Commercial Fleet Insurance

(Here's what you need to know)

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Many companies rely on a fleet of commercial vehicles to complete daily business operations. Taxi services, car rental companies, delivery services and construction companies are just a few examples of industries that may maintain a fleet of vehicles. 

A commercial fleet insurance policy can be more affordable than insuring the vehicles individually.

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What Is Commercial Fleet Insurance?

You can purchase fleet insurance to cover liability risks for all of your company’s vehicles. These can include cars, buses, vans, SUVs and trucks from construction vehicles to tractor-trailers. 

Vehicles insured under a fleet insurance plan do not need to be used for the same purpose. For example, you can insure your construction vehicles and commercial cars under the same policy.

If you have a smaller business, you may be wondering how many vehicles constitute a fleet. The answer to this question can vary according to different insurance providers. 

While some may require a company to have more than five vehicles to purchase fleet insurance, some will allow this insurance for businesses with as few as two cars. In many cases, however, fleet insurance is most cost-effective when you have at least three vehicles on the policy.

What Does Fleet Insurance Cover?

Fleet insurance will provide liability insurance coverage for all of your company’s vehicles in one policy. Often, these policies provide provisions to allow employees of your company to drive any vehicle in your fleet and be covered if they cause an accident.

At a minimum, this commercial vehicle insurance will provide enough collision and liability coverage to meet your state’s insurance requirements for commercial vehicles. 

You can then add on other options such as increased liability limits, roadside assistance, uninsured motorists coverage and comprehensive coverage (known as "other than collision") to protect against theft, vandalism and other vehicular damage.

Is Fleet Insurance Expensive?

The price range for fleet insurance polies varies greatly according to a number of factors. Naturally, the more vehicles you have on your policy, the more it will cost. Some other factors that can influence cost are as follows:

How Can I Save Money on Vehicle Fleet Insurance?

To ensure that you are not overpaying for your policy, compare a minimum of three quotes from different companies. An independent agent in our network can help you to gather multiple quotes, as they have access to several reputable insurers. 

Additionally, there are ways to reduce the cost of your fleet insurance policy without giving up or reducing your coverage. Often these come in the form of discounts. For example, if your drivers all have excellent driving records, you may be eligible for discounted rates.

Another way to save money is to raise your deductible amount. This means you will pay less in premiums, but will pay a higher deductible amount when you file a claim. 

While increasing your deductible can make your commercial fleet insurance more affordable up front, make sure your business can afford to pay the deductible at the time of loss.

You can also save on your commercial fleet insurance is by combining policies. If you need various commercial insurance policies besides your fleet insurance, purchasing them through the same insurance provider can potentially reduce your premiums overall. A member agent in our network can shop for these values for you.

You can save money on your policy by maintaining effective safety standards, having safety and anti-theft equipment, and remaining claims-free. When shopping for insurance, be sure to ask each provider what deals and discounts you could be eligible for.

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Tips for Maintaining a Safe Fleet of Vehicles

Accidents happen, even to the best drivers. However, because many accidents are the result of mechanical failures or driver inexperience and inattention, taking a few simple precautions can reduce your risk of liability in a commercial fleet collision and may even earn you discounts on your fleet insurance. 

Here are some tips to consider:

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