Having a fleet of vehicles requires a lot of responsibility. Fleet managers must keep track of vehicle maintenance, driver safety, and other important measures to ensure the safety of their assets. To guard against any potential risks, fleet insurance should definitely be considered.
Fleet insurance is a type of insurance policy that provides coverage for multiple vehicles owned by a single organization. It is a cost-effective way for a business to protect its cars, as it can be cheaper than taking out individual policies for each vehicle. Additionally, fleet insurance can be tailored to meet the specific needs of a business, allowing them to customize coverage to their requirements.
The Cost of Fleet Insurance
The cost of insuring a commercial vehicle can be quite different depending on the vehicle’s type, size, and purpose. The insurance company determines the price of this kind of insurance, and it can be quite different from one company to the next.
The type of vehicles in your fleet can affect how much you pay for insurance. For example, if you have a fleet of vehicles used to deliver goods, you will likely pay more for insurance than a fleet of vehicles mainly used for services such as servicing customers.
When purchasing insurance for your business vehicles, comparing different insurance providers is vital to get the best deal. Get at least three quotes from different companies and see if you can bundle different types of insurance, such as liability and collision coverage, to save money on your overall insurance costs.
Monitoring Your Policy
Once you have obtained the insurance coverage for your fleet, you need to keep track of the policy and assess it regularly to ensure it meets your needs. Having a fleet insurance policy can be a great way to keep your team covered when operating any of your vehicles. It’s essential to keep in mind, however, that many policies will require you to list all drivers authorized to drive your cars.
Keeping track of who is listed on your policy and informing your insurer of any changes in staff is essential to ensure you are adequately covered. Fleet insurance must be regularly updated to remain valid and ensure that your vehicles are covered. To make sure that you don’t forget to renew your policy, use fleet management software to set up automatic reminders to remind you when your policy needs to be updated.
Tracking Driver Behavior
Fleet insurance can be pricey, but you can find ways to lower the rate and help your budget. If you want to pay less for your fleet’s insurance, you must ensure your drivers have a good driving record. Insurance companies will likely offer you a lower rate if your drivers have demonstrated safety on the road.
Vehicle operators should be frequently reminded of the importance of safe driving. To ensure this, regular training programs could be employed to educate drivers on the significance of following the rules of the road and driving safely.
Using telematics to track driver behavior can be a great way to get a discount on your insurance. Telematics devices track and record information on all trips taken, like how fast the vehicle was going and whether or not it experienced hard braking or rapid acceleration. Showing that drivers are avoiding these behaviors can lead to a lower insurance premium and a decreased chance of accidents or vehicle downtime.
Conclusion
Fleet insurance is a critical way to protect your business from the potential risks associated with having a fleet of vehicles. It provides coverage for various risks, from physical damage to liability claims, and allows you to tailor your coverage to fit the needs of your business. Fleet insurance helps ensure your business’s continued success.
If you need business insurance in Lubbock, trust Pascal Burke Insurance Brokerage Inc. We specialize in an array of policies that cover not only general cases but specialty contractors. Get a fast quote now.