Almost every company uses commercial vehicles to run its business efficiently. Like all of the company’s other physical assets, these vehicles are very valuable and should be insured. When it comes to insuring KFZ Flottenversicherung commercial vehicles, entrepreneurs have two options. You can take out an individual insurance policy for each vehicle or cover all vehicles in one comprehensive policy. In this article we will discuss this topic in detail and see which one is better.
Commercial vehicle insured
One thing is for sure, you should have your commercial vehicle insured. Under the Continuous Insurance Enforcement (CIE) Act, every registered vehicle must have valid insurance at all times. This law in the UK states that it is a criminal offense to keep KFZ Flottenversicherung without insurance and that vehicle owners face a heavy penalty if they do not have insurance on their vehicles.
Although this law has not been introduced in Northern Ireland, it is still mandatory to have adequate insurance cover for any motor vehicle used or parked on a public road. So if your business uses vehicles, automobile insurance is a legal requirement.
Vehicle Fleet Insurance
Now that we are clear about the importance of the insurance policy, we need to look at the options. As previously mentioned, we can either take out individual insurance policies or take out a single policy covering multiple vehicles of any type. The latter is also known as fleet vehicle insurance and is a good option for companies with four or more commercial vehicles. However, the former option (individual insurance) is suitable for companies with one or two vehicles. If your business has more than three vehicles, consider purchasing fleet vehicle insurance. Here are its benefits.
Advantages over individual policies
Fleet insurance has many advantages over individual vehicle insurance. This policy simply ensures that every single company vehicle is described in a single policy.
Avoids the Hassle of Different Insurance Policies: Fleet insurance not only offers the benefit of covering all vehicles under a single policy, but also helps you stay away from the hassles that come with dealing with different insurance policies. You don’t have to worry about renewals of each individual policy for different vehicles. Fleet insurance is easy to use – all vehicles have a single renewal date; a single set of options and conditions; same procedure for complaints etc.
Provides coverage for the insurer/driver: Many fleet insurance policies also cover the insurer/driver, which is a must in today’s environment. There are also cost implications for fleet vehicles with younger drivers. The premium rates can therefore depend on the extent of the driving restrictions applied for.
Saves time and money: Fleet vehicle insurance offers great cost and time advantages. Since many vehicles are insured under a single policy, the premium will certainly be less than the sum of the premiums of the individual insurance policies. Since all vehicles are insured under one policy, you can save a lot of time tracking and managing different policies.
Get better deals from reputable brokerage firms
It is always better to consult reputable brokerage firms when planning fleet vehicle insurance. They have contacts with many insurance companies that offer fleet KFZ Flottenversicherung. Keep in mind that not all companies offer fleet vehicle insurance. These brokerage firms compare quotes from different companies that offer this insurance and customize the policy to fit your business needs.
After understanding the benefits, it is wise to decide on fleet vehicle insurance for your business. Depending on the requirements of your company, you should ensure that your vehicles are adequately secured.
