Fleet insurance provides you with cover for all business vehicles. The vehicle can be registered in the company name, or the name of a partner or executive of the company. It will allow one policy that will cover your overall business.
This will also help you to keep the track of individual policies, which means you will pay less overall for your fleet vehicle.
Taxi insurance can start from just two vehicles and can go up to thousands of vehicles. The number of vehicles that you will include in taxi fleet insurance will differ between drivers. If your fleet is very small or very large, you will need expert taxi insurance.
What type of vehicles are covered by fleet insurance?
Taxi insurance will cover a wide range of vehicles including cars, mini-cabs, or vans. Your policy can cover a combination of vehicle types, but if you are covering any type of vehicle, then you must check his specification. Hardly, the insurer will eliminate some vehicles from the policy such as motorbikes, etc.
Different types of business will cover private hire and more.
Types of fleet insurance
Fleet insurance is very much relevant to a wide range of business types, traversing most sectors. Many industries in many countries have different manners, for different purposes and requirements for cover as a result.
Taxi fleet insurance
Public hire or private hire fleet insurance will have broad fleets, which tend to contain a variety of vehicle makes ages and conditions. These factors will make a huge effect on the value of each car, which will be difficult to evaluate the whole risk.
As we all know, taxi drivers spend most of their time on the road, which will increase the chances of risk.
What does fleet insurance cover?
Fleet insurance will give you cover for your vehicles and their drivers if the vehicle gets stolen or involved in an accident. It will also cover the cost of damage to the other vehicles when one of your vehicles is involved in an accident and the driver is at a mistake.
The insurer can also buy more standard fleet insurance on a third-party basis, but then you can just be covered for breaking the other vehicles. Third-party fire and theft will further assist you in paying if one of your vehicles gets damaged or stolen.
There are some other covers which you can include in it:
- Employee liability cover
- Public liability
- Breakdown cover
- Trailer cover
- Tools cover
Cost of fleet insurance
Many factors will affect the cost of the premium that will you pay for your fleet insurance. The major factors include:
- Types of vehicle
- Used
- Age and profile of your driver
- Claims history of your drivers
Insurance is usually cheaper than individual insurance but in major fleets, the cost might be a little high on savings.
How to get cheap fleet insurance?
If the insurer reduces the risk then the cost of the insurance will automatically decrease. There are some tips which you can perform:
- If the age of the driver is less than 25, it will cost you much more to insure but on the other hand, if the driver is over 25 the cost of the insurance will decrease.
- You should take your drivers on a coaching program because it will make them aware of the situations they can get under. They should learn how to drive in bad weather or catastrophic situations.
- The drivers should be responsible for any additional expenses.
- Should maintain your vehicle regularly. You must check its tire pressure, engine oil and service it regularly.
- You should always use electric or hybrid cars because in these types of vehicles engines have less power than regular vehicles, which is determined as secure by the insurer.
- The dashboard can also be a very beneficial tool because it records everything that happens on the road. This can be placed in front and back of the vehicle and it is good for providing an indication if there is an accident.
Why should we get commercial?
There are many advantages of getting taxi insurance as we will discuss below:
Risk management:
The first and best advantage of taxi insurance is the peace of mind that you will get magnificent risk management that will protect your business.
It does not matter in which industry you are working in, whether it is construction or car rental installation services. You have a fleet of commercial vehicles, means you are exposed to many risks.
Convenience:
If you have more vehicles in your, it will be more challenging to keep up with separate commercial auto insurance plans.
Discounted group rates:
Generally, taxi fleet insurance policies will offer you discount rates for multiple vehicles, which means you have to spend less to insure all your vehicles. You will not be able to predict.
