Purchasing vehicles is a high capital expense. Regardless of the purpose – for business or personal, it involves large investment. Your vehicles are prone to the risk of accidental damage, theft or loss because of natural calamities like lightning, hurricanes and the like. It is, therefore, sensible to purchase insurance to cover these risks. For this, you need to purchase a motor fleet insurance cover such that it covers all your vehicles under one policy. Purchasing fleet insurance, you can make sure that each vehicle has sufficient insurance coverage.
Look for exclusions
Purchasing motor fleet insurance makes a big business sense. You should, however, make sure that such coverage might have certain points, overlooking which may lead to no compensation. Thus, the very object of purchasing the insurance gets defeated, if you ignore exclusions. You should therefore, know whether there are any exclusions which lead to such situations. An exclusion is a provision in the policy document, which clarifies that certain things under the head are not covered.
No compensation if the driver had no driving licence while driving
Every state has laws which you need to abide by while driving your vehicles. It is mandatory to carry driving licence while driving. It is therefore, unlawful not having the licence at the time. Insurers will not entertain your claim if the case is one involving not carrying driving license.
Death of anyone because of inappropriate repair place – not approved by manufacturer
The manufacturer recommends you to get your vehicles checked at authorized repair garages spread across in your area. These garages have the necessary infrastructure, trained and experienced professionals looking into the issues affecting your vehicle. Handling the work by non-professionals may prove fatal. The insurers do not cover this risk because it is not lawful to get work done by one who is not professionally competent to do the job.
Death of anyone because of blast of a pressurized container/hazardous articles
Rules under law prohibit carrying hazardous articles, pressurized containers etc., in your vehicles. In the event, there is any casualty (injury/death/illness) in such a case, the insurer will not entertain any claim.
Intoxicated driving (Illicit drugs or alcohol)
It is unlawful to drive when you are under the influence of illicit substances such as psychotropic drugs including alcohol. Insurers will not entertain the claim if the driver is under the influence of drugs.
Choose specialised brokerage agencies
Motor fleet insurance is difficult to choose and estimate for average people, unless they are professionals. You should, therefore, choose reputed brokerage agencies with good experience and specialization in this insurance. Research well and discuss with brokerage agencies to work out an optimal coverage.
Businesses having a fleet of vehicles will have considerable risk, which they can neither rule out nor can they know when they arise. You can, however, be sensible to purchase an insurance cover that meets needs of your business.