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Motor Fleet Insurance

Buying a new vehicle, be it a car for your personal use or another vehicle for your business, is always exciting and joyous. 
However, if you run a business with multiple vehicles, it becomes essential to insure those vehicles. After all, being prepared for the future is always a good thing. 
If you have a business that requires more than two vehicles, then motor fleet insurance is what you should take out. Whether your fleet includes heavy goods vehicles, commercial vehicles, cars, or a mix, policy wings can cater to all your needs regarding motor fleet insurance. 
Read on to learn A to Z about motor fleet insurance. 

What is Motor Fleet Insurance?

Motor fleet insurance is a type of insurance policy that covers all the vehicles in a fleet. So, instead of insuring individual vehicles in your business, you can save lakhs and get a comprehensive, bespoke fleet insurance policy instead. 
This way, fleet insurance will not only save your business money but also give you flexibility and more control when it comes to insuring your vehicles. By insuring your vehicles under one motor fleet insurance policy, you can save a lot of time and concentrate more on other important areas of your business.

Types of Motor Fleet Insurance

Third-party Fleet Insurance
Third-party Fleet Insurance

This particular type of fleet insurance covers any damage caused to the third-party vehicle, covering claims filed in the event of damage wherein you are at fault. This insurance covers all kinds of vehicles, personal and fleet.

Comprehensive Fleet Insurance
Comprehensive Fleet Insurance

It is an all-inclusive insurance policy and offers commercial motor fleet insurance for your vehicle against all kinds of damages occurring to the vehicle from natural calamities, fire, theft, total loss due to an accident, or man-made disaster.

Third-party Fire and Theft Insurance
Third-party Fire and Theft Insurance

The third-party fire and theft insurance policy covers you against everything that a third party does, along with some added protection against your fleet being stolen or damaged in a fire.

Why Do You Need Motor Fleet Insurance?

Some of the biggest advantages of getting motor fleet insurance for your vehicles are:

  • Less Trouble : Managing individual insurance plans for a large number of vehicles can be a hassle. However, Fleet insurance covers the whole fleet of cars under one policy, so there will be less administrative work and annoyance.

  • Often Cheaper : Fleet insurance is very practical and is also very affordable compared to purchasing several individual policies. Based on the size of your fleet, you can also reduce your insurance costs. It’s because the transaction of your fleet represents a higher value to the insurer than individual insurance, providing you with negotiating leverage and letting you obtain more affordable costs.

  • Coverage for Drivers : The drivers in your business of cabs and buses are a very crucial part. And so it is your responsibility to ensure the safety of your drivers. The personal accident coverage provided to these fleet vehicle drivers can go a long way toward safeguarding their well-being. The insurance will cover their medical care, and if they pass away or become incapacitated, their family will receive the money.

  • Legal Coverage : The commercial fleet vehicle very frequently gets into a collision, and the other party often brings a lawsuit against the fleet businesses. The business owner might lose lots of money because of the expensive lawsuit costs. The motor fleet insurance plans include these third-party covers as well as the cost of defending against a legal claim.

What is Covered Under Motor Fleet Insurance?

The inclusions under motor fleet insurance will depend on what type of insurance you have purchased. Moreover, the standard inclusions under the motor fleet insurance are:

  • Motor Fleet Insurance : This insurance offers coverage for all cars under a single fleet policy.

  • Accident Coverage : The policy gives protection against financial loss or property damage caused by car collisions, accidents, or overturning.

  • Roadside Assistance : The policy also guards against the damage that occurred due to exterior explosions and fire.

  • No Claims Discount : It is a discount that is based on the number of years that have passed since your last vehicle insurance claim.

  • Personal Accident Insurance : This insurance gives protection to both licensed drivers and passengers riding in the company vehicle.

What is Not Covered Under Motor Fleet Insurance?

There are many things excluded from motor fleet insurance. However, some of the common points not covered under the fleet insurance policy are:

  • Engine damage caused by oil leakage is generally not covered under a fleet insurance policy.

  • The policy does not cover the damages brought on by the normal wear and tear of the vehicle. 

  • No claims will be considered if the vehicle has been used as a mortgaged asset to secure a loan or has been hired out for money.

  • If a claim is denied and is not pursued in court within a year, the insurance provider will not be responsible for paying the claim.

  • The policy will also not cover any type of damage caused to the vehicle while being transported by air or sea. 

  • The insurance does not provide coverage for the expenses of replacing/repairing mechanical and electrical components. 

  • If the policy expires, the owner cannot make any claims for losses or damages to the vehicle. 

How to File a Claim Under Motor Fleet Insurance?

With policy Wings, the claim process under motor fleet insurance becomes very easy and hassle-free. Whenever a claim arises, immediately inform the insurance company and notify us. 

At the time of raising the claim, you mentioned the nature and extent of the loss or damage. You should also provide vehicle information along with the name of the employee involved if there is an accident. 

Policy Wings will get in touch with the insurer and help you arrange the necessary documents. After all the documents are submitted, the insurer will appoint a surveyor, and based on the claim, the insurance will be paid.

Documents required to file the claim

The documents needed to file the motor fleet claim are as follows:

  • The duly filled claim form
  • The registration certificate of the vehicle
  • The driving license of whoever is driving the vehicle.
  • An original copy of the FIR
  • The policy copy
  • And some other documents, like the bills of repair (in case of any damage).

Summing Up!

If you get fleet insurance coverage and you have an accident in your own vehicle, irrespective of the fault, your fleet insurance will cover the repair of your own car. The motorfleet insurance is specifically designed to create a vital cover for the business by safeguarding them against third-party claims and also covering them against damage to the fleet itself. 

Still, if you have any fleet insurance queries, Policy Wings will provide you with expert help. To get a quote, Contact us today!

Frequently Asked Questions

Motor fleet insurance is designed to cover a fleet of commercial vehicles under one policy. It is the most convenient way of getting all the commercial vehicles under a single policy. Thus, the risk also gets distributed among all the vehicles, making the policy very competitive and cost-effective for both small and large fleet owners.

Motor fleet insurance is a type of commercial insurance and cannot be bought for personal use. Fleet owners who have more than one vehicle working for a single purpose, can buy a commercial fleet insurance policy to cover all their vehicles under a single policy.

The premium payable for commercial vehicle insurance depends on factors like the type of vehicle, the number of vehicles to be covered, the nature of use of the vehicle, and the Insured Declared Value (IDV). The premium will also depend on any additional coverage you include in the policy, like vehicle accessory coverage.

Yes, the damage from windshield glass can be covered under commercial motor vehicle insurance. This is available as an extension, which can be included by paying an extra premium.

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