Managing insurance for multiple commercial vehicles is more complex than insuring just a single vehicle. Fleet insurance policies are designed so that Massachusetts businesses with several or many vehicles can easily get insurance.
Fleet insurance is specialized commercial auto insurance that’s already adapted for insuring several vehicles. Policies are able to insure cars and trucks in various numbers.
In general, Massachusetts businesses should consider commercial fleet insurance if they have five or more vehicles. This is the point at which most insurance companies begin offering these policies.
Businesses that have two to four vehicles are normally better off insuring vehicles individually but within a bundled policy.
Commercial fleet policies offer a variety of coverages that help protect against vehicle damage and accident liabilities.
Other protections may be available too, although these can vary more from one policy to another. For example, some policies might cover vehicles in storage while others might not.
An insurance agent who’s familiar with commercial fleet policies can help businesses find a policy that has the various coverage options they need.
Commercial fleet policies are available for most classes of vehicles that businesses have. Policies for cars, vans, trucks and other road vehicles are usually easy to find. There are also may be policies that can cover multiple trailers.
While policies are available for most types of vehicles, not all commercial fleet policies cover all vehicles. One of the biggest determinants as to what vehicles a specific policy insures is whether it’s Symbol 1 or Symbol 7:
There are other symbols too, but these tend to be used for different types of commercial auto insurance. An agent who knows commercial auto well will be able to get businesses the right symbol policy for their situation, whether that be Symbol 1, Symbol 7 or another number.
The premiums charged for commercial fleet insurance vary substantially. The number of vehicles obviously influences cost, as does the year, make and model of vehicles, experience, endorsements and accident history of drivers, where vehicles are stored, and other details.
An independent insurance agent can help businesses check how much insuring their fleet will cost. Independent agents aren’t obligated to promote any one insurance company, but instead can show customized quotes from several insurers. This makes comparing both cost and coverages simple.
For help insuring a fleet of business-owned vehicles, contact the independent insurance agents at Paul T. Murphy Insurance. Our Massachusetts agents will make sure to find a fleet insurance policy that protects your business’s vehicles well.
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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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