Motor fleet insurance is designed to help mitigate unforeseen risks that may happen to vehicles owned by an entity. This insurance policy usually covers many vehicles all in one. It ordinarily covers more than five vehicles. There are some key reasons why you may need to insure your motor fleet including:
1. Fleet insurance enables efficiency in administration since there is only one policy covering all vehicles. This reduces headaches that may be faced when dealing with lots of different insurance policies for different vehicles. Each of the vehicles that is insured in a fleet is specifically outlined within the policy.
In the case where an accident occurs, follow up becomes an easy process. Streamlined operations make it easy to contact the insurance provider for details on what to do. This is easier when the policy in place is universal for all vehicles – we recommend motor fleet insurance at CheapFleet.co.uk.
2. Insuring your fleet can help to mitigate the risks of theft that may happen to vehicles. Theft of vehicles happens all the times. This ensures that you are compensated in case they occur. This also applies to vehicles parts such as engines and tires.
3. Fires can be very destructive. When vehicles are burnt, there is normally nothing left to salvage. A fleet owner may feel the need to insure his or her vehicles against the occurrence of such type of risks. In case they occur, the insurer will be compelled to compensate the owner of the vehicles.
4. Accidents occur on a daily basis on our roads. Insuring your fleet against damages caused by accidents is very important to counter this. Vehicles may collide with one another during transit. This, in turn, may lead to serious damages to the vehicles.
Individuals on transit may also be hurt. The driver may end up getting injured. Pedestrians may be affected when such accidents occur. In some fatal cases, deaths usually occur. There is, therefore, need for a fleet owner to take cover that will be able to cover all of these scenarios when they happen. It ensures that these circumstances are adequately taken care of within the insurance policy.
5. Legal requirements may also compel you to insure your vehicles. Fleet insurance is compulsory in many countries. It may be required that companies insure their fleet against risks such as accidents. Taxi companies are required by insurance authorities to ensure that they are covered in order to be able to compensate their clients in cases where injuries occur.
6. Insuring your fleet helps to significantly reduce reinvestment costs. Where risks occur, for an entity that may have not insured there fleet; a lot of money has to be used in reinvesting. In the event of a fire and all vehicles are burnt, the amount of money that may need to be injected towards new vehicles may be a huge burden. Insurance takes care of this.
Insuring your motor fleet is very important. It helps in the efficient and smooth running of processes. A business can concentrate on its core functions when it has insured its fleet. It takes away too much worry regarding risks that may be faced. It is therefore wise for you to ensure that your fleet is insured. A comprehensive cover is always the best option.