Fleet Insurance

Insurance is something everyone goes for these days. With the rapidly progressing sciences and the Insurance market policies, it is tough to stay away from lucrative schemes that promise to offset your loss and bear the risk. However, no rational person would want to take risk for free. Risk is a bad commodity and to keep the risk taker on his same level of utility, he needs to be compensated with some amount of return so that he is on his initial indifference curve.

The rate that the insured pays to the insurer is called the premium rate. This means that corresponding to a policy, there will be a certain premium rate. The customer goes for Fleet Insurance or any insurance only if the premium rate is lower than the compensation after the loss. There are several types of Loss-offset Schemes. This means that you can go for either partial or total loss offset policies. In case of partial loss offset, the compensation is given up to a certain limit, which corresponds to the premium rate paid. However, in case of a total loss offset scheme, the whole payment for the loss is made by the insurer and the insured does not have to shell a single penny.

The headache is, however, when you select your insurer among the various potential ones. Most of the Insurance Companies have apparently similar schemes for Fleet Insurance or for any type of insurance. The differences are minor clauses in each policy. But each clause could be interpreted differently from what you think, once the claim is made. So, go for an insurer whose terms are easy. Besides, between a number of insurers, there is no reason why you should chose a costlier one if the policy issues are implying the same fate. Recommendations or preferences can however be made on the basis of the experience of the company in the market and the credibility assigned to it by other customers and survey personnel.

When you are talking in terms of business, you mostly have to manage a large number of vehicles on the roads to cater to several purposes. This means that you would not want to spend on singular insurance for each vehicle. I such cases, it is best to go for Fleet Insurance schemes. To qualify as a fleet, normally you need to have at least four to five vehicles under the scheme. However, special schemes are available whereby even two vehicles could be made to qualify for a fleet insurance.

Experts on the basis of the condition of each vehicle in the Fleet and their credibility report on the roads generally make quotes. So, owning even one bad vehicle among the rest three or four, could cost you a lot more than what it would have cost otherwise.

With Fleet Insurance you can claim you money with the slightest of loss. However, this is not recommended as once a claim is made, your vehicle is marked in the insurance market as a risky asset and could cost you higher premium rates in the future.

Fleet Car Insurance
Car Insurance >> Fleet Insurance
 
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