How Many Vehicles Do You Need for Fleet Insurance?

How Many Vehicles Do You Need for Fleet Insurance?
How Many Vehicles Do You Need for Fleet Insurance?

You need at least two or more vehicles to apply for fleet insurance. However, some insurance companies in Australia require more vehicles (10 to 12 vehicles). This insurance is ideal for businesses that lease or own multiple vehicles for their operations. In today’s blog post, you will learn everything you need to know about fleet insurance. Protect your business today by investing in the right insurance! Read on.

What is Fleet Insurance?

While it’s not compulsory, fleet insurance is advisable for any business with two or more vehicles. This type of commercial vehicle insurance cover allows you to cover all vehicles under one policy, rather than individually. Fleet insurance may also include drivers, which makes it a smart investment for any business with vehicles.

What Does Fleet Insurance Cover?

Most insurance providers in Australia offer three types of policies for fleet insurance. This includes comprehensive, third-party and theft and third-party only. The best thing about Connect Business Insurance is they can customise your fleet insurance policy, tailored to your specific business requirements and budget. Depending on your selected policy and your insurance provider, fleet insurance may cover the following:

  • Theft
  • Accidents
  • Liability
  • Legal expenses for third-party damages

Some comprehensive insurance coverage may also include the following:

  • Debris removal
  • Damaged signs replacement
  • Emergency repairs
  • Tools of the trade, including damaged or loss of personal property
  • Funeral expenses (in case of death of your driver)
  • Car additions (covers for newly purchased vehicles during the year)
  • Locks and keys replacements
Do you need insurance for your fleet? Get a quote from our fleet insurance experts today.
Scenario: Motor Vehicle Insurance – Market value vs Agreed Value

Types of Vehicles You Can Insure Under Fleet Insurance

Generally, all vehicles that you use for business operations can be insured under fleet insurance.

  • Company cars (used by sales representatives or agents, executives or management personnel()
  • Delivery vehicles (light to heavy transport vehicles)
  • Smaller commercial vehicles
  • Caravans
  • Mobile plant machinery
  • Farm equipment

How Does Fleet Insurance Work

As mentioned, this insurance cover is designed for businesses that own or lease multiple vehicles for their operations. The vehicles must be under the name of the company or any authorised executive (a partner or a director). Like any other insurance, you can pay monthly or yearly, depending on the agreement between you and the insurance broker. Types of Cover

  • Comprehensive - As the name implies, this type of policy includes more in-depth coverage. It covers both company-owned and third-party vehicles, as well as damages or injuries to you, passengers and third parties from fault or non-fault accidents.
  • Third-Party Fire and Theft -  This policy covers you and third-party vehicles for damages in cases of fire and theft.
  • Third-Party Only - This policy only focuses on damages to third parties, including other people’s property and any injuries to others and your passengers.
Driving your business forward shouldn't mean leaving safety behind. Protect your fleet with an insurance quote today.

What are the Advantages of Having Fleet Insurance?

Investing in comprehensive fleet insurance provides your business or company with several advantages. This can be considered as part of your risk-management plan as it offers a future financial safety net.

  • More Convenient

If your business or company owns or leases numerous vehicles, getting an insurance policy for each can be time-consuming. With fleet insurance, you can insure a fleet of vehicles under one policy. That means less paperwork and inconveniences, which also allows you or your people to focus on more important tasks.

  • More Cost Efficient

In addition to convenience, getting fleet insurance is usually more cost-effective than having separate policies for each vehicle. Depending on insurance requirements, you can save a lot of funds on fleet insurance premiums.

  • More Flexible

Flexibility is another advantage you can get from having fleet insurance. At Connect Business Insurance, you can select which vehicles you want to insure. Our insurance specialists and brokers will work with you every step of the way to ensure you get the insurance policy you need for your fleet within your budget.

  • More Inclusions

Most fleet insurance packages offer more inclusions. You can have insurance policies for vehicles and drivers. So, if one of your drivers cannot get insured individually, they can have an insurance policy under fleet insurance cover.

How Much Does Fleet Insurance Cost?

There are no fixed rates for fleet insurance. There are several factors that can significantly affect the cost of fleet insurance. This includes business requirements, size of the fleet, vehicle details and preferred type of policy.

  • Business Requirements

The industry of your business may affect the cost of fleet insurance. Businesses that involve high-risk vehicular operations or frequent vehicle use, such as taxi services, then expect to pay more expensive premiums.

  • Vehicle Details

Just like other vehicle insurance types, the insurance broker needs to carefully assess your vehicles to determine the risks. For instance, here are the factors to consider when making a quotation for your fleet insurance:

  • Age of vehicles
  • Current mileage
  • Drivers’ age and history
  • Location
Put the brakes on financial surprises. Get a free quote from one of our experts today.

Connect Business Insurance: Your Trusted Insurance Broker in Australia

Still in search of a reputable insurance company in Australia? Connect Business Insurance is your best bet! We specialise in creating a customised insurance package to match your specific needs and budget. Call us now to get a free quote! Note: The material offered here is for informational purposes only. It does not constitute legally binding advice and should not be a substitute for a consultation with an insurance expert.

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