• Property damage liability
• Combined single limit liability
Businesses that own vehicles are generally required to insure their vehicles, but getting individual policies for each vehicle isn’t cost-effective when a business has many cars or trucks. For Vermont businesses that have fleets, fleet insurance often makes much more sense.
Fleet insurance is a specialized commercial auto insurance for businesses that have multiple vehicles. Because this is a specialized coverage, businesses should consult with an insurance agent who focuses on this insurance when looking for a policy.
In general, most Vermont businesses that have multiple registered vehicles should consider purchasing commercial fleet insurance. Not having auto coverage on registered vehicles leaves a business exposed to property risks, liability risks and potential legal consequences. When insuring multiple vehicles, this is often the most efficient way to meet a business’ auto coverage needs.
Commercial fleet policies are available for a wide range of vehicles. Businesses with fleets of cars, vans, trailers, and light- medium- and heavy-duty trucks can likely find suitable fleet policies.
Commercial fleet insurance policies generally cover damage to company vehicles and accidents that those vehicles are involved in. In some cases, additional protection for items kept inside of company vehicles may be provided.
Since exact coverages can vary, businesses ought to review a policy’s terms with a knowledgeable insurance agent to determine what that particular policy provides.
The majority of fleet policies are designed to insure five or more vehicles, and they often can insure many times that number.
While there are commercial auto coverages that may bundle coverage for two to four vehicles together, these normally aren’t considered true fleet policies. Policies for less than five vehicles are coded differently within the insurance industry than those that insure five or more.
Commercial auto policies are commonly written with “symbols,” which range from 1 to 9. Symbol numbers indicate what vehicles receive certain protections from a policy.
Two common fleet policies that are readily available are Symbol 1 commercial fleet policies and Symbol 7 policies. Symbol 1 normally indicates that a policy extends protections to any vehicle that’s driven for work. Symbol 7 usually means that only specific vehicles that are listed in the policy’s paperwork receive coverage.
An insurance agent can help businesses determine which of these symbols better meets their needs and find an appropriate policy.
Commercial fleet policy premiums vary, as there are many factors that can influence cost. For example, the following are merely some of the details that underwriters might consider when determining rates:
For a more price answer, an independent insurance agent can help businesses compare quotes and shop around. Independent agents are free to explore policy options from different insurance companies, so checking rates and coverages across multiple insurers is easy to do.
If you need to insure a fleet in Vermont, contact the independent insurance agents at Paige & Campbell Insurance. Our agents will work with you to determine your particular fleet insurance needs, and then we’ll work hard to identify the best policy that meets those needs. With our assistance, you can be confident that your fleet is well protected.