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Family fleet insurance
The family fleet insurance policy is designed to help lower the overall costs of protecting all of the vehicles owned by a family while still making it possible to insure each one to the level desired by the owner. This type of coverage is made for large families that live at one residence and those empty nesters that have children away at college.
How does family fleet insurance work?
This type of policy all begins with the first vehicle being covered by a policy with an insurance company. With a discussion with the insurance broker, a second vehicle can be covered under a family fleet umbrella policy. When this occurs, the premium of the second vehicle will be discounted. This discount can be up to 10%. The discount will be repeated with the addition of other vehicles.
How many vehicles can be included in a family fleet policy?
Each insurance company has its own lower and upper limit to the number of vehicles this type of policy can include. The industry standards include 2 as the minimum number of vehicles and the maximum number being at 6.
What are the advantages of having a family fleet insurance policy?
This type of coverage will save all who have a vehicle covered under the policy with lower annual premiums. This is possible due to the discounts given by the insurance firm when a vehicle is added to the policy.
Time will also be saved because of the organization this type of policy provides. This includes the time required to file a claim. Each of these policies has one representative by the firm that knows the family and the policies included. This familiarity makes claims and other inquiries easier to process.
While this is a group policy much like an umbrella where all of the individual vehicles are lumped together, each vehicle still retains their own individual policy with what is covered and at what level. Each driver also keeps their own No Claim Bonus which is always kept separated from the other policies under the umbrella.
You also need to choose if the fleet insurance any driver or have named drivers in each policy.
What is the requirement for a vehicle to be included in a family fleet insurance policy?
The vehicles that can be included in a family fleet policy can be blood relatives, their spouses and offspring. It can also include friends and boarders. The relationship to the first vehicle’s owner is not what is important. What is important is that the vehicle to join the policy must be registered and licensed to the same residence as the first vehicle. Vehicles being used by college students should be registered at their parent home so they can be included in this group policy.
What types of vehicle can be includeda a family care vfleet insurance policy?
The types of vehicles that can be covered under a family fleet policy are anything with wheels and have a motor or engine. This can include cars, vans, small trucks, motorhomes, horseboxes, motorcycles, scooters, trikes and electric vehicles.
What level of coverage will be on the vehicles in a family fleet insurance policy?
The overall umbrella policy only groups all the vehicles at one residence together. The actual cover for each vehicle is then set by the owner of the vehicle. The options include the following;
Each owner needs to decide what level of coverage they want, need or can afford for their vehicle on an individual basis. Each of these policies is tailor made for the owner then grouped in the family fleet policy.
Are there any additional types of protection that can be included?
Family multi car Breakdown cover is the most common add-on type of coverage. This type of cover has several different levels of protection that can be added to a full comprehensive policy.
European cover is provided for those who travel to the continent so they will be covered while on their adventure.
How can money be saved with a family fleet insurance policy?
Not only will money be saved each time a vehicle is added to the group policy, but by each of the premiums being paid in full on an annual basis, interest accumulated on a payment process will be avoided.
By parking the idle vehicles off the street and in a secure location the premiums will be lower because the risk to the vehicles is lower. The preferred location would be in a locked shed or garage. If that is not possible have floodlights in place for additional security at night.
By limiting the number of named drivers for each vehicle will help keep the premium costs down to a minimum.
By obtaining several family fleet quotes, you can compare what is in each policy along with what each one costs.
The family fleet insurance policy is made for the family and group of people that reside under one roof or at one compound similar to a mini fleet insurance policy. This will make it possible to save money that can be spent in other areas for the enjoyment of the family. By knowing just what is fleet insurance will be the first step to being informed on this money saving process.
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