Many taxi insurance companies offer fleet insurance. But not everyone offers the same level of competence as we do. Fleets of commercial cars help many business owners with everyday operations and execute necessary jobs. Business owners depend on fleet insurance to help ensure the safety of these valuable assets and reduce overall risk.
In most cases, fleet insurance is regarded as the best option for drivers of two or more commercial vehicles. Business owners may save time, money, and hassle by getting fleet insurance because it eliminates the need to buy insurance for each vehicle in their fleets separately.
Everything you need to know about fleet insurance, including its normal coverage and benefits, will be covered in this article. Along with providing advice for managing a fleet of secure vehicles, we’ll also highlight the top advantages of fleet insurance van. For advice on covering your commercial vehicles, take it from some of our expert taxi insurance brokers.
Why You Can Trust Protect My Taxi
We at Protect My Taxi are committed to provide drivers with the well-researched, fact-checked data they require to make informed decisions regarding auto insurance. In order to give you the confidence to choose wisely, our team evaluates supplier products and customer insights.
What Is Covered by Fleet Insurance?
All fleet vehicles used for business activities must be covered by liability insurance, according to federal and state rules for enterprises. Every state has a different standard for security. To assist your company in maintaining compliance and avoiding expensive penalties for noncompliance, you’ll need to get informed about your state’s standards.
Fleet liability insurance provides coverage for incidents involving bodily injury, property damage, or a combination of the two. These are a few crucial definitions:
Liability for bodily harm:
If a member of the public is hurt by one of the vehicles in your fleet, your liability insurance will cover the expenses. Funds for defense are typically included in bodily injury coverage.
Risk of property damage:
You’ll use this if one of your fleet vehicles causes damage to someone else’s property. You’ll use this kind of coverage if one of your fleet vehicles causes property damage to someone else. If your company is sued for property damage, property damage liability typically includes money for defense costs.
Liability with a combined single limit (CSL):
With this coverage option, your insurance is combined into one, eliminating the need for two separate limitations for claims for bodily injury and property damage.
Even though basic commercial fleet auto insurance coverage meets the bare minimum requirements for businesses, there are several ways to further safeguard your assets. When selecting the most appropriate auto insurance policy for your business’s needs, you might want to consider including specialized options. These might consist of the following:
Collision insurance:
In their lifetime, drivers often have three to four accidents. Collision insurance can shield your company from having to foot the bill for expensive repairs and replacements. If one of the vehicles in your fleet is involved in an accident.
encompassing protection Your fleet is covered by comprehensive auto insurance in the event that some of your vehicles are physically damaged due to harsh weather, theft, vandalism, or other circumstances.
Coverage for uninsured motorists:
According to the Insurance Research Council, 12.6 percent of drivers in 2020 (or around one in eight drivers) lacked insurance. Consider a situation in which one of your fleet vehicles is damaged in a collision with an uninsured driver. In that situation, your business might be required to cover all damage, including accident-related medical costs. This insurance choice may be useful. Both your assets and the viability of your company’s finances can be preserved with the help of this insurance option.
Benefits of Fleet Insurance with Protect My Taxi
Businesses should think about insurance if they want to protect the security of their vehicles and their workers. Spend less time on administrative duties, and save money. Along with the guarantee that your assets are protected, insurance products also provide the following advantages.
Maximize the efficiency of your fleet: In order to maximize efficiency, fleet insurance covers all company cars under a single policy, regardless of the type of vehicle, the number of drivers, or the intended purpose. Even delivery and transportation vehicles may have general insurance coverage.
Streamlined administration: One policy covering all of your vehicles saves time and hassle when it comes to renewing your insurance. This might drastically cut down on the amount of time required to administer policies. For instance, if you own an airport shuttle company with more than 100 vehicles.
Potential savings: Purchasing fleet insurance is typically far less expensive than insuring each vehicle individually. Companies with large fleets typically have more negotiation power with insurance carriers. Making competitive bids since their assets are more valuable.
