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How does Fleet Insurance works?

General Insurance

As a specialist in fleet insurance, we know how risky owning a fleet of vehicles can be. You never know what might happen when you’re out on the road all day every day, the cost of repairs for vehicles aren’t cheap these days either. Multiply that potential cost by how much fleet you own for your business, and that is a potential financial landmine.

Having fleet insurance gives you that little bit of extra security in knowing you cover your vehicles in case of damages in accidents both on and off the road. Depending on your policy, insurance coverage can extend to third party damage and theft as well. At Morgan Insurance Brokers, we guarantee getting you the best fleet insurance coverage for your business.

Understanding Fleet Insurance and Why you Need It

Put simply, fleet insurance is a type of insurance policy that covers all vehicles. This could be anything from basic car sedans or hatchbacks, to vans, to utes, and even to trucks. By insuring your entire fleet with a tailor-made fleet insurance policy instead of individually insuring each vehicle separately, you could save yourself thousands of dollars in premiums.

One thing to note is that compulsory third-party (CTP) insurance (or Green Slip in NSW) is a legal requirement in Australia. Some states include this insurance as part of your vehicle registration, but other states like New South Wales and Queensland require you to have insured your vehicle with a pre-approved list of CTP insurers before registering your vehicle. CTP insurance is separate from fleet insurance and is usually not included in fleet insurance policies.

What Does Fleet Insurance Include?

Depending on which insurance policy you sign with, these are some of the standard coverages that come included:

Damage to own property: A comprehensive fleet policy will always cover any damage to the vehicle itself, whether that be your own fault or someone else’s fault.
Damage to property: If there is damage to any property caused by a vehicle in your fleet, the fleet policy will cover any damage costs regardless if there is damage to the vehicle or not.
Damage to other vehicles: Also known as third-party insurance, if you or another vehicle in your fleet has been in an accident involving another person, the costs can be covered by the fleet policy.
Theft: On average, a car is stolen every 11 minutes in Australia. When you have comprehensive fleet insurance coverage, you would be able to replace any stolen or broken-into vehicles.
Storm, hail, flood, and fire: With how common storms, flooding, and bush fires are in Australia, when you get fleet insurance you can rest assured knowing your car is insured for any natural disasters.

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Damage to own property: A comprehensive fleet policy will always cover any damage to the vehicle itself, whether that be your own fault or someone else’s fault.
Damage to property: If there is damage to any property caused by a vehicle in your fleet, the fleet policy will cover any damage costs regardless if there is damage to the vehicle or not.
Damage to other vehicles: Also known as third-party insurance, if you or another vehicle in your fleet has been in an accident involving another person, the costs can be covered by the fleet policy.
Theft: On average, a car is stolen every 11 minutes in Australia. When you have comprehensive fleet insurance coverage, you would be able to replace any stolen or broken-into vehicles.
Storm, hail, flood, and fire: With how common storms, flooding, and bush fires are in Australia, when you get fleet insurance you can rest assured knowing your car is insured for any natural disasters.

Though whether or not these policies are included in every insurance policy varies between insurers and can vary depending on your businesses needs. At Morgan Insurance Brokers, we insure for all of the above and make sure your assets are properly protected.

Why should I Insure my Fleet with Morgan Insurance Brokers?

When you get fleet insurance with us, we manage all your claims. From the time you lodge the claim and all the way through to the repairs, we fast-track your claims to get your vehicles on the road sooner because we know that every minute your vehicle is not on the road impacts your business.

We know getting your vehicle back on the road is important, so we make sure we prioritise same-day responses to all our fleet clients for speedy resolutions and to minimise business delays and disruptions.

Comprehensive insurance coverage, excess free windscreen claims, and automatic additions (automatic purchasing of new fleet) are some of the key benefits of insuring with us. We know the administration and paper work that goes into small business insurance claims over damaged vehicles or property, so we handle all of this for you.

Depending on the size of your fleet and the Insurer you choose, there is potential for Insurers to include risk management review in your policy. This would mean Insurers have strategies they can implement to make sure your vehicles stay on the road, minimising the regularity and severity of claims. This means less money spent in the long run and reduces your premiums.

Through insuring your fleet with Morgan Insurance, our specialised fleet insurance brokers go above and beyond for our clients to make sure they get the best insurance possible, but they also get the best service in case of claim lodgements.

Morgan Insurance Brokers work to find the best insurance policies for your business, maximizing the protection of your assets. Contact us today and we can discuss your insurance needs with a free and easy consultation.

Fleet Insurance

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Morgan Insurance Brokers, ABN 28 628 815 074, AFSL 327131

This article originally appeared on How does Fleet Insurance works? and has been published here with permission.