If you own a fleet of trucks, you know how expensive insuring that fleet can be. However, there are measures that a prudent fleet owner can do to get very good cover at an affordable cost. This article discusses some of the ways through which you can get that cover for your fleet.
Base the Deductible on a Per-Occurrence Basis
You can limit how much you have to spend when a single catastrophe, such as a flood, destroys your fleet of vehicles by basing the insurance deductible on an occurrence instead of on each vehicle. For instance, if the deductible per single occurrence is $20,000, you will spend less if your fleet of 20 trucks is destroyed in a flood that finds them all parked in your yard. This is in comparison to a deductible of, say, $5,000 per vehicle when a single occurrence destroys the fleet. In that case, you would pay $100,000 towards restoring your entire fleet yet the per occurrence provision would have meant you only pay a $20,000 deductible for the entire fleet.
Compare the Cost of the Umbrella Policy Vs Increasing the Limit on Your Primary Cover
Fleet insurance cover normally has a maximum limit, such as $1million. If you want to get coverage whose limit is $2million, you can buy an umbrella policy or increase the limit on your primary insurance policy. Talk to different truck insurance brokers so that you compare their quotes for raising the limit on your primary policy with what it would cost you to get an umbrella policy for the additional cover. You may discover that it is more affordable to raise the limit on your primary policy instead of getting an umbrella insurance policy.
Ensure That Your Policy Covers Any Vehicle in Your Fleet
Many insurance companies attach symbols against the fleet insurance policy to indicate the kind of coverage that a client has. For instance, an insurance company may put "symbol 1" to indicate that any vehicle in your fleet is covered while another company may put "symbol 7" to indicate that only vehicles listed in the policy are covered. "Any vehicle" coverage is good for you because it covers all vehicles, including those you purchased after getting the policy so if such a vehicle were involved in an accident then the insurance company would compensate you for it.
Put the suggestions above into practice and your total insurance policy cost will be more affordable. You will also avoid cases of claims being rejected because a vehicle wasn't explicitly listed when you bought the insurance policy. For more information, contact Austbrokers RWA.
Hi, my name is Molly. Welcome to my blog. Through the years, I have bought almost every type of insurance imaginable, including travel insurance, business insurance, health insurance and almost every other type of policy. If you are looking for an insurance policy, you need to check out what I have learned over the years. In this blog, I am including tips on getting low premiums, choosing the right excess, selecting the best policies and more. Living with insurance provides me with peace of mind, and I hope it provides you with the same. Please, explore and use these tips to improve your life.