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Courier Fleet Insurance
Courier Fleet Insurance is designed to help lower the cost of coverage for a business that has multiple delivery drivers working for them using company vehicles. This type of financial protection also helps organise the cover so filing a claim and paying the premiums are easier.
What is Courier Fleet Insurance?
There are two parts to what is courier fleet insurance.
How much does Courier Fleet insurance cost?
The cost will be dependant upon a number of factors, some impacting cost substantially more than others.
The level of cover required will have the most impact on cost. Similar to car insurance you can choose from third part, third party with fire and theft to the top tier cover referred to as comprehensive cover. Comprehensive provides additional cover for your individual or business costs resulting from an accident.
The number of vehicles in the fleet also plays an important role in arriving at a final premium. A large fleet equating to a higher premium, as the risk to he underwriter is increased. Naturally the insurance category or categories that you fleet falls into will also be an important determining factor.
The good news is there are action that the fleet manage can take to reduce the overall cost of courier fleet insurance which we cover next in this article.
How do I lower the costs of courier fleet insurance?
Saving money with courier insurance is possible by lowering the risks. By using small economical vehicles in the fleet, will lower their risk level and the premium costs will be lower. The business should also assign vehicles to particular drivers. By having named drivers per vehicles will also lower the cost of insurance.
What is a commercial hire for reward policy?
This type of policy is a business vehicle insurance. It has the same levels of cover as non-commercial policies, but makes it possible to be paid to operate the vehicle and make a profit at it. The levels of cover include Third Party Only, Third Party Fire and Theft, and Comprehensive.
The types of commercial hire for reward depends on what is being delivered. There are separate policies for food deliveries along with parcels. The reason for the different types is related to the risks involved.
The type of policy is further broken down by the type of vehicle being used. There is Car Courier cover along with one for trucks, vans, motorcycles and scooters. Each one has a level of risk associated with it so the costs are dependent on the type of vehicles being covered.
What does the commercial hire for reward policy cover?
This type of commercial vehicle insurance is protection for the vehicle to legally operate on the roads in the UK.
What is not covered with a standard commercial hire for reward policy cover?
What is not covered are the items being transported. To cover the food or parcels requires a rider to the insurance policy. This rider is called Good in Transit.
Another rider that is suggested is public liability cover. This protection will pay for the legal and medical bills if a claim is filed against you by a third party. This cover will also handle and settlement made against you by a court ruling.
By having courier fleet insurance your business can save on the cost of financially protecting your fleet of vehicles while helping you to organise the paperwork required for said coverage. With it, in place, you will have more time and money to concentrate on your business.