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    Fleet Auto Insurance

    Fleet auto insurance insuring multiple vehicles under one plan, providing businesses and individuals with a more cost-effective form of insurance coverage. This can help protect a business from heavy financial costs in the event of an accident or collision.

    According to statistics from the CDC, the price of medical care and productivity losses linked with injuries and deaths from motor vehicle traffic crashes cost over $75 billion in 2017. As a result, investing in fleet auto insurance can give a small business or a larger one greater peace of mind for their commercial fleet.

    Understanding Fleet Auto Insurance

    Ideally, a business auto insurance policy should cover employee drivers who might cause an accident while driving a business-owned vehicle, in addition to coverage that addresses other risks like theft, hail, and floods.

    Because different insurance companies will have many types of insurance coverage, it can be challenging to determine the business insurance coverage you need for your brand. Depending on your state, there are minimum coverage amounts that you are legally required to have, in addition to other options that make sure your vehicles are adequately covered in terms of harm.

    Not to mention, the number of vehicles insured per fleet varies per provider, but you can find a fleet insurance policy for a commercial fleet for as little as two or three vehicles. Some providers cover fleets of up to 500 in number, but other sizes can go as far as several thousand for larger companies.

    The Benefits of Having Fleet Auto Insurance

    Federal and state laws require all companies to be covered by commercial fleet insurance if they own multiple vehicles. Liability insurance can protect your business by addressing costs related to bodily injury, property damage, and more.

    While bodily injury coverage addresses medical costs and legal costs caused by your company, property damage coverage provides legal protection if one or more of your vehicles causes damage to another person’s property.

    Having commercial fleet insurance is more beneficial than other forms of auto insurance because it provides coverage for all of your company's vehicles under a single policy. This means that updating your policy and conducting claims processing is typically more efficient than doing so for multiple policies.

    With the long hours that drivers spend on the road, having a specialized form of auto insurance can be highly beneficial when it comes to protecting your company's interests. In addition to collision and liability coverage, investing in higher liability limits, uninsured motorists coverage, and comprehensive coverage can provide even better protection.

    Other beneficial types of coverage you can get that can increase the level of protection during an accident include cargo insurance to protect the products transported by your fleet and roadside assistance that can come in handy if your drivers encounter trouble across state lines.

    How to Apply for Fleet Auto Insurance

    Because fleet insurance is a specialized type of commercial insurance policy, it may not be available in all companies that provide general forms of business insurance. Looking for a specific provider that deals with commercial vehicle insurance is a more cost-effective way of ensuring that your company is protected in the event of a collision.

    To find the best insurance policy, exploring the range of services that insurance providers offer can help you shop around. To save money, it's worth asking for multiple quotes from various providers and specialists in your state.

    While many providers provide information on insurance plans on their websites, calling may give you a better idea of the total fees you'll have to pay. Every company's situation is different, so getting an accurate quote is important when it comes to planning for the future.

    Choosing the Right Fleet Insurance Provider

    With multiple options for fleet liability insurance, it can be difficult to settle on a quote that best protects your cars. Many people typically factor in the price of insurance as well as online reviews, but they might not be the best way to determine the best insurance company for your needs.

    What to Look for in an Insurance Provider

    When it comes to choosing a provider, you should consider the ease of doing business with them. Online bill payment options, online claim reporting, and 24/7 customer service are some of the things you should keep in mind.

    Other things you should consider include the reputation of a company or how long they’ve been in business, their overall financial strength, and the availability of their products throughout multiple states. To save money, you can also check whether the company offers payment plans and discounts.

    The Average Cost of Fleet Insurance

    The price range for a fleet insurance plan can depend on several factors. This number can vary depending on the number of cars or vehicles on your policy and the type of plan you're after. Other factors include:

    • The purpose of your fleet - Those in the plumbing and service industry typically pay less compared to fleets used for retail purposes like delivery vans, while those that transport people tend to cost the most.
    • The age and value of your fleet - A new vehicle might be more affordable to insure compared to old vehicles, as the latter is more likely to get damaged or need repairs.
    • The type of vehicles - Smaller vehicles are more affordable to insure compared to light, medium, and heavy-duty trucks or trailers or construction vehicles.

    Frequently Asked Questions

    What do I need fleet auto insurance for?

    While it may be difficult for businesses to pay the large number of fees required for auto insurance, having a policy for all of the trucks and cars under your fleet is a legal requirement. A fleet auto insurance plan combines this under one policy to cover your whole business, potentially saving you money and time in the long run during accidents.

    What does this type of insurance cover?

    This type of insurance covers your company and its drivers from any costs that can occur after an accident by providing collision and liability coverage for a fleet.

    How much does a fleet insurance policy cost?

    The cost of fleet insurance is highly dependent on a company's specific needs and choice of coverage. The number of vehicles, types of vehicles, their age, condition, and overall size are also some factors that may raise or lower the price significantly.

    Additional Resources

    Fleet Safety Management - NIOSH

    This resource explains how accidents can be prevented within your company by following safety practices such as fatigue risk management, strong mobile phone policies, use of in-vehicle monitoring systems, driver training programs, and more.

    While it may be a difficult process to find the best coverage for your fleet of cars or trucks, having fleet insurance in place can give you greater financial safety and convenience no matter how many vehicles are in your fleet.

    If your company needs further guidance on what type of coverage to get, one of the best ways to gain some clarity is to obtain a free quote for fleet insurance.

    For more information on commercial truck insurance or other forms of auto insurance, we can help you! Contact our team at Assured Standard today!

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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