Fleet Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

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.

Personal Injury Protection (PIP)
Bodily Injury Liability Coverage
Collision Coverage

What is fleet insurance?

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.

Which Massachusetts businesses does commercial fleet insurance make sense for?

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.

TESTIMONIALS

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When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

What coverages are provided by commercial fleet policies?

Commercial fleet policies offer a variety of coverages that help protect against vehicle damage and accident liabilities.

Personal Injury Protection (PIP): Usually insures injuries to individuals who are inside company vehicles at the time of an accident.
Bodily Injury Liability Coverage: Usually insures injuries to individuals who aren’t in company vehicles at the time of an accident. Typically covers pedestrians, passengers of other vehicles, and other drivers.
Collision Coverage: Usually insures damage to company vehicles that occurs during collisions with other vehicles.
Comprehensive Coverage: Usually insures damage to company vehicles that occurs during other, non-collision events. Typically covers risks like falling trees, animals, vandalism, fire, theft, etc.
Property Damage Liability Coverage: Usually insures damage that occurs to other vehicles and other property during accidents.
Uninsured and Underinsured Motorist Coverage: Usually insures accidents involving drivers who lack adequate insurance. Typically covers hit-and-runs too.

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.

Which vehicles can commercial fleet policies insure?

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.

What’s a Symbol 1 commercial fleet policy and a Symbol 7 policy?

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:

Symbol 1 policies normally offer coverage for all vehicles that employees drive for work.
Symbol 7 policies normally offer coverage only a predetermined list of vehicles, with other vehicles being excluded.

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.

How much does insuring a fleet of business-owned vehicles cost?

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.

Where can Massachusetts businesses find fleet insurance?

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.