Motor Fleet Insurance
Motor fleet insurance is for a group or “fleet” of vehicles owned or operated by a single entity. Businesses, organisations, or individuals who own multiple motor vehicles can take this insurance.
Motor fleet insurance allows the policyholder to cover all the vehicles under a single policy. It can be more convenient and cost-effective than obtaining separate insurance policies for each automobile.
Motor fleet insurance typically provides coverage for various types of vehicles, including cars, vans, trucks, motorcycles, or a combination of these. This insurance cover cost of vehicles incurred due to accident, collision or any liability against such incidents.
A company that owns more vehicles or engages in transport business can take motor coverage insurance and protect its organisation from loss. This insurance is for companies with a fleet of company cars, delivery vans, trucks, or taxis.
Lifecycle Fire and General can offer customised plans to meet the specific needs of the fleet owner, taking into account factors such as the number of vehicles, their types, usage patterns, and the drivers involved.
The coverage provided by a motor fleet insurance policy typically includes the following
- Third-Party Liability: This covers damage or injury caused to other people or their property by the insured vehicles. It is a legal requirement in many jurisdictions to have at least third-party liability insurance.
- Comprehensive Coverage: This covers damage to insured vehicles caused by accidents, theft, fire, vandalism, or other specified perils.
- Personal Injury Protection: This offers coverage for medical expenses and other related costs for injuries sustained by drivers or passengers of the insured vehicles.
- Uninsured or Underinsured Motorist Coverage: This protects the insured fleet against damages caused by drivers who don’t have adequate insurance or are uninsured.
- Vehicle cost: Cover the expenses of a vehicle due to theft or vandalism.
Motor fleet insurance does not offer
- Additional coverage options like roadside assistance, legal expenses or coverage for hired or borrowed vehicles.
- Cover cost against any damage to the vehicle accessories or modification due to fire, flood, theft or storm.
- Penalities or towing costs.
- Cost of an emergency vehicle repairement up to a fixed amount.
- Free replacement of the windscreen.
Motor fleet insurance may not cover
- Damage caused due to personal use of the vehicles.
- Any accidents or damages caused by non-listed drivers in the policy.
- Regular wear and tear, maintenance, and mechanical breakdowns. Insurance policy is mainly for sudden accidents or collisions.
- Vehicles used for transporting certain types of hazardous materials or high-risk cargo.
- Vehicles used for racing, off-road activities, or unauthorised use.
LIfecyle Fire and General help clients choose the best motor fleet insurance based on several factors, including the number and types of vehicles, drivers’ driving history, the purpose of vehicle usage, the geographical area of operation, and the claims history of the fleet.
It’s important for fleet owners to assess their insurance needs carefully, work with insurance professionals, and compare quotes from different insurers to find the most suitable motor fleet insurance policy for their specific requirements.
We help our clients to review the policy documents and discuss specific coverage requirements for their business.