When you own a fleet of trucks, you have the responsibility of moving goods safely and the responsibility of putting safe drivers and trucks on the road.

To protect your business, you will need fleet insurance. Like all types of vehicle insurance, fleet insurance comes with a price tag, and your behavior and the behavior of your drivers can affect that cost.

Keep reading to learn everything you need to know about fleet insurance and how you can manage it.

What Is Fleet Insurance?

When you own a fleet of trucks, you need fleet insurance. Fleet insurance is a single policy that covers a fleet of automobiles. The single policy typically will insure anything from three vehicles on up. You can have a policy for either a small fleet worth a few thousand dollars to a large fleet worth millions of dollars. A single fleet insurance policy will result in reduced premiums and fewer hours to insure your vehicles.

In short, it’s a much more manageable process than if you were to insure individual vehicles. You also end up with a single renewal and payment date.

Fleet Insurance Benefits

Your fleet insurance benefits pay out the best when you have a well-maintained fleet. If you follow a basic maintenance schedule, then your vehicles will continue to run, and you won’t have to worry about breakdowns or accidents because of breakdowns.

With that said, things still happen. Your fleet will have many drivers and thus more variables that could cause problems. Here are the major benefits you can expect with a fleet insurance policy:

• Breakdown recovery
• Legal fees
• Theft
• Damage to the vehicles
• Damage to windows or windshield
• Replacement keys
• Medical expense support
• Courtesy car costs

A quality fleet insurance policy can cover these costs and possibly more. Your insurance agent should explain the benefits clearly and thoroughly.

How to Maximize Your Benefits

When you’re taking out fleet insurance, you’ll first recognize the cost of the premium. While single motor insurance is already expensive, fleet insurance may cost more. There are ways to reduce the cost of this auto insurance, though.

Vehicle Trackers

When you install vehicle trackers, you can monitor your employees’ driving. If you can prove you employ safe drivers, your premiums will most likely go down. Vehicle trackers give you the information you need.

Alarms and Immobilizers

When you install an alarm and immobilizer, you protect your vehicle from would-be thieves. Such deterrents prevent thieves from stealing vehicles. They also can help lower your premium or the price of the insurance renewal quote.

Risk Assessment

Hire a risk assessment team to give you their opinions on how to protect your fleet. Often, if you have a large fleet, your insurance company will bring in a risk management and assessment team.

Meet with your provider so you can discuss the history of your claims and areas where your fleet can improve.

Train Drivers

Require your drivers to go through specific training for your fleet. You can deliver this in-house or outsource it. Either way, if you have trained drivers, you’ll have cheaper premiums.

Plus, this will help keep your drivers safe.

Install Cameras

In-car cameras reduce liability for your company. School buses have them to protect schools, and your fleet should have them as well to protect your business.

Dishonest people will accuse your drivers of poor driving habits and causing accidents. A dash camera can prove without a doubt that your driver did their job. Plus, your driver will just drive better knowing their driving is being watched.

The average truck accident costs over $100,000. You can avoid this by having a dash cam that requires your driver to drive more responsibly.

Examine Extras Carefully

Fleet insurance can come with a variety of options, but this supplemental coverage costs extra money. Examine these options carefully to see if you really need them.

Consider Your Fleet Vehicles Carefully

Some vehicles cost more to insure. If your fleet costs too much to insure, look into less expensive vehicles.

Secure Your Vehicles

The more secure your vehicles are, the lower your premiums will be. Show your insurance company that you’re doing everything you can to protect your investment by finding a secure garage that’ll keep your vehicles safe.

Pick Your Drivers Carefully

Make sure you conduct thorough background checks on all of your drivers. You want drivers with clean licenses. Any points or convictions on their licenses will affect the cost of your premium.

So make sure you have a team of drivers who have clean licenses. Your insurance provider will look to see if any of your drivers have been convicted for DUIs, speeding, or other moving violations.

If your drivers do not all have clean licenses, tell your insurance company upfront. They may not provide coverage if you fail to reveal this information to them and they uncover it themselves.

Fleet Insurance with Soden Insurance

If your business has a fleet of trucks, you’re going to want fleet insurance. It’s just as important as drivers with clean records.

Are you looking for fleet insurance? If so, contact us. We have the policy that will fit your needs best.