Handling a large number of vehicles can turn out to be a tough task for any company. Also, regular use and maintenance can be altogether a different business area within the firm. Vehicles are the lifeline of a transport business and managing the damage costs, and downtime of vehicles can be financially draining.
To share the financial burden of exceptional events causing extraordinary expenses, there is one policy called as motor fleet insurance, that is specially designed for the transport activities of any business. This policy not only offers complete coverage against any loss or damage of the vehicle for the fleet but also additional benefits.
Benefits of Motor Fleet Insurance
- Comprehensive Coverage
A single motor fleet insurance policy can offer complete coverage to a large group of vehicles. The comprehensive policy may cover damage to the vehicle(s) due to unpredictable causes, accidents and natural calamities and third party injuries/damages.
Overnight policy providers offer coverage for the fleet for a single voyage as well. As some companies might need their vehicles to transport goods during the length of the night, overnight policies can be taken for individual voyages. In addition, putting all the cars together gives better buying power with insurers.
- Easier Management
When you get your fleet insured, all the vehicles are covered by a single policy, a single policy document is issued and the renewal all takes place on one day making insurance management a lot easier.
- Business obligations
It offers total coverage against legal, financial obligations. Hence, it reduces the risk of financial costs due to third-party damages arising from the fleet.
Some policies cover medical expenses incurred as well. There is an absolute limit to which this amount can be included.
So, overall, for a transport business motor fleet insurance is a better way to secure the fleet of vehicles in your company. Risk analysis is also done by insurers before issuing the policy which can be useful in managing your fleet more efficiently. Additionally, the risk analyst who will review and analyze the threats to your business and will offer a policy that will best suit your business. After all, it is critical that the policy that you take should be value for money.
Why claims get rejected?
- Dishonesty: Foul play can lead to rejection of any claim for any policy. Claims are approved after proper investigation, and if the insured person is found out to be cheating, claims will be rejected.
- Influence of Alcohol: If any accident happens because the driver is under the influence of alcohol or drugs, it can lead to the claims being rejected.
- Illegal Activity: If any mishap happens while the vehicle is involved in any crime or gets damaged due to deliberate attempts, the claims will be rejected then and there.
It is advisable to read about the guidelines of the policy correctly before selecting the one that suits your need. In some cases, because of our negligence, our claims get rejected, which is easily avoidable with some due diligence.
As all other policies, there are many add-on to the motor fleet policy as well. Engine cover and depreciation cover are some of the most common additions. So, if you are an owner of any transport business or if you own many vehicles and use them for your business, motor fleet insurance can be a good backup for contingencies. Compare all the different motor fleet insurance quotes and choose the one that is just perfect for you and your business.
Insurance brokers like SecureNow provide detailed information about all the different policies and their features as well. Online brokers also let you compare different motor fleet insurance quotes as well. These days, online insurance has gained a lot of popularity as it not only saves time but also it quick and easy. Using insurance broker’s online portal gets you quotes and features from multiple insurers and does the job of comparing different policies comfortable. Also, you do not have to deal with multiple agents later.
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