Fleet Insurance

There are many types of car and van insurance available, but what types of insurance policy is best depends on what vehicle, or vehicles are owned by any one individual or corporate entity.

What if there is an entire fleet of vehicles that need to be insured? While self insurance is possible through the use of insurance bonds, it is a very expensive way to insure a vehicle. The thought of having to post such an expensive bond for every fleet vehicle is cost prohibitive at best.

Individual car insurance or van insurance for an entire fleet is not a viable insurance option either. The cost per vehicle would still be expensive, and if the fleet was very large, it would require hiring someone whose only job was to keep track of all of the vehicular insurance policies.

The best answer is fleet insurance. Fleet insurance is a means by which an individual or a corporation can effectively provide insurance coverage for an entire fleet of cars, vans, lorries or other vehicles with one single insurance policy.

While the different types of fleet insurance that are available are as varied as the types of companies that use fleet insurance, there are some common factors. Different insurance companies will have different requirements for how many vehicles must be insured before it can utilize a fleet insurance policy, so this will have to be confirmed with the individual insurance companies for clarification.

All of the fleet insurance policies will include a limited liability insurance as a base policy. There are additional riders or insurance coverage benefits available based on the needs of the company that owns the fleet of vehicles.

If it is a fleet of lorries for example, insurance will be needed not only on the vehicle itself, but additional insurance will be added based on certain factors regarding the people who will be in the lorries at any given time. Remember, insurance is not only provided for the vehicle itself, but is also a tool used to protect the people in the vehicle.

If it is a fleet of delivery vans, van insurance may be considered, but likely, fleet insurance will be able to provide better benefits to the policy holder. This added insurance coverage will cover losses such as down time for a vehicle, or other financial losses that may occur as a direct result of an accident or breakdown of an insured delivery van.

If there is a fleet of caravans, then the insurance policy often becomes even more important. As these usually transport more material, and do more damage if there is an accident of any sort, the fleet insurance policy should be in effect for the insurance coverage. Since the costs related to caravans is usually much greater than the cost associated with cars or vans, the insurance policy too should reflect that.

Whether for a fleet of vans, cars or other vehicles, fleet insurance can provide all of the necessary insurance benefits without the inconvenience of individual insurance policies.