Understanding How Fleet Insurance Works

A lot of people today aren’t familiar with fleet insurance and how it works. Although this is not uncommon, the truth is that fleet insurance is needed for any company or individual housing over five vehicles to not only save time but also money.

Below are some of the questions we get asked all the time about fleet insurance.

What Is Fleet Insurance?

Fleet insurance is a type of vehicle insurance that covers five or more motor vehicles that are registered or leased to you or your company and that are primarily used for commercial or business purposes. Trailers can be included in a fleet once the minimum requirements for motor vehicles are met.

Who Can Purchase Fleet Insurance?

Anyone with five or more vehicles in their name is eligible for fleet insurance. This insurance is an excellent choice for companies, especially when they have many vehicles to renew at the same time.

When you purchase fleet insurance through Waypoint, you know that you have someone on your side to help with renewals or transactions of various kinds, be it a policy change, cancellation, or adding a new unit. We are there actively helping and taking the stress off of you. We have fleets as small as five vehicles, and we have fleets with over two hundred. Book an appointment with us today to explore what a fleet insurance policy could do for your business.

What Are the Benefits of Fleet Insurance?

The benefits of fleet insurance are many. These are just a few of the basic benefits you’ll reap when you invest in fleet insurance:

• The savings are substantial when it comes to fleet insurance. In fact, you could get up to a 63% discount when making the switch to fleet insurance.
• ICBC automatically deems you a fleet if you have nineteen vehicles or more. There are also benefits when you have one hundred vehicles or more.
• ICBC calculates your potential discount when your broker quotes you for a fleet based on a 3-year scan period. For each vehicle. the premiums are quoted based on the business, use, vehicle value, and all territories the vehicles are used in.
• All fleet discounts are based on a loss ratio scan over a 3-year period. Fewer at-fault claims provide lower loss ratios and, therefore, give you a higher fleet discount.
• ICBC also offers extended discounts for fleets: low kilometers (5,000 or less on an annual term) or if any vehicles have factory-installed autonomous emergency breaking (AEB). Click here to read more about fleet with ICBC.
• You do not need to list any of your drivers or declare principal operators when you have a fleet.
• All fleet policies have the same renewal and expiry dates.
• ICBC also offers quarterly or monthly payment plans.

Insure Your Fleet with Waypoint

When selecting Waypoint Insurance to be your commercial fleet broker, we strive to make not only the transition into fleet insurance as easy as possible but also every transaction going forward as smooth as possible.

Some clients are resistant to fleet insurance because they are uncomfortable with change and fear the transition will be a difficult one. In reality, it’s not difficult at all, and your Waypoint advisor will be there to guide you every step of the way.

Fleet insurance is super-convenient and efficient. We make sure all auto needs are met in a timely manner and handled with care.

For us here at Waypoint, not only do we strive to provide you with peace of mind when you switch to fleet insurance but we also excel in customer service. Rest assured, Waypoint will make switching to fleets as smooth and as easy as possible. Visit our fleet page here.

Email us today to find out more!