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Fleet Transport Insurance: Definition and Benefits


Do you have several vehicles to insure? If yes, then to reduce the cost of insuring your vehicles, you can consider combining all of your truck contracts into one single contract: fleet insurance. In Australia, around 1 million vehicles are insured by fleet contracts.

Characteristics Of A Fleet Transport Insurance Contract

You often require to have five vehicles for a fleet transport insurance policy. But, now some insurance companies offer to insure with fewer vehicles as well(three for example). The vehicles insured in the fleet contract can be various: cars, scooters, motorcycles, utilities, heavy goods vehicles, and have different uses: transport of people, goods, workshop vehicles, etc. In a fleet transport insurance contract, drivers are not necessarily known, for example, in the case of a car rental company.

Types Of Fleet Insurance:

Closed fleet insurance contracts: In this transport insurance, the number, and characteristics of the vehicles are known, and when a new vehicle is included in the agreement, the insurance premium increases, Open fleet insurance contracts: the number and characteristics of the vehicles are not known. In general, these are numerous fleets (more than 50 vehicles, for example).

Differences With An Individual Contract


An individual transport insurance policy insures only one vehicle that is used for professional purposes, for example, a taxi or commercial truck. For businesses, this type of contract is very close to an auto insurance contract for an individual as the bonus-penalty system can apply to it. On the other hand, vehicle fleet insurance contracts are treated differently by insurers; there is no bonus-penalty system.

The Advantages Of Fleet Insurance

Fleet insurance aims to make it easier for you to manage your auto insurance. This is why a fleet contract allows you to: To manage your insurance more easily: everything is grouped together in the same contract, Optimize the cost of insurance: fleet insurance is supposed to be more advantageous, Not to be subject to bonus-penalty clauses: be careful, if you have few claims on your vehicles, independent contracts with bonuses can be more attractive financially, To be a more significant customer for your insurer: if you group all your contracts in fleet insurance, your company has more weight, which can make it easier for you to negotiate the insurance premium.

A Few Tips To Consider:

To take leverage of discounts, keep yourself attentive to Facebook, Twitter, and other social media pages of insurance agencies. Follow, Truck Insurance Facebook page, and keep yourself updated on the latest terms and conditions of the industry. If you have several auto contracts, make sure that their expiry dates are the same so that you can move them all at the same time on a fleet contract if necessary. Lastly, if you have a lot of vehicles, an insurance broker can split their contracts across multiple insurers, depending on the nature of those contracts. Explore this possibility with a broker. Stay tuned for more such posts. 
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Location: Coomera QLD 4209, Australia

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