What are the benefits of Fleet Insurance?

ALDIUM Insurance

As a business owner, expanding your company’s fleet can be an exciting time. However, with the addition of more vehicles, comes the need for a more comprehensive insurance policy. Switching to a fleet insurance policy can provide your business with a range of benefits that individual policies may not offer, such as lower premiums, better coverage, and increased convenience.

One of the key differences between a single vehicle policy and a fleet policy is how claims are handled. In a single vehicle policy, the No Claims Bonus (NCB) system is used to reward drivers who have not made a claim during the policy period. However, with fleet insurance, a Confirmed Claims Experience (CCE) system is typically used. This system takes into account the claims history of the entire fleet, rather than individual vehicles.

CCE is beneficial because it provides a more accurate reflection of a company’s claims history, as opposed to individual driver history. This can help to prevent situations where an individual driver’s claims history causes a significant increase in premiums for the entire fleet. Additionally, it incentivises companies to maintain a safe and responsible fleet overall, which can lead to lower premiums and greater cost savings in the long run.

Another benefit of fleet insurance is that it can be customised to meet the specific needs of your business. This means that you can tailor your policy to include coverage for the types of vehicles you own and the risks that are most relevant to your business. For example, if your fleet includes vehicles that transport hazardous materials, you can ensure that your policy includes coverage for any potential environmental risks.

Finally, with a fleet insurance policy, you can enjoy the convenience of having all your vehicles covered under a single policy, with a single renewal date. This can save time and money by eliminating the need for multiple policies and renewals, and can make managing your fleet insurance much more efficient.

In conclusion, switching from single business vehicle policies to fleet insurance can provide your business with a range of benefits, including lower premiums, better coverage, and increased convenience. When making the switch, it is important to understand the differences between the No Claims Bonus and Confirmed Claims Experience systems and to work with an experienced insurance broker like Aldium Insurance who can help you customise a policy that meets the specific needs of your business.

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