transportation fleet insurance

5 Questions To Ask Before Choosing a Fleet Insurance Policy

Over 450,000 fleets of commercial vehicles exist in the United States alone. With that amount of money on the line, fleet insurance is an important industry investment. If you are getting fleet insurance now, what do you need to know before diving in?

This article will help you by telling you what you must ask of any insurance broker. With this information, you should have a solid foundation from which to negotiate an insurance deal.

So read on to help your company protect itself and its assets.

1. What Type of Coverage Do I Need?

One of the first things you must determine is what coverage you should pick up. The insurance benefits from each form of coverage will give you a different experience.

For example, liability coverage will mean you have protection from damages when you are at fault. However, collision coverage protects you from damage to your fleet’s vehicles from others.

When talking with your insurance broker, you might be able to discuss a insurance package. They may have options that offer you all the options you need to have peace of mind regarding your fleet.

2. How Much Does the Policy Cost?

Knowing how much the policy costs will enable you to budget for any possible situation that may occur. This will include anything such as:

  • Deductibles
  • Fees
  • Premiums

Also, some policies might be way above your budget. You should accept this and aim for something you can afford instead. Your insurance broker can take any budget and find an appropriate package for you.

3. How Do I Make a Claim?

It is important to understand the claims process well ahead of time. This can help you put in workplace processes for making a claim.

Also, it will help you understand the timeline you can expect for any claims you need to make.

4. What Restrictions Are There?

Some policies may not give you full freedom in covering your company or vehicles. There may be limitations in place, which you should understand before signing up. Some restrictions may include the following:

  • What vehicles can receive coverage
  • What drivers need to do to receive coverage
  • Where vehicles will receive coverage

Some vehicles, locations, or driver statuses will increase your insurance. For example, driving outside the country or covering drivers who have driven for several years.

5. What Is the Cancelation Policy?

For many reasons, you may decide to investigate canceling a policy later. It is very important that you understand how to do this and what this will demand from you. Also, ask about the timeline of cancelation and if there is a specific buffer period before the cancelation is finalized.

Handling Fleet Insurance

The above five questions should help you choose the best fleet insurance. Still, if you want to skip all that searching and find the best choice, we can work with you to ensure you get exactly what you need.

We have insurance specialists ready to discuss the nature of your business so you can get the best deal possible. All you need to do is pick up the phone and call us so we can protect your assets today.