04 February 2023
Fleet vehicle insurance is a type of insurance coverage that protects a company's vehicles used for business purposes. It provides financial protection in the event of an accident, theft, or damage to the vehicle.
Here are the key elements of fleet vehicle insurance:
1. Liability coverage: This covers the cost of damages and injuries you may cause to others while operating a company vehicle.
2. Collision coverage: This covers the cost of repairing or replacing a company vehicle if it's damaged in an accident.
3. Comprehensive coverage: This covers damages to a company vehicle caused by events such as theft, fire, or natural disasters.
4. Uninsured/Underinsured motorist coverage: This covers the cost of repairs and medical expenses if you are involved in an accident with a driver who doesn't have insurance or doesn't have enough insurance to cover the damages.
5. Medical payments coverage: This covers medical expenses for the driver and passengers of a company vehicle in the event of an accident.
6. No-fault coverage: This covers the cost of medical expenses and lost wages for the driver and passengers of a company vehicle, regardless of who caused the accident.
7. Rental reimbursement coverage: This covers the cost of a rental car if a company vehicle is damaged and being repaired.
When purchasing fleet vehicle insurance, it's important to consider the number of vehicles, their make and model, and their usage. It's also important to regularly review and update the insurance coverage to ensure it aligns with the changing needs of the business.