Commercial Fleet Insurance Singapore

What does fleet insurance mean?

Commercial fleet insurance is typically sought out by companies that operate a fleet of commercial vehicles for business, e.g. car rental companies, tour bus operators, courier services companies, commercial vehicle rental companies etc.

This is because covering a fleet of commercial vehicles under one fleet insurance policy is cheaper than insuring each commercial vehicle separately.

There is much lesser paperwork to handle as there is only 1 policy to manage for a fleet of vehicles.

You need a minimum number of vehicles with the same registration dates to get a commercial fleet insurance policy set up.

The minimum number varies from insurer to insurer. Some require at least 10 vehicles while some require at least 15 vehicles.

The commercial vehicles under a fleet policy need not be restricted to the same type of vehicles. They can be a mixture of different types of commercial vehicles.

Apart from the above mentioned benefits, fleet insurance works almost like the single commercial vehicle insurance with choice of either Comprehensive coverage, Third Party, Fire and Theft coverage or Third Party only coverage.

No Claim Discounts (NCD) also apply for fleet insurance policies.