Did you know that around 13.2% of fatal vehicle crashes in the United States involve large commercial vehicles? Because commercial vehicle accidents are so common, all fleet managers should sign up for fleet insurance.
Fleet insurance allows you to insure all your work vehicles on one policy. It is ideal for businesses that own at least two commercial vehicles and want to cover several drivers.
How do you choose the best insurance policy for fleet vehicles? Keep reading to learn what you need to consider when selecting fleet coverage.
Research Legal Requirements
Before you choose an insurance policy, you need to research the legal requirements in your state. All states have different requirements for property damage liability, bodily damage liability, and combined single limit.
While liability insurance may not cover the costs of your vehicle, it does cover damage done to other vehicles, property, or people. Without insurance, your company could be fined or not allowed to register vehicles.
Know How Many Drivers You Have
Another factor to consider when choosing an insurance policy is how many drivers you have. If you run a small business with only a few drivers, you may want a “named-driver” plan.
If you have a large business with multiple drivers, choosing an “any-driver” plan is better. This allows anyone with the appropriate license to drive fleet vehicles.
Know How Many Vehicles You Have
When looking for the best policy, consider how many vehicles you have. Fleet insurance can work for companies that have anywhere from a few vehicles to hundreds.
The number and type of vehicles you have can affect your insurance coverage and rates.
Some fleet insurance plans will allow you to have a mixture of vehicles, including tractor-trailers, vans, and trucks. Other types are more specific, such as tractor trailer insurance plans.
While you are only legally required to meet your state’s minimum insurance requirements, paying for add-ons can better protect your business and employees.
You can pay for larger amounts of property, bodily, and combined, which will protect your business in the case of a severe accident. You also can add roadside assistance, uninsured motorist coverage, and physical damage coverage.
One of the last things you should consider when comparing insurance is the prices. Insurance rates fluctuate, so you shouldn’t choose the first quote you get.
When comparing quotes, make sure you look at all the coverage details. While there are benefits to choosing a cheaper insurance policy, it may come with more risk.
To lower your insurance over time, consider adding a minimum driving age, providing an advanced driving course, and only making claims when necessary.
Was This Guide for Fleet Managers Helpful?
Fleet insurance can protect your company’s vehicles when involved in an accident. Some of the best tips for fleet managers looking for insurance include knowing the legal requirements, choosing add-ons that will benefit your company, and comparing prices.
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