As a business expands, its transportation needs might increase proportionately. Thus, organizations tend to buy more vehicles. Usually, they insure every vehicle separately. Motor fleet insurance is a great way to insure multiple vehicles in one plan. It is easy to manage in addition to being cost-effective. Let’s get to know that who can purchase motor fleet insurance.
However, it is not only organizations that can buy motor fleet insurance. Any of the following can purchase motor fleet insurance:
- an individual who owns more than one car;
- an organization that employs multiple vehicles for internal operations;
- a transport organization, i.e., taxi service provider, commercial transporter, etc.;
- any other business or individual owning more than one vehicle for a single purpose.
One advantage of fleet insurance is that all insurances are consolidated with one insurer which is easy to manage. Another benefit is that there is one renewal date for all policies. Moreover, insurers give more focus and better rates when you have several vehicles insured with them.
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Case study: Ease of having one insurer for all vehicles
Suneel runs a ‘taxi for hire’ business and owns five small cars. An accident at his garage damaged two of these cars. He had separate insurance for every car. After the accident, he had to spend a lot of time getting his claims settled with different insurers.
While visiting insurance offices for claim settlements, he ran into another businessman Ravi. Ravi also owned a group of vehicles that he used in his business. However, Ravi had opted for motor fleet insurance. It saved him a lot of time as he only had to contact a single insurer if a claim arose on any of his vehicles.
Ravi explained to Suneel that motor fleet insurance was cheaper and easier to manage. As a result, Suneel switched to motor fleet insurance for his business.