Affordable Fleet Auto Insurance (2023)

If your company utilizes vehicles, you’re going to need commercial auto insurance. Fleet auto insurance is a policy that protects your company and your employees should an accident or other incidents occur involving a company vehicle.

Fleet insurance differs from standard auto insurance in a couple of ways, such as being exclusively offered to businesses.

Find out what policies from the best auto insurance companies look like in your area by typing your ZIP code into our tool above. Keep reading to learn more about fleet policies.

What is fleet vehicle insurance?

According to Merriam-Webster.com, the fleet insurance definition is “insurance by which a number of ships, automobiles, or airplanes are covered under one contract.”

Fleet insurance, meaning commercial vehicle insurance that covers multiple vehicles and drivers, is required to protect your business and employees.

For example, you would need fleet insurance for a car rental company.

Companies are expected to provide a safe work environment for employees. When a company owns or leases vehicles, regardless of how many, commercial fleet auto insurance is required to adequately protect the vehicles and drivers.

Is fleet insurance expensive? If so, how can I save money on vehicle fleet insurance? Whether you can find inexpensive commercial auto insurance will depend on what types of vehicles you have in your fleet, we can take a look at general auto insurance rates for fleet cars.

Many company vehicles like large trucks or multiple-passenger vehicles require special licenses to operate, and your insurance company needs to know that your drivers are adequately licensed before they get behind the wheel.

Make sure to update your fleet auto insurance every time you have a driver change at your company. If you don’t, your claims may be denied — or worse.

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Can anyone drive with fleet insurance?

No, drivers must be listed in the company commercial auto policy.

There’s never a good time for an accident, but timing is especially bad when the driver of your company vehicle isn’t covered by insurance. It’s crucial that you ensure that every one of your company drivers is listed on your auto insurance.

If you have employees driving that aren’t listed on your fleet policy, your insurance company may think that you’re trying to defraud them, and you could end up having to deal with all sorts of additional problems on top of the employee’s accident.

What is Included in Fleet Coverage?

Fleet auto insurance covers vehicles, drivers, and those that they affect in the course of a crash or other accident.

A commercial auto policy may also cover construction vehicles. Company materials such as tools, products, and other items that are in the vehicle during the accident will not be covered by fleet auto insurance.

While your personal comprehensive auto insurance policy may cover personal items of value, fleet auto insurance generally does not.

If your company vehicles are loaded with expensive equipment or other valuable items during the business day, you can purchase auto liability insurance coverage that will provide adequate coverage in the event of damage, theft, or other loss.

Speak with your insurance agent to determine exactly which policy you’ll need to cover everything in your company vehicles that isn’t covered by your fleet auto insurance.

What are the cost factors?

The best way to save when you buy fleet insurance is to hire drivers that have a clean driving record. Find out what affordable fleet insurance rates are available in your area by entering your ZIP code into our free comparison tool.

 

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Safe Drivers

A single driver with a poor history can increase insurance costs by more than 10%. When multiplied across your entire fleet of company vehicles, this amount can be significant. It’s good to train drivers to reduce risk to your business vehicles.

According to the Bureau of Labor Statistics, about 40% of all work-related fatalities are a consequence of accidents. Published in a 2019 report, the BLS found that professional drivers had the most fatalities in any occupation group with 966 in 2018.

Purchasing fleet auto insurance from the same insurance company that holds your company’s general liability and other small business insurance policies can provide some excellent savings.

Call your fleet insurance company and ask if they offer any discounts for bundling multiple policies together.

Other Quick Tips

Check and see if your fleet car insurance provider offers discounts for having GPS devices installed in your vehicles.

Not only is this a relatively inexpensive way to earn an auto insurance discount, but it can also help you keep tabs on your company vehicles and will ensure that any stolen vehicles are recovered quickly.

There are many inexpensive fleet GPS tracking providers available. Once you get the go-ahead from your auto insurance company, do some research and get your fleet tracking set up.

How can I make the policy work for my company?

Policyholders should be in regular communication with the insurance company for the best results.

Try assigning a member of your team to be the point-of-contact for your company. By keeping your insurance company in the loop, you’ll earn their trust and you’ll keep the protection afforded by your insurance at the highest level.

Try not to skimp or aim for the cheapest policy. Remember: You’re covering your company’s employees and your own assets.

By shopping around for fleet insurance quotes and utilizing the tips above, you’ll be able to purchase effective levels of coverage at a price that’s right for your business and your budget.

 

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