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 What Does Fleet Insurance Cover? Fleet insurance quotes are based on the type and purpose of vehicles in your fleet and the level of cover you require. You get to choose the level of risk (over the mandatory minimum) and what other options are covered. Types of vehicle
Your vehicle must be insured for the purpose it is used for.
There are three levels of vehicle insurance.
The Level of CoverThe key selection you need to make is the level of insurance cover you require. This depends on the level of risk you are prepared to accept: 1. Comprehensive InsuranceAlso known as 'fully comprehensive,' or 'fully comp,' cover protects against a wide range of potential losses and damages that could occur - including fire, theft and accidental damage - plus cover for any damage or injury caused to anyone else, ie, a third party, regardless of who is to blame. Comprehensive insurance is the most expensive because it insures against most risks and causes of damage, apart from the usual exclusions of 'small print'. If your fleet vehicles are crucial to trade then you may require a Fully Comp. or All Risks insurance policy. Optional extras can easily be added or are included within most Fully Comp policies (see below for useful options). 2. Third Party Fire and Theft Van InsuranceThird Party Fire and Theft (TPFT) insurance is a cheap alternative. Policies cover fewer risks such as claims by third parties for damage to their vehicle, property or wellbeing; it covers the policyholder against fire and theft of their own vehicle. However, it does not cover the repair costs for accidental collision damage to your fleet vehicles. 3. Third Party Only Van InsuranceThird party only (TPO) is usually the cheapest cover available for business fleets. If an collision or accident is your fault this type of policy will meet the cost of any claims for damage to property or injury to third parties, including passengers; your legal costs and compensation payments, but not any fines. You will have no cover for damage to your own fleet vehicles if you are to blame though. If it isn't your fault then compensation can normally be clawed back from the third party's insurers. You won't be covered if your van is stolen or destroyed though. If in doubt, get quotes for all three types of cover before you buy. What Policy options are worth having?Legal protection insurance, sometimes called Uninsured Loss insurance, is one of the most popular extras to have. If you have Third party only cover, and a vehicle is involved in an accident through no fault of the driver, damage to your own vehicle won't be covered. It will be covered by the other driver's insurance, though. If you have legal protection insurance, you can get recompense for your losses from the other driver's insurer. With comprehensive insurance, your own insurer will do this for you, but you will still have uninsured losses such as your policy excess, the cost of recovery of the vehicle, the cost of a replacement hire vehicle, medical expenses, loss of earnings, increased travel expenses, etc. Legal protection insurance can claw this back from the other driver. Decide on how important the following benefits are to you, get quotes from several insurers, then compare for the best price.
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