Many businesses in the UAE, both SMEs and big companies, own multiple vehicles which are used for day to day operations. But did you know that you can have all your company-owned vehicles insured under a single policy? This can not only be cheaper, but could potentially save you a lot of hassle, compared to individually buying an insurance plan for each vehicle. Companies can opt for a basic (third-party liability) or comprehensive insurance plan for the entire fleet of vehicles. Most insurance companies provide fleet insurance for businesses with four or more vehicles.
A few insurance companies even offer the option to combine the insurance cover for both commercial products and the fleet. How does this work? It is a comprehensive fleet insurance product perfect for companies which own heavy vehicles that carry valuable cargo. In case of an accident, not only will the vehicle get damaged but also the product it’s carrying. To help businesses safeguard themselves against such risks, insurance companies provide a flexible option within their policies to protect both the vehicle and the cargo.
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How is it going to benefit your business?
- One policy can cover a combination of vehicles such as bikes, vans, taxis, cars and trucks, or can be separately grouped depending on the insurance provider.
- The insurance policy for all vehicles will have the same renewal date, which makes fleet insurance a suitable option from a business administration point of view.
- Businesses own vehicles for various purposes, some of them may be for transporting goods and others for passengers. A fleet insurance policy will cover the specific risks involved, and can be tailored to match business requirements.
- If you purchase new vehicles for your company, they will be automatically added to the existing fleet insurance policy.
- Other benefits can include car hire, personal belongings cover, roadside assistance, geographical extension, personal accident cover for drivers and RTA registration among others.
[Related: Need a fleet? Getting commercial vehicle and equipment finance]
What are the documents required?
In order to get your fleet insured, you will be required to submit the following documents:
- Copy of motor registration cards of all vehicles (also known as Mulkiya)
- Copy of company’s trade license
