Get Fleet Insurance
The term fleet is used to describe a group of motor vehicles owned by a single company or agency. A vehicle fleet is made up of two or more vehicles and may be made up of different vehicle types including cars, SUVs, buses, trucks, trailers, and even aircrafts. Specialist vehicles and farm vehicles such as tractors and harvesters may also be found in a fleet.
Fleet Insurance
Fleet insurance is a type of vehicle insurance policy that covers multiple vehicles on the same plan. In this case, the vehicles in a fleet are registered in the same place under the same company name allowing the single policy to cover all the vehicles in the company’s fleet.
The terms of fleet insurance vary for different trucking insurance companies. But most companies provide this type of policy for organizations that have at least 2 vehicles in their fleet. Getting a single plan for the entire fleet like this can save you from the headache of renewing the plan for each vehicle individually and also helps to save cost in the long run.
Composite Rated Policies
Composite rated policies often apply to fleet vehicle insurance although it may apply to other insurance types as well. The premium to be paid for composite rated policies is calculated as a group rather than individually. This is often more convenient for both the policyholder and the insurer since it makes premiums easier to calculate. The composite rate also simplifies the auditing process and also makes budgeting and accounting a lot more convenient. To determine the composite rate for a plan, the insurer considers the risk profile of all the units being insured (all the cars in a fleet) and divides this by the number of units. This is the composite rate to be paid as a premium to cover the entire fleet.
Offer Fleet Discounts
Aside from the fact that fleet insurance is more convenient, it is also significantly cheaper than taking out an individual policy on each car in your fleet. Depending on the number of vehicles in your fleet, you may be able to save a substantial amount in premium on your commercial car insurance by opting for a fleet policy. Prestige International Insurance offers a discount on fleet insurance plans to help you save costs even more. PII is licensed in over 50 states and we offer affordable and convenient insurance policies for both old and new truckers. If you run a business with a fleet of vehicles, take advantage of the fleet discount we offer.