The first rule of fleet insurance is to make sure, without any doubt, that your entire fleet of vehicles is fully and appropriately insured. This can become a bit of a challenge, particularly if you have an array of different types of vehicles in your fleet and need to renew them all at the same time.
There are many different types of fleet insurance, and the one you need will depend on factors such as the type of industry in which you work, who will have access to the vehicle, and the type of goods (if any) to be carried within the vehicles. Read on to find out more about the main types of fleet insurance.
Car
The number of cars required to be considered a fleet is variable, but can run into the thousands. Car fleet insurance will cover all the cars owned by the business (or director/partner), offering an easy way to manage the cover and cost of insurance.
Van
If the majority of your fleet is made up of vehicles under 7.5 tonnes, light goods fleet insurance is the type you need. This includes box vans, drop sides, crew cabs and fridge trucks.
Lorry
Insurance for a lorry fleet will depend on what they are transporting. Insurance for lorries transporting hazardous goods, for example, will command a higher premium than those transporting non-hazardous goods. Premiums are also affected by the radius of travel and the number of vehicles you wish to insure.
Private
Private fleet insurance is common for trades and businesses that wish to display their branding on the outside of their vehicles. Insurance will depend on the driver of each vehicle’s age, experience, occupation and location.
Taxi
You will often need a fairly flexible policy for a fleet of taxis, as usually it will comprise of vehicles of different ages and values. Due to the nature of the work and time spent on the road, taxi vehicles are considered high risk.
Chauffeur
A fleet of cars used for transporting people to special events and for corporate contract work is considered a chauffeur fleet. Insurance will usually provide replacement prestige vehicle, if required, as well as breakdown insurance and flexible mileage allowances.
Now that you’ve deciphered which type of fleet insurance you need, give us a call at GMi Insurance Services for a transparent and flexible quotation!
