured. In this post, you will learn important tips to help you save a lot of money on the car insurance.

Annual rate
You are free to check various websites that can help you compare different insurance companies online. Although you cannot get a quote instantly, you can get a response from company’s agents. It is a good idea to make a good relationship with an independent agent. He or she will help you check rates from a wide range of car insurance companies.

Choose a good insurer
Remember that saving money is not only about lowest premium. The truth is that some providers offer a very cheap rate of premiums. Unfortunately, they will end up charging a lot of money at the end. For instance, you may be required to pay for parts replacement during repairs. Also, the insurance company may increase the rate of premiums after an accident.

A high deductible means you will need to pay lower premiums. This is because you will have to pay more because of claims. For example, if a deductible is increased to $500 from $100, you can reduce your premium by more than 30%. On the other hand, if you choose $1000, you can save over 40%.

Review the coverage
Usually, liability coverage will pay for the bodily injury and property damage in case of an accident. Therefore, it is not advisable to reduce liability to the minimum. Although purchasing more coverage may appear to be an unusual way of saving. This will make your life savings to be at risk. You need to take into account protection coverage and personal injury medical payments.

Use discounts
Remember that car insurance offers discounts that are based on the fact that a client has low-risk lifestyle such as new drivers, students, affinity members, and experienced drivers.

Multiple-policy holders
Some insurance companies offer credit rating to set the premiums. You need to check and fix issues on the credit report. If the rating has been affected by divorce, job loss, or other reasons, you should ask your provider for an exception.

Select your car carefully
As you probably know, vehicle damage is likely to cost a lot. Thus, premiums are set accordingly based on the model of the car. You should ask the provider for estimates on various car models.