Fleet Insurance Should You Subscribe To Liability Coverage

Article Written By: James Copper

Fleet insurance in the UK, and indeed in most parts of the world, is tailor made for company vehicles. Some freight firms have huge fleets running into hundreds of vehicles while other companies operate mini fleets of six vehicles or less. Fleet vehicles consist of Lorries, vans and cars that a company uses to further its business interests. Fleet vehicles may also consist of vehicles assigned to employees for their personal use.

This insurance provides coverage for trucks, vans and cars and is mandatory in the UK. There are more than 34 million vehicles in the UK Motor Insurance Database (MID). The database is run by the Motor Insurer's Bureau (MIB) and the Association of British Insurers' (AIB).

According to MIB, this product, as a scheme, is available in several variants with the following schemes being some of the most common Family, Commercial, Haulage and Minibus.

Most carriers provide unique services which are unavailable with traditional insurance. A good example is where ice cream delivery vans are provided with insurance add-ons such as insurance for public liability which covers food handling and the drivers' insurance. Replacement vehicles, discounts for limited mileage and fleet rates as well legal expenses and breakdown coverage that are provided for free are some of the incentives used by carriers in their marketing campaigns.

It is not unusual to have a fleet owner coverage his or her vehicles differently. It all depends on the needs of the company. Complete coverage consists of a basic liability and comprehensive insurance coverage. It caters for medical attention for all involved in the accident as well as repair costs. While your drivers get a comprehensive coverage, the injured party are considered third party and only qualify for the liability part of the coverage.

The liability coverage part for this product can only be used if you own the fleet 100 percent i.e. you do not have any money owed to lenders or financiers. Lenders usually require that you take a full fleet insurance for your vehicles if you are yet to clear paying them off. The premium costs for this type of fleet insurance is usually lower as it doesn't cover your driver especially if he or she is the one at fault. In the long run, a full coverage is always the best as your business interests as well as the well being of your staff are covered.

About the Author

James Copper - At FalconInsurance.co.uk you can find help and advice on choosing the best fleet insurance for your company

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