Many business owners rely on commercial vehicles to help with day-to-day operations and to perform essential tasks. To ensure the safety of the vehicles owned by the company, the company relies on fleet insurance. You must be wondering what fleet vehicle insurance in the UAE is.
Fleet insurance is a type of vehicle insurance policy that covers two or more commercial vehicles under a single policy. By eliminating the need to purchase plans for individual vehicles in a fleet, fleet insurance saves business owners time, money, and hassle.
Let’s Take a Look at the Basics of Fleet Insurance in the UAE.
A fleet vehicle is a grouping of motor vehicles owned or leased by a business, government agency, or other organisation. In addition, many businesses purchase or lease fleet vehicles to deliver goods to customers or for sales representatives to visit clients. Protecting all of your vehicles with different insurance policies can be time-consuming and costly; thus, the Fleet Insurance plan available in UAE solves this problem.
What are the Advantages and Disadvantages of Fleet Insurance?
In comparison to Personal Motor Insurance, fleet insurance has several additional benefits, which are listed below:
- A fleet policy is a single motor insurance plan that covers multiple vehicles registered in the company’s name.
- The vehicles can be insured as a whole or in separate groups, depending on the applicant’s preference.
- A fleet insurance plan can be customised to meet the needs of the company; premium deadlines, renewals, expiration dates, and all other details are all in one place, eliminating the need for the company to keep track of multiple insurance policies.
- Any new vehicles purchased after purchasing fleet insurance will be automatically added to the plan, removing the need to purchase new insurance.
What are the various types of fleet insurance coverage?
Let’s look at the two types of fleet insurance coverage:
– Third-Party Liability Insurance
- Commercial fleet insurance shields you from legal liability for injuries caused by your vehicle. If the victim files a legal case against your company, the policy will cover all legal fees.
- The policy will also cover the death of any person involved in an accident in which your vehicle was involved.
- This insurance also protects third-party property from damage caused by an accident involving your vehicle.
Complete Fleet Insurance
A comprehensive fleet insurance plan covers you for any type of damage that a vehicle sustains as a result of natural disasters, man-made disasters, and average repair damages caused by accidents with a third-party vehicle, as well as damages incurred while loading an item.
How to Obtain Fleet Insurance in the UAE
A few requirements must be met when applying for a motor fleet insurance plan, just like any other type of insurance policy.
The prerequisites are as follows:
- All vehicles covered by a fleet insurance policy must be registered in the name of the company.
- To qualify for fleet insurance in the UAE, you must have a minimum of three vehicles.
- To qualify for fleet van insurance, applicants must have at least 5 to 3 registered vehicles in the company’s name.
- You will need a complete list of vehicles, as well as the company’s trade licence and registration licence, to obtain insurance.
- Vehicle leasing for the company is available under the Fleet Insurance policy.
- A company vehicle can be driven by anyone with a valid UAE driving licence. Additional provisions may apply to drivers under the age of 25 who have a valid licence.
Making a Claim
- To locate the claim filing portal, contact your insurance agent/broker or visit the website of your insurance provider.
- Download the claim form from the website or request it from the broker.
- The form must be signed and completed by the insured. with reports attached, a completed claim form, and all required documents
Submit all documents to your insurance provider’s nearest branch or the online claim portal on the insurer’s website.
Documents Required
- To locate the claim filing portal, contact your insurance agent/broker or visit the website of your insurance provider.
- Download the claim form from the website or request it from the broker.
- Attach the report, as well as a completed claim form and all necessary documents. The form must be signed and completed by the insured.
- Submit all documents to your insurance provider’s nearest branch or the online claim portal on the insurer’s website.
