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Are you looking for fleet insurance, but not sure how to choose the right provider? Dive into the details with this list of what to look out for!

What To Consider When Choosing Fleet Insurance

Owning or managing a fleet of vehicles is a lot of responsibility — there is no doubt about it. There’s always going to be the responsibility of managing drivers and juggling maintenance and repairs when necessary. But on top of that, fleet management also involves risk management and mitigation. This is exactly what makes it a no-brainer to get commercial fleet insurance for your vehicles and equipment.

Commercial fleet insurance allows companies to insure all of their vehicles under one umbrella policy. It has the added benefit of being more affordable than individual policies while catering to a business’s specific needs.

But what exactly should you consider when you choose your fleet insurance policy?

Insurance Policy Costs

One of the first things you’ll probably want to consider when insuring your fleet is the cost. However, there is no one-size-fits-all policy or price. 

Commercial fleet insurance premiums vary greatly, depending on the vehicles you want to protect, and vehicle type, size, and purpose all impact the cost. Because fleet insurance can cover different types of vehicles, insurance companies usually consider that as they prepare a policy for a business.

Most businesses will always look to cut down on expenses whenever and wherever possible. However, it’s not always a good idea to cheap out on insurance policies. If you need to reduce the price, there are ways to lower premium costs, such as cutting back on unnecessary coverages or installing security features onto vehicles.

Your Risks

It’s important to know as many details as you can about your fleet. Knowing as much as possible about the vehicles and equipment that comprise it can help you assess the type of risks you are most likely to face. Insurance companies will use this information to build you a quote for your fleet insurance policy. Having this data in hand can help you ensure you aren’t paying for unnecessary coverages that can inflate your premiums.

Assessing your current risks might not be enough. In fact, it may be a good idea to also look at the plans you have for your fleet and your company. Knowing where your organization is heading can help you visualize potential risks you may face in the near future. These are risks you may also want to seek insurance coverage for, for your own fleet’s protection.

Risks include things such as the condition of your equipment and vehicles, their maintenance cycles, your drivers and their previous driving records, the roads your fleet normally travels, the cargo you carry (if any), and your fleet’s security.

Your Fleet’s Security

Many insurance companies have specific requirements you’ll have to meet for your fleet’s security. These requirements need to be met for your coverage to be valid. Often, insurance companies may require you to have locked and secure overnight parking for your fleet. Some providers may require key security, which means vehicle and equipment keys must be kept secure in cabinets or safes (or even off-site) when not in use. Insurers often consider your fleet’s security when they provide you with a quote.

The Insurance Company

As with anything, and especially with insurance, finding the right company to work with is optimal. You want to be sure that whichever company you work with, you’ll be properly protected should you ever need it. The ability to trust that your insurance company will have your back is quite a comforting feeling, especially when your business and the livelihood of your employees are on the line.

Finding the most affordable option isn’t always the best way to go about things. When choosing your fleet insurance provider, it might also be a good idea to look into the companies themselves to find out their history and whether customers are happy with their coverage.

Shop Around for Quotes

The best way to find the right fleet insurance policy for you is by shopping around for quotes. Knowing as much as you can about your fleet as you seek quotes may help you better compare each option. It may benefit you to weigh the pros and cons, the price, and make sure you are happy with the company before you settle!

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