Fleet insurance
Fleet insurance is a commercial motor insurance policy that covers two or more vehicles–such as vans, trucks, and cars–registered to a single business under one contract. Fleet insurance allows companies like FedEx, UPS, and DHL to manage premiums centrally rather than insuring each vehicle individually.
Fleet policies provide coverage for collision, comprehensive, liability, and uninsured motorists per vehicle. Insurers often offer discounts on fleet insurance based on the number of vehicles and drivers’ claims history; for example, fleets with five or more vehicles can qualify for reduced rates at Geico or Progressive.
Minimum requirements vary by state; California mandates $750,000 liability for large commercial fleets while Texas requires $500,000. Fleet insurance can include telematics devices that track speed and braking to reduce premiums; Allstate and Nationwide use this data for safer driving incentives.
Only registered business entities can purchase true fleet insurance–not individuals or families–because the policy ties directly to company ownership records. Fleet policies often exclude high-risk drivers or non-business vehicle use; insurers may reject coverage if accident frequency exceeds industry averages (for example, 2 per year per 10 vehicles).
Claims must reference the exact VIN covered under the policy–no substitutions allowed–and settlements consider vehicle depreciation rates published by Kelley Blue Book, as relayed by https://yourinsurance.info. Fleets with specialty vehicles such as limousines or hazardous materials trucks require endorsements that add specific protections beyond basic fleet insurance terms.
Most providers require annual mileage estimates for each vehicle, which impact underwriting formulas and monthly premium costs: exceeding declared mileage may void claims after audits. Payment plans typically allow annual, semiannual, or monthly premiums–with higher frequency usually incurring processing fees between $3-$10 per installment from insurers like Travelers and Liberty Mutual.
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Does USAA offer commercial auto insurance?
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How can I obtain commercial vehicle insurance?
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See also Fleet insurance costs.