Fleet insurance expenses can add up quickly for a business. Here are some things to consider to get a good deal on your coverage.
Who to Include?
You may be inclined to get all or most of your employees covered under the insurance plan, just in case. But this can add up quickly, since the insurance is calculated in part by the number of drivers on the policy. Getting everyone insured can be especially costly if you have some employees with less than stellar driving records. It's a good idea to designate a few drivers for the company, and have their driving records thoroughly vetted before including them on your plan.
Symbol 1 or Symbol 7?
The two most common types of fleet auto insurance are symbol 1 and symbol 7. With symbol 1 insurance, your drivers are covered under your insurance policy, no matter what vehicle they're using, as long as it's for verified business purposes. This can be a good idea if you allow your employees to drive their own vehicles on business errands. It's also important to have if you expect a lot of changes to your existing set of vehicles. It can take some time to add a new vehicle to a fixed car insurance plan, so the symbol 1 coverage allows you a lot of leeway in your timing.
However, if you want employees to use a specific set of vehicles and you're not planning on making any changes soon, then symbol 7 insurance can save you some money. This type of plan allows your drivers to be covered only when using the set of vehicles listed on the plan. There may be fees to add additional vehicles, but since the scale of coverage is smaller, insurers will still usually charge less for this type of plan.
Per-Occurrence or Per-Vehicle?
Finally, you can take a look at whether you're getting per-occurrence or per-vehicle coverage. With per-occurrence coverage, you'll pay out of pocket costs based on a single event, such as a natural disaster or a collision. This can save you money if you live in an area prone to disasters that may affect many vehicles at once. With per-vehicle coverage, you'll pay your deductibles for each car. This may be helpful if you expect a lot of problems with one particular car, such as maintenance issues.
When you don't want to skimp on getting the best fleet auto insurance coverage, these tips can help you to make small adjustments to your plan to reduce the costs smartly. For more information, contact a company like Tailor Made Insurance Services Ltd Sherwood Park.Share