All About Fleet Insurance

Fleet insurance is a type of cover that’s designed so that businesses and individuals are able to insure multiple vehicles under the same policy. This is incredibly useful since it not only makes things much easier to manage but it’s nearly always cheaper than insuring vehicles individually.

Below is a guide to fleet insurance, including who it’s for and what factors determine cost.

Who is fleet insurance for?

  • Families – A lot of people assume that fleet insurance is only for businesses, such as taxi ranks and trucking firms but this is not the case. Families that have 3 or more vehicles can also benefit from fleet insurance. Family fleet insurance can also be very useful when there are younger people in the family who cannot obtain their own cover at an affordable rate and is a great way for families to save money.
  • Individuals – Individuals with multiple cars can also get fleet insurance. Maybe you have a sports car collection or enjoy collecting rare and valuable vehicles. Whatever the case, you can get a fleet policy to cover them all together.
  • Businesses – Businesses are a very obvious customer when it comes to fleet insurance. There are many types of businesses that rely on the use of vehicles for day-to-day operation and for such businesses, fleet insurance is a no-brainer.

What factors determine cost?

Knowing what factors determine the cost of a fleet insurance policy can help you save money. With this in mind, below are some of the biggest things insurance providers take into account when coming up with a price for a fleet insurance policy.

  • Level of cover – The level of cover you take out will certainly affect how much you pay for fleet insurance. A third party policy will be the cheapest option since it only provides cover for other vehicles when one of your vehicles is involved in a collision where you (or one of the other drivers on the policy) is at fault.
  • Number of vehicles – The number of vehicles on the policy will also affect how much it costs. Generally the more vehicles there are to insure, the more you can expect to pay.
  • Value of vehicles – The value of the vehicles being insured will also affect the price you pay for fleet insurance.