Company Vehicle / Fleet Insurance

Fleet insurance is generally for companies that use vehicles for business-related travel purposes, but it can also benefit an individual who drives many vehicles.

All of your company’s vehicles can be covered in one liability insurance coverage policy – making it quite practical when you want to allow your employees to get behind the wheel of any of your company vehicles. You can rest assured that you’re covered if they’re in an accident.

General Company Vehicle Insurance Details

The minimum number of vehicles required to qualify for fleet insurance is two. The more vehicles in your fleet, the greater the amount you’re likely to pay on your premium. Your company’s overall safety record and the relevant claims history are also determining factors in vehicle fleet insurance premiums.

Company vehicle insurance does not usually cover personal use – this is an important consideration both when choosing the right policy for your needs and when getting behind the wheel of a car for the right reasons.

Fleet insurance doesn’t discriminate about the type of vehicle you wish to insure – so long as it’s operated by your company for its business operations. Taxis, motorcycles, limos, trucks, and construction vehicles can all fall under the same insurance policy. The only caveat here is that they would all need to be registered under the same business ownership.

Different Types of Fleet Insurance

Fleet insurance typically falls into one of three categories:

  1. Fully Comprehensive: This is the most expensive, most advanced form of cover as you are protecting your business against theft, fire, and third party. You are also covered for any damage to your own vehicles and drivers.
  1. Third-Party, Fire, and Theft: If a vehicle in your fleet is stolen or damaged in the event of a fire, you’re covered. In the event of an accident or damage to any third party, you are also covered. 
  1. Third-Party Only: This is the cheapest form of fleet insurance and does not pay out for damage to your own vehicles and drivers. So, you will be liable for any repairs to your own vehicles in the event of an accident. Of course, you are covered for third-party damage to another driver and/or their vehicle.

Benefits of Fleet Insurance

We’ve already mentioned the practicalities of having one policy to cover all of your business vehicles, regardless of the type of vehicle. You’ll only ever have one policy renewal date, which is then an administrative pleasure to deal with. The last thing you want is a policy to lapse at just the wrong time because you had various policies that you weren’t sure when they were all valid until.

Freeing up resources to focus on your core business competencies is basic business sense. This is where i4SB can pull up alongside you in a car of our own and suggest that we carry the load of finding the right insurance company for you. We have a team of highly qualified consultants that can reach out to you and assist with matching the right insurance company to your business.

You can also ask for cheaper premiums when choosing the right fleet insurance package for your needs. Instead of insuring your vehicles individually and having the costs of those premiums start to stack up, ask for a better deal on your premiums by bundling the vehicles all together under one policy.

Vehicle breakdown cover is something that, while not generally included in your standard fleet insurance policy, is a valuable ‘add-on’ that is something that you can ask for – or indeed may be offered.

Unfortunately, there is no reward for not claiming on your policy, as is the case with some insurance policies that incentivize the policyholder not to make unnecessary claims. There are no ‘no claim bonuses’ when it comes to fleet insurance.

How i4SB Can Help You

Having a company car on the road is a source of great pride for most businesses. It’s often a wonderful milestone when you get your first company car, and it gets to go ‘out there in the world,’ helping your business. But, even if it’s just two cars, building up a fleet can feel like starting a family. And of course, it’s sensible to want to protect your family, your company assets, the parts of your business that move around and serve you so well.

So it’s important to give due consideration to choosing the right insurance company for your fleet insurance needs. At i4SB, we know what it’s like to run a small business: every small milestone, every new vehicle, every new deal is a major victory in itself.

We also know that it’s often time-consuming dealing with peripheral issues such as finding the right insurance policy for your business. So we like to help our clients take some of that load off by “match-making” them with the right insurance company. All our insurance professionals come with years of experience, freeing you up to focus on driving your business forward and not having sleepless nights wondering if your driver is insured to drive the new company forklift.

Here we have just provided you with some of the main points that you’ll need to consider when choosing company vehicle insurance. We will always travel that little bit further for you regarding vetting insurance companies and their agents. The people that we recommend are the people that we do business with ourselves.

There’s absolutely no obligation to buy any of the products that the insurance companies we match you with are offering – it’s often just helpful to hear what they have to say once you’ve explained your business needs to them. You can reach out to i4SB via our contact form online or with customer service at 1-505-880-2143. Simply push the Get Started Now button below and let i4SB help you on your way to fleet insurance that will drive your business forward while giving you peace of mind at the same time too.