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What is Commercial Fleet Insurance & How It Adds Value

  • Post category:TELEMATICS

What is Commercial Fleet Insurance?

Motor vehicle insurance is a legal and mandatory requirement for any vehicle that plies on public roads. As the name suggests, Commercial Fleet Insurance is a type of vehicle insurance policy that covers multiple commercial vehicles. It is specifically designed for commercial fleet operators. 

Why Do I Need Fleet Insurance?

If you are a fleet operator, then consolidating insurance policies for your fleet has many advantages, the prime advantage being it makes it easy to manage your vehicles. Fleet insurance also saves a lot of money for the company. 

Organizations with a fleet will find fleet insurance a blessing. Fleet insurance eliminates the need and the resources required to manage the insurance policies of individual vehicles. Be it tens, hundreds, or more, keeping track of the individual vehicle’s insurance status and the coverage of the policy is substantial work that needs dedicated resources. If not managed properly, it can leave the vehicle, the driver, and the other road users exposed to risk. 

A Fleet Insurance that covers all the vehicles in the fleet is the best way to ensure the safety of the fleet, the drivers, the organization, and other users.

How Much Does Fleet Insurance Cost?

Insurance policies generally depend on factors like the area of usage, the scale of usage, risk factors, insurance provider, etc. A major factor for determining the insurance premium value is the level of cover opted for and the type of vehicle you want to insure. Recent advancements in the field of fleet insurance like telematics-driven data assessment also help in determining the premium value. 

Telematics technologies collect, collate and transmit data on vehicle use, driving pattern, and routes. Through effective monitoring of the entire system, it is now possible to gain an insight into the risk models and safety initiatives and calculate insurance rates better. The telematics system tracks driver’s trips and assigns scores. Through a telematics device, information like kilometers driven, routes are taken, time of the trip, driver behavior such as sudden acceleration, hard braking, cornering, speeding, etc can be monitored. All these are categorized as ‘Driver Safety Scores’. This score enables the insurance provider to assess the risk a particular truck poses and arrive at the insurance rate for it accordingly. Vehicles with drivers having a good driving score can avail insurance at a lower premium. In some cases, fleet owners can save up to 40 percent of their fleet, and driver safety scores are at a good mark, ensuring reduced cost. 

This benefits both the fleet operator as well as the insurance provider.  

What Tangerine Can Do For You

Tangerine brings to you an innovative complete solution combining commercial fleet insurance with fleet management tools and compliance offering to protect your drivers, trucks while you focus on your core operations. Rest assured, your fleet is well protected.

Tangerine’s Next-Gen Commercial Fleet Insurance with Video Telematics provides specific coverage and risk management options to businesses operating fleets of all sizes at a reduced insurance premium. By integrating Tangerine’s video-based insurance telematics solutions into your fleets, we not only protect your trucks and drivers but also reduce costs, increase efficiency, improve your overall operations, and provide the coverage you need at the best rate.

This makes your fleet easier to manage and can save your company a significant amount of money. 

Tangerine’s niche expertize provides the products you need and the service you deserve to get back on the road faster. We understand your needs and share your concerns. We have programs that fit your fleet requirements perfectly so that you can drive with confidence.