Fleet Insurance: What are they?

By Ananya - 15 Jun 2022 Last Updated: 04 Jul 2022
Fleet Insurance: What are they?

Many business owners rely on commercial vehicles to perform essential tasks and assist with day-to-day operations. The Company relies on fleet insurance to ensure the safety of the vehicles owned by the company. Must be wondering what is Fleet of vehicles insurance in the UAE? Scroll down to Know more!

Let’s understand what Fleet Insurance is.

Fleet insurance is one of the types of vehicle insurance plan for insuring two or more commercial vehicles under a single policy. Fleet insurance saves business owners time, money, and hassle by eliminating the need to purchase plans for individual vehicles in their fleets.

This article will cover everything you need to know about fleet insurance, including what it typically covers. We'll also discuss the top benefits of fleet insurance and provide advice on keeping a safe fleet of vehicles.

Basic Explanation of Fleet Insurance in UAE: Let's Have a Look

Fleet vehicles are collections of motor vehicles owned or leased by a company, government agency, or other organization. Furthermore, many businesses buy or lease fleet vehicles to deliver goods to customers or for sales representatives to visit clients. Protecting all of your vehicles with different insurance policies can be time-consuming and costly and hence this problem is solved by the Fleet Insurance plan available in UAE.

What are the Features and Benefits of Fleet Insurance?

Fleet insurance has several additional advantages in comparison with Personal Motor Insurance, which are listed below:

  • A fleet policy is a single motor insurance plan covering more than one vehicle registered with the company under the company name;

  • The vehicles can be insured as a lump sum or in separate groups as per the applicant preference;.

  • A fleet  insurance plan can be customized as per company’s required; premium deadlines, renewals, expiration dates and all other details are in the same place  , so the company does not have to keep track of various insurance policies;

  • Any new vehicles purchased after getting  fleet insurance will be automatically added to the plan, eliminating the need to buy new insurance.

Read more :-Let’s know about Fleet Vehicle Finance in UAE

What are the Different Types of Fleet Insurance Covers?

There are two types of fleet insurance covers: let's explore that:-

Third-Party Liability Covers

  • Commercial fleet insurance protects you from legal liability for bodily harm caused by your vehicle. The policy will indemnify all the legal costs if the victim files a legal case against your business.

  • The policy will also cover the death of any person involved in an accident involving your vehicle.

  • This insurance also covers damage to third-party property caused by an accident involving your vehicle.

Comprehensive Fleet Insurance

A comprehensive fleet insurance plan provides you with an ultimate cover in any types of damage that a vehicle incurs due to natural calamities, man-made disasters and also average repair damages caused by accidents with a third-party vehicle, and damages incurred while loading an item.

How to Get Fleet Insurance in UAE

When applying for a motor fleet insurance plan, a few requirements must be met, just like any other type of insurance policy. 

The requirements are as follows:

  • All vehicles insured under a fleet insurance policy must be registered in the company's name

  • The UAE requires a minimum of 3 vehicles to qualify for fleet insurance.

  • Applicants to have at least 5 to3 registered vehicles in the company's name to qualify for fleet van insurance. 

  • For getting insurance, you will need a complete list of the vehicles and the company's trade license and registration license.

  • Under the Fleet Insurance policy vehicle leasing for the company is available.

  • Anyone with a valid UAE driving license can drive a company vehicle. There may be additional provisions for drivers under 25 with a valid license.

How to claim Online and Offline Fleet Insurance in the UAE

The claim process for fleet insurance in the UAE is the same as for any other type of motor insurance policy.

If your vehicle is involved in an accident (of any kind), be prompt and proceed with  the following steps to ensure that your vehicle is taken care of right away:

Filing Claim

  • Contact your insurance agent/broker or your insurance provider's website to find the claim filing portal.

  • Download the claim form from the website or ask the broker for it.

  • The insured must sign and fill out the form. with attached reports, a complete claim form, and all required documents .

  • Submit all documents to your insurance provider's nearest branch or the insurer's website's online claim portal.

Required Documents

  • Contact your insurance agent/broker or your insurance provider's website to find the claim filing portal.

  • Download the claim form from the website or ask the broker for it.

  • Attach the report along with a completed claim form and all required documents. The insured must sign and fill out the form.

  • Submit all documents to the nearest branch of your insurance provider or the insurer's website's online claim portal.

Conclusion

If you are planning to purchase a single vehicle or a whole fleet or heavy truck and machinery, contact us for hassle-free assistance and guidance on a Fleet Insurance plan. We can provide you with the best motor fleet insurance for your vehicle using valuable comparison and an easy mechanism. The single point of contact simplifies claims, insurance policy changes, and other inquiries. Connect with Dhanguard we are here to assist and guide you in every possible way you need.

By Ananya

15-Jun, 2022

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