Automobile Insurance covers bodily injury or property damage to a Third Party arising from the ownership, use, or operation of an automobile. Additionally, Auto insurance policies offer the ability to purchase coverage to repair physical damage to your own vehicles, subject to the deductible.
Auto insurance is rated on several factors, including:
The Specific Use of The Vehicle
Personal, Business, Hauling tools/equipment, school bus, tax, etc.
The Individual Driver's Experience
Length of time licensed, tickets and accidents
The Vehicle Itself
The vehicle itself (individual make, model, serial number, value, costliness to repair, theft statistics, etc),
The type of coverage, limits and deductibles and endorsements chosen.
When a business has a number of owned vehicles, they can insure them all on one policy and can qualify for additional discounts for being a part of a “Fleet”. Insurers differ in their requirements for Fleet rating. Some start with as low as 6 vehicles, while others require 10-12 vehicles before allowing Fleet rating. Fleet insurance is there to make your life easier by managing your vehicle pool all at once.
There are a few benefits of Fleet rating, but typically it is that there is some specific discounted premiums allowed. Additionally, the policy claims history is considered more considered as whole, rather than the experience of each individual vehicle.
Garage Liability Insurance
Protection for an automobile dealer, repairer, service station, valet, etc for while the company employees have custody or are operating their customer’s vehicles. These companies should have both Third Party Liability as well as Physical Damage for damage to the Customer’s or their Own Autos.
Safety is within your grasp
Some levels of fleet insurance offer assistance to improve driving safety. They can dovetail basic safe-driving programs with automotive technology to help drivers and managers reduce accidents, stress and lost time. They may include equipment that monitors traffic, vehicle location, fuel usage, mileage and engine function.
The insurance company also may provide distracted driving prevention as well as data analysis and reporting tools to help your company enforce driving protocols and improve efficiency.
With the right insurance protection and partners, you can protect your fleet, automobiles, your employees and your company in an efficient and rewarding way.
In addition, other important coverage can be integrated with your auto, fleet, or garage liability insurance, such as broker bonds, cargo, workers compensation, employment practices liability, and umbrella or excess liability for large losses. Ask about the full range of complementary products and the possibility of discounted rates for policyholders who purchase more than one coverage.
For more information about Commercial Automobile policies, do not hesitate to “Collis”!