Any motor vehicle that is used or left on a public highway is legally obliged to have adequate insurance cover.
A motor fleet insurance is a single policy that insures multiple vehicles.
The benefit of a fleet policy is that the policy holder can have the same coverage for all their vehicles or customize coverage based on your needs.
Another benefit of a motor fleet insurance policy is that different types of vehicles can be placed on the same policy.
Motor Fleet insurance can be a good option as the renewal date will be the same and with only one payment to make will make your administration easier and possibly make the cost more affordable.
Home Fleet Insurance
Home fleet, family fleet, multi-vehicle, multi-car insurance policies- whatever you want to call it, Insurers now offer policies which cover all of the vehicles in the household.
The policy would typically cover parents and children owning their own vehicles and insuring them all under one policy.
Motor Fleet policies cover all vehicles from your run around, work vans and classic cars through to 4×4’s, motor homes and even include Motor Cycles.
The policy is a driver-based policy whereby all vehicles are covered under one policy. The more vehicles with the fewer drivers, the bigger the potential savings could be.
There are many benefits for insuring this way with the main ones being: a reduction in premium by combining all vehicles under one policy as the higher risk drivers premiums are supplemented by the lesser risk drivers, one renewal date for all vehicles, and each driver/vehicle earns a no claim bonus. This can help simplify the whole process and also cut down on paperwork and time by negating the need to research source and arrange individual renewals each year.
Commercial Fleet Insurance
A Commercial Fleet Insurance policy can be the easiest and simplest way to protect your company’s vehicles and your drivers.
You will often find that Fleet Insurance will be much more cost-effective than getting individual policies for each of your vehicles.
There are different levels of cover for you to choose from depending on your budget and your specific business requirements, starting with basic third party cover and extending to more comprehensive policies. In this respect it is much like regular car insurance but for multiple vehicles, and the level of cover that you choose will depend on your particular requirements.
Some of the things to be considered with a commercial fleet policy:
- The policy is designed to cover the assets of the company for multiple drivers. The reason why this is considered would be the fact that the company cars are not always driven by the same company employee. Since most companies cannot predict which employee would drive the company cars, it is essential that the potential company drivers are evaluated and applied to each vehicle that is owned by the company.
- A company who opts to have commercial fleet insurance may have to pay for higher rates if their drivers do not have a clean driving record. In these cases, most companies will require their drivers to have clean driving records. A small infraction on the part of the driver, the rates that cover the entire commercial car fleet can actually increase.
- A fleet insurance policy will depend on the size of the fleet and the types of cars, vans or trucks that are included in the fleet. The value of the fleet will affect the cost of the policy.
- The usage of the vehicles included in the commercial fleet will also affect the rate of the fleet policy.
Motor Breakdown Insurance
If you have ever broken down you will know only too well the difficulties faced in arranging the recovery of your vehicle. On top of that, there is the pressing problem of how you will continue to your destination. This is when you will see the benefit of a motor breakdown policy.
A phone call to a helpline is all it takes to get you moving again. An operator will be dispatched and wherever possible a roadside repair will be carried out allowing you to continue your journey. If this is not possible you will be recovered to the nearest suitable repairer, your onward destination or home address, whichever is nearer.
Dependent upon level of cover chosen the policy provides some or all of the following features: –
- Roadside repairs and assistance including labour charges up to 1 hour
- Assistance at your home
- Onward destination service
- Message service
- Loss of or breakage of keys
- Keys locked within your covered vehicle
- Flat battery
- Recovery of caravan or trailer attached to your vehicle at the time of the breakdown (up to 23 feet)
- Up to a maximum of 6 call outs a year
- European roadside assistance and recovery
Motor Trade Insurance
Working in the motor trade industry requires an insurance policy that covers you over and above domestic use. What you will require a motor trade insurance policy. If you own or work in a car dealership, an MOT test centre or any other motoring related business that requires you to drive cars for trade purposes then you will require extra protection.
Cover can be arranged for Road Risk Only Insurance or a Combined Motor Trade Insurance.
A helpful addition to a Motor Trade Insurance policy can be the inclusion of demonstration cover which is an endorsement that allows someone who may wish to buy your car test drive the vehicle.
Factors which will make a difference to the cost of Motor Trade Insurance include:
- What types of vehicle category you wish to be covered for
- Who you wish to have insured on your motor trade policy.
- These can vary:
- Insured Only
- Insured plus named drivers
- Anyone – these policies will typically have restrictions such as; the driver must have had a full UK driving license for 2 or more years, must be over 25 years of age, and under 65 years of age.
- Your registered business postcode
- The nature of your business and what this might equate to in mileage for the year
- Whether you want your private use car covered in the policy and what this vehicle is
- Whether you want to cover the use of a breakdown truck
- Your Motor trade insurance no claims bonus
What are you required to do?
You must ensure that all vehicles insured by your Motor Trade policy and all trade plates owned by you are added to the Motor Insurance Database (MID).
When you sell any vehicles, or return temporary vehicles, you must remember to update the MID.
You are advised to check that the records of your vehicles held on the MID are up to date using the free service at www.askmid.com