If you own several vehicles, then you will require fleet insurance, which is the same as personal vehicle insurance and covers for damage, injury or theft - except that it covers your entire fleet under the same policy. The most common types of fleet insurance available are for mini-fleets, taxi fleets, personal car fleets and haulage fleet.



Looking at the highly competitive market these days, it is very likely that you would easily be able to get the policy that best suits you, as companies constantly keep on reviewing their policies to make them better than the others.

There are many insurance companies who would customize their fleet insurance policy to cover all of your vehicles. In order to do this, the number of vehicles in your fleet should be more than a specified number. This number varies from one company to the other, according to their own policy.

One thing that might be really beneficial for a fleet owner is to adopt a risk management system, in which certain steps can be taken so as to reduce claims – this system will make your premiums lower. Some of the most effective steps suggested by the fleet specialists are to buy vehicles which have good performance and are safe, the vehicles should be maintained according to schedule, the security devices should be checked and updated regularly, before appointing the driver he should be assessed for his eligibility to handle the vehicle in the right manner, the driver should be introduced properly with the vehicle through the handbook, the driver should be monitored for performance, drivers can also be trained if the need arises during their job. If an accident occurs due to the driver's fault, he should be held accountable so that the mistake is not repeated.

Some companies provide you hazardous goods insurance and green cards along with your fleet insurance. You can avail the hazardous goods insurance if you transport dangerous goods by road. The Green Card is a facility provided to you if you are going abroad. This green card is applicable in certain countries according to the policies of the company.

Besides providing coverage for the defined losses caused by accidents, theft, storms, vandalism, fires etc, companies provide many other benefits with the fleet insurance. Some of these benefits may be towing, emergency repairs, recovery and return of vehicle after theft, hiring costs after theft, replacement of locks and keys, cleaning up debris and more. However, there are certain limits to these additional benefits and you should be eligible, the criteria is mentioned in the different sections of the “Disclosure Statement”. The additional benefits and the criteria vary from one company to the other. It is highly recommended that you read this document carefully and understand the conditions.

The greatest advantage of fleet insurance is that you are saved from the cost and extensive hassle of having several policies and renewal dates for the vehicles in your fleet. Some other advantages include the smoothness and efficiency of the procedure when the claim is made as compared to other insurances.

One disadvantage of the renewal date being the same for the entire fleet is that you will have to pay the premium all at once, which may badly affect your cash flows.