In short, the difference is one of size. Commercial Motor Insurance is typically for fleets of less than 15 vehicles, while Motor Fleet Insurance is designed for large fleets of more than 15 vehicles, and those that include large trucks, vans and the like. The names of these types of insurance might vary slightly from one insurer to the next, but there is always a difference in what is offered to those insuring a fleet of less than 15, and those insuring larger fleets.

Commercial Motor Insurance

For organisations with smaller fleets, of less than 15 vehicles, a business fleet insurance policy won’t look all that much different to a private car policy. These will generally work on best practice standard policies, with organisations purchasing standard policies that can cover anything from minimal legal cover through to comprehensive packages.

Motor Fleet Insurance

For larger or more complex corporate fleet insurance policies, Corporate Fleet Insurance can have a greater level of customisation written into the policy, in order to better address the specific needs of each customer organisation. However, coverage through these policies can also be limited to legal minimums through to completely comprehensive, though policies will generally have written into them:

• New vehicle replacement after total loss within a period of time after the original registration.
• Cover against theft, loss, or damage caused by an insured event.
• Costs of towing and storing a vehicle
• Hire vehicle in the event of theft.

Additionally, many insurers look for ways to offer product and service differentiation to their Motor Fleet Insurance policies, with everything from 24/7 claims, to expert risk assessors and assistance with annual vehicle declarations.

Because of the complexity of Motor Fleet Insurance, it is generally a good idea for businesses to engage with a broker for their corporate fleet insurance. Contact us today at (02) 9630 8788 to discuss how we can assist with your needs

The post Understanding the difference between Fleet Insurance and Commercial Motor Insurance appeared first on Professional Insurance Brokers Sydney.

And with vehicles being such a critical part of the operation of so many businesses, extended down time in the event that one has been taken off the road can quickly escalate to become a major issue for your business.

Because of this, fleet insurance becomes a critical purchase for an organisation to get right, and there are a number of areas and features within policies that a qualified and experienced broker will be integral in helping you to find and when arranging your fleet insurance policy.

• Risk Engineering services. An insurer should be able to offer its corporate clients a Risk team that will review your fleet risk management practices in order to determine if they will respond adequately to inherent exposures.
• Risk management tools. Many good fleet insurance providers will go a step further to offer their clients comprehensive risk management tools that are integrated into the policy, improving their systems and path towards a crash-free culture within the organisation as a value-add.
• A fast claims process. Fleet Insurance providers should understand the costs that vehicles that are off the road incur for their clients, and should be able to offer a fast turnaround process to minimise the impact of claims.
• A proper understanding of fleets of vehicles. Cars, trucks, and heavy moving machines all have differing insurance requirements, and a policy to take into account each of these requirements, especially when the fleet includes different vehicles, can be complex to write.

Additionally, there are a couple of different areas of cover that you should consider, and a good insurance broker will help you to find a policy from an insurer that meets with that criteria.

• Comprehensive, Third Party or Own Damage Cover? As with private cars, fleet insurance policies can range in cost and coverage from a minimum legal coverage through to expensive, but comprehensive, cover.
• Features of Comprehensive corporate fleet insurance policies. If you opt for Comprehensive cover for your fleets (and many do, knowing the costs of such valuable assets being written off on the road), then there are a range of expenses you can insure against, including vehicle-related property damage, towing costs, re-delivery, theft recovery costs, and so on. As such it’s important to be aware of what your Comprehensive cover will cover, and what it might not.

Because of the complexity involved, most organisations and executives turn to insurance brokers to help organise their business fleet insurance. To start the process of properly covering your own business contact us today at (02) 9630 8788.

The post Why you want a specialist to broker your Fleet Insurance policy ? appeared first on Professional Insurance Brokers Sydney.