In effect, Fleet Insurance is bulk buying your insurance from a single provider, and in return, you can be rewarded with a discount. Taxi fleet insurance will cover both large and small fleets of commercial vehicles. It might surprise you to know that you can insure three vehicles upwards on any one Fleet Insurance policy. Your taxi or commercial fleet can be worth anything from a few thousand pounds to millions. You will still be able to benefit from reduced premiums and the reduced hours of administration, along with making the whole process indeed much more manageable.
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Often times when you are starting a new business, it’s doubtful that you will have enough money to purchase all the vehicles that you would need to carry on your business straight-up. What you will most likely do is purchase one or two hire for reward vehicles to start, then add more vehicles to your fleet as your business grows.
What will no-doubt happen with this ‘grow-your-fleet-gradually’ method is that you will have to purchase a new insurance policy for each new taxi that you acquire and is added to your fleet of vehicles. This of course means that you will end up with a bunch of insurance policies for the various vehicles you have acquired.
Fleet insurance is often (and rightfully so) misunderstood. Just the name itself brings to mind numbers of vehicles and the inevitable misunderstanding that fleet cover is only correct for you if you have many company vehicles to insure. As mentioned earlier if you have three or more taxi’s you will qualify.
No matter what your specific fleet vehicle requirements may be, Taxi fleet cover comes with the same three main levels of cover that ordinary, standard motor insurance cover does.
Often times, fleet cover can be arranged under an ‘any driver’ policy. This simply means that any of your company employees can drive any vehicle, providing of course that they are a holder of a full license for that type of vehicle. It’s also worth mentioning that on fleet policies there are typically age restrictions ,its is always advisable to compare with companies like comparefleetinsurance or Arnold Bonnet.
What’s great is that owner-managed businesses, and families with multiple vehicles can also obtain a type of fleet cover that is known as family fleet Insurance. This is an increasingly popular and a cost-effective way of addressing your motor insurance needs should you have more than two vehicles. Just as is the case with commercial fleet insurance, Family Fleet Insurance allows you to mix different types of vehicles on a single policy. This way policy holders can be covered for motorbikes, cars, pick-ups or even a horsebox.
Fact is that fleet managers do not have to be held hostage by constantly rising insurance premiums that individual consumers have to accept. If you spend a little time checking out self-insurance options along with establishing anti-fraud initiatives, this can go a long way as far as saving money in the long run.
As opposed to an agent who only works for/with only one insurance provider, a knowledgeable insurance broker will be able to shop around and compare policies from different insurance providers. The proper insurance broker has experience with fleets similar to yours and they will know exactly which aspects are important for insurance underwriters and thus they will be able provide you invaluable tips, streamline the entire process, and as is most often the case, save you some money as well.
Suhail is a journalist who loves everything about technology driven cars. He keeps a keen eye on the latest developments in automotive industry and shares the news as it breaks.
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