If you own a taxi service business, which consists of a fleet of cabs, it could be a herculean task for you to get and renew individual policies for your fleet of vehicles. Examining and evaluating the separate taxi insurance policy can be hectic and time-consuming.
But if you decide to get taxi fleet policies, you only have to take out one insurance policy. This single policy insures all the taxis in your fleet and makes policy renewal an easier task for you. It would surely save your precious time and energy.
You might own a fleet of black cabs, minibusses, trucks, HGVs, minicabs or even a whole mix of vehicles. This policy helps you get one policy for all sorts of vehicles in your fleet.
You need to do a lot of hassle to get a separate policy for each vehicle in your fleet. This policy definitely makes it easier to purchase fleet insurance and renew it later, much quicker and easier.
You can take fleet insurance if you own two or more vehicles. It can make managing and keeping track of your fleet much easier as they are all combined on to one policy with one renewal date. A fleet could consist of company cars, vans, motorbikes, taxis, HGVs, LGVs or a mixture of them all.
How does it work?
There are three different levels of cover within a Fleet insurance policy;
This cover will provide you with the most safety on your vehicles. It covers all the damages during an accident caused to your vehicle or the vehicle and property of others. It does not bother whether it was your fault or not.
Because this policy provides maximum cover, it the most expensive of all polices. Because, as you know, the more sugar you add, the sweeter you dish becomes. The more you pay, the more you are covered.
Third Party, Theft and Fire Cover
This is the middle level of cover. It covers the third party fire and theft. This policy covers all third party vehicles or property against any damage. But it would pay insurance for your vehicle, only if your vehicle is stolen or burnt.
Third Party Only Cover
This is the basic and cheapest cover. It does not offer any protection for your fleet of vehicles. It only covers the claims of damage leveled against you by the third party. It pays the cost of damage by your vehicle to the third party.
There are several driving limits you can pick while deciding and finalizing your policy. You can pick up Any Driver policy, which means that anyone with a legal driving license can drive any of your vehicles mentioned on the policy.
You can also select Named Drivers policy for every vehicle instead. Named Drivers policy is cheaper than the other one.
Any regular cab insurance policy deals with your vehicle individually; this policy depends on the nature of your business, etc. But, a fleet insurance policy assesses your business as a whole.
It takes all details into account, for instance, the track record of your drivers, the nature of your business, and your previous claims, etc.
Additionally, you are free to choose anyone with the valid UK driving license to drive the fleet of your vehicles. It also means that during ride they can change cars if necessary.
On the other hand, the ability to name your drivers can also work in your favor. If your drivers are experienced and they have a good track record, you can save some amount on your insurance policy.
Because, the safer and experienced your drivers are, the lesser the cost is for you.
Advantages of fleet insurance
There are many advantaged of getting this insurance. Few of the advantages are as follows
- Any driver in your company who has a valid UK license and who meets the specified criteria (driving experience, gender, etc.) can drive your vehicle. It means you do not need to assign a specific individual for a specific car.
- It covers multiple vehicles
- You do not need an individual policy for each vehicle in your fleet. All you need is one policy to insure all your vehicles.
- Individual vehicle assessment is not favorable for your business. This policy does not do individual vehicle assessment.
- Your drivers are free to switch vehicles when required.