Motor fleet insurance is an umbrella policy which covers all your vehicles with a single policy. It saves the effort of managing multiple policies for different vehicles, thus improving ease of management.
Commercial vehicle insurance offers coverage to your employees driving your vehicle for medical treatment of any injury in case of an accident. Coverage for employees' personal vehicles is also available.
Motor fleet insurance provides high enough insurance limits to help cover items like punitive damages, attorney’s fees and medical expenses of injured, which otherwise could easily exceed the limits of a general personal auto insurance policy.
A commercial fleet policy covers the litigation costs you might face if your vehicle were to get involved in an accident causing third party bodily injury, or property damage. All court fees and settlement cost will be paid by the policy.
Motor fleet insurance, commonly known as commercial fleet insurance also, is a policy designed for businesses with two or more vehicles to insure multiple vehicles (cars, mini buses, trucks, HGVs and taxis) on a single insurance policy.
Under such a policy, the insurance company offers a single motor insurance policy to cover a number of vehicles or the whole fleet. The fleet vehicle company needs to pay a single premium at a point in time and all the vehicles in the fleet remain covered with a single policy. Commercial fleet insurance has competitive pricing as the risk here is shared among all the vehicles.
The benefits of motor fleet insurance policy in India are as follows:
Protection to Vehicle
Third Party Liability Cover
Motor fleet insurance policy in India is a unique way of insuring multiple vehicles under a single policy. It is managerially simple, hassle-free and cost effective. Below is a list of who can can buy motor fleet insurance policy in India:
A motor fleet insurance cost or the premium payable for commercial vehicle insurance depends on factors such as: types of vehicles, the number of vehicles to be covered, the nature of use of the vehicles, the geographic zone and the Insured Declared Value (IDV). The cost of the premium also depends on any type of additional coverage you include in the policy, for example, vehicle accessories cover. Having said that, the cost of a motor fleet insurance, when calculated, would come to less than 1% of the vehicle cost, which is a very small amount compared to the potential loss that could occur if we do not have an insurance in place.
Motor fleet insurance coverage ranges from loss or damage to a commercial vehicle to third-party liabilities arising due to your commercial motor vehicle.
It covers for loss or damage to commercial vehicles associated with your business in case of an accident, or due to specific perils like fire, explosion, lightning and natural calamities. Third party legal liability arising from bodily injury and property damage is also covered by the policy. Also, a motor fleet insurance policy covers for medical expenses of an employee meeting with an accident is also covered.
Note: These items listed here may not be comprehensive. The policy wording will have the details of the inclusions under your motor fleet insurance policy.
There is a list of exclusions or items not covered in motor fleet insurance policy. A commercial fleet insurance usually excludes:
Note: This is an indicative list of exclusions only. The policy wordings will contain the detailed list.
Claim process under a commercial motor fleet insurance is easy and hassle-free with SecureNow. Whenever a claim arises, you should immediately inform the insurer and notify us by dropping an email at firstname.lastname@example.org.While raising the claim you should indicate the nature and extent of any loss or damage. You must provide vehicle information and the name of the employee involved, if there was an accident.
SecureNow will get in touch with the insurer and help you in furnishing all the necessary documents. You’ll have to present all necessary documents required by the insurance company and co-operate with them. After all the documents are submitted, the insurer appoints a surveyor and based on their report, the claim will be paid. SecureNow will aid you in the whole claim process and ensure a smooth transaction.
The usual documents required for motor fleet policy claim process in India are as follows:
In case of vehicle damage you’ll have to submit additional documents such as:
The insurer may require other documents as well in case of third-party bodily injury or property damage.
Fleet operating cost can be huge expense for any organisation. Adding insurance cover may help reduce the maintenance and accidental wear and tear cost of the fleet. Here are some methods which can reduce the premium you will have to pay for such insurance:
Claims Records: Know your claims history clearly. Ask your insurer...
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