Fleet auto insurance is a crucial part of protecting your employee drivers, so getting the best coverage is a great priority to have. That being said, there are several ways that you can maximize your coverage without paying too much. Here are two of the most important ways to to streamline your fleet insurance and save money.
Choose Carefully Between Symbol 1 and Symbol 7 Insurance
There are two common types of fleet insurance: symbol 1 and symbol 7. With symbol 1 insurance, your employee drivers can be covered with any vehicle that is being used for business purposes. With symbol 7 insurance, your employees are only covered when they are driving specific vehicles that are listed on the policy.
The type you choose will depend on your business model and the amount of shifts you expect in your fleet. For instance, if you are constantly adding new vehicles to your growing business, then symbol 1 insurance can save you money; it makes sure that your business is covered even if a new vehicle hasn't been listed on your insurance plan yet. If you have a pretty stable set of vehicles to use for your business, then symbol 7 insurance can be a better option; these plans are often cheaper than the symbol 1 coverage, since the coverage only applies in limited circumstances.
Look for Per-Occurrence Coverage
Another big thing to look for in your fleet auto insurance coverage is whether the pay-outs are based on per-occurrence or per-vehicle damage. It's often a good idea to get per-occurrence coverage. You'll get better coverage for the most common types of damage. For instance, if fender damage is common in minor collisions, you'll be covered for your deductible on all accidents after the first one.
A per-occurrence insurance fee also means that, if there's an accident that causes damage to many vehicles, you'll only pay the out of pocket expenses once. Natural disasters and property accidents can cause damage to many vehicles at once and become a nightmare with per-vehicle deductibles.
There's a lot to look at in the details of a fleet insurance plan, so make sure that you choose your options carefully based on your business' needs. When you're in doubt about which plan to consider, a fleet insurance provider can be a great resource for explaining how each policy can affect your coverage, and you may be able to get recommendations on the standard choices that can save money for your business.
For more information, contact Manassero Insurance Agency Inc or a similar company.