Fleet insurance can be defined as a single insurance policy that covers two or more vehicles in your business. These vehicles can be regular cars, vans, truck or lorries. Either all the same vehicle type or a mix.
Managing your fleet insurance is much more convenient than managing separate insurance policies for each vehicle and it can save you a lot of time, hassle, and often money. In addition, fleet insurance can provide many added benefits, such as 24/7 roadside assistance, cover outside of the United Kingdom and legal liability insurance. Although some benefits may not be included as standard and carry an extra charge.
The amount you pay on your fleet insurance policy will depend on various factors, including the number of vehicles in your fleet, age, type, estimated annual mileage and value of the vehicles.
So, how do you know if you qualify for fleet insurance? This article will discuss the ways in which you could qualify: let’s take a look!
The vehicles within your business must be owned by one entity.
Insurance companies offering fleet insurance policies require that all vehicles on the policy must be owned by a single entity.
This entity can either be an individual person, the business itself or it’s Directors, and you will need to provide proof of this for the policy to come into effect.
A minimum number of insured vehicles is required for a fleet insurance policy.
Depending on the insurance company you intend to work with, you will need have a minimum number of cars or commercial vehicles in order to qualify for their fleet insurance policy.
This can vary from insurance company to insurance company and if you do not meet the minimum requirement for your first choice, you may wish to consider approaching another company who accepts a lower number of vehicles for a fleet insurance policy. Generally speaking you would need a minimum of 2 vehicles for a fleet insurance policy.
The vehicles must be registered in the UK.
The vast majority of fleet insurance providers specify that the insured vehicles must be registered in the United Kingdom. This means that you must hold valid UK licensing papers for each vehicle on the policy.
Of course, this is not usually a problem for British businesses, but if your fleet consists of vehicles from other countries (ie. from Ireland or a European country) this could pose a problem and you may need to consider re-registering them in the UK to qualify for fleet insurance.
The insurer must be kept updated to any changes to your fleet for the policy to remain valid. In order for your fleet insurance policy to remain valid and current, if there are any changes to your fleet vehicles, you will need to inform them of this so that your policy can be modified accordingly.