Commercial Motor Insurance
Experienced commercial motor insurance brokers
COMMERCIAL MOTOR INSURANCE
Understanding the difference between fleet insurance and commercial motor insurance.
Businesses looking for insurance often don’t understand whether they should be engaging with a broker for Commercial Motor Insurance or Motor Fleet Insurance.
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.
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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.
- Competitive premiums and excesses
- Accidental damage to $50,000
- 100% increase on money cover for weekends and long-weekends
- Reduced rate for cigarettes kept in locked safe
- Personal accident now included at no additional cost for the principal working director
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.
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Professional Insurance Brokers is part of Australasia’s largest general insurance broker network, the Steadfast Group. We leverage Steadfast’s scale to ensure our clients have access to a wide range of insurance companies, a broad range of products, exclusive policy options, and of course, competitive pricing. And when the time comes and you need to make a claim, you will have the backing of Steadfast behind you.
Professional Insurance Brokers is a leading specialist in custom, tailored insurance policies for individuals and business. Through our subsidiaries, including Unicorn Risk Services, we also have extensive experience in brokering insurance policies for the massive range of community and not-for-profit organisations that operate throughout Australia.