Fleet Insurance in India is a specialized policy that provides coverage for multiple vehicles owned or leased by a business. This policy is ideal for businesses operating in Maharashtra with a large number of commercial or private vehicles, as it ensures comprehensive protection under one umbrella policy, simplifying management and reducing administrative efforts.
Types of Vehicles Covered
Fleet Insurance policies cover the following types of vehicles:
- Passenger Vehicles: Cars, vans, buses, and taxis used for passenger transportation.
- Goods Vehicles: Trucks, tempos, trailers, and multi-axle vehicles for cargo transport.
- Two-Wheelers: Motorbikes and scooters used for business purposes.
- Special Purpose Vehicles: Ambulances, cranes, tractors, and other utility vehicles.
Premium Factors
The premium for fleet insurance is determined by multiple factors:
- Vehicle Type: The kind of vehicles included in the fleet, such as passenger vehicles, goods carriers, or special-purpose vehicles.
- Insured Declared Value (IDV): The market value of all vehicles combined within the fleet.
- Geographical Zone: Maharashtra falls under Zone A, which includes cities like Mumbai, Pune, Thane, and Nashik.
- Fleet Size: Discounts may apply based on the number of vehicles insured under the policy.
- Usage of Vehicles: Whether the vehicles are used for passenger transport, cargo transport, or other purposes.
- Claims History: A clean claims history for the fleet may lead to lower premiums.
- Add-on Covers: Optional add-ons like roadside assistance, driver protection, and goods coverage may affect the premium.
Key Benefits
Fleet Insurance offers the following advantages to businesses in Maharashtra:
- Cost Savings: Consolidated coverage for all vehicles leads to discounts and reduced administrative expenses.
- Simplified Management: Single policy management for multiple vehicles, with a common renewal date.
- Comprehensive Protection: Coverage for accidents, theft, fire, natural disasters, and third-party liabilities.
- Customizable Add-ons: Options to enhance coverage, including protection for goods, drivers, and passengers.
- Legal Compliance: Ensures all vehicles comply with the Motor Vehicles Act, 1988.
Coverages
Fleet Insurance policies provide the following types of coverage:
- Damage to Fleet Vehicles: Covers loss or damage due to accidents, theft, fire, natural disasters, or riots.
- Third-Party Liability: Protection against legal liabilities arising from injury, death, or property damage caused by insured vehicles.
- Passenger and Driver Cover: Compensation for injuries or death of passengers and drivers.
- Goods in Transit: Optional coverage for goods transported in insured vehicles.
- Theft and Vandalism: Protection against theft or malicious damage to vehicles.
Add-on Covers
Fleet Insurance offers several add-on covers to enhance protection:
- Personal Accident Cover: For drivers and employees using the fleet vehicles.
- Roadside Assistance: 24/7 support for breakdowns, towing, fuel delivery, or flat tires.
- Engine Protection Cover: Covers damages to the engine caused by waterlogging or overheating.
- Zero Depreciation Cover: Eliminates depreciation on parts during claim settlement.
- Goods Coverage: Protects the goods being transported from damage or theft.
Exclusions
Fleet Insurance policies typically do not cover:
- Illegal Activities: Vehicles used for unauthorized purposes or without valid permits.
- Driver Negligence: Damage caused due to unlicensed or intoxicated drivers.
- Routine Wear and Tear: Depreciation, mechanical failure, or aging of the vehicles.
- War and Nuclear Risks: Losses arising due to war, invasions, or nuclear hazards.
- Policy Non-Compliance: Claims made without adhering to policy conditions, such as delayed reporting of incidents.
Claim Process
In case of an incident involving any vehicle in the fleet, follow these steps to initiate the claim:
- Inform the insurer immediately and provide details of the loss or damage.
- Submit a written report with an estimate of the loss and all relevant documents, including:
- Policy details
- Driverโs license
- Registration certificate (RC) of the affected vehicle(s)
- Take necessary measures to prevent further damage to the vehicle.
- File an FIR with the local police in case of theft or accidents involving third parties.
- Cooperate with the insurerโs surveyor during the assessment process.
- Preserve the damaged vehicle or its parts until inspected by the insurer.
- Submit repair bills, invoices, and any other proof required for claim processing.
Legal Compliance
Fleet Insurance ensures adherence to the Motor Vehicles Act, 1988 and regional transport regulations enforced in Maharashtra. It covers third-party liabilities, which are mandatory for all vehicles operating on Indian roads, protecting businesses from legal penalties and financial risks.