Aspects to Know Regarding Vehicle Fleets’ Insurance
May 26, 2015
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21.3 UAH, mln
Total amount of indemnification paid for 1062 of clients’ claims settled by our Indemnity Department
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Insuring vehicle fleets in the insurance companies which do not only offer the best rates but also guarantee speedy repair is a must for big vehicle fleets’ owners. Indemnity denial as well as the significant breakdown time brings about similar losses since vehicles often are the capital goods for such companies. Below are the key aspects that should be considered before signing insurance agreement.
1. Deductible amount
According to statistics vehicle fleets insured with 0 deductible amounts prove to have high loss ratios. If drivers’ liability is minimal, so is their careful attitude towards the vehicles. It’s no secret that loss ratio of the vehicle fleet directly correlates with price of insurance. Should you be willing to protect your driver from the liability arising from the traffic accidents in which he is not at fault, feel free to choose the deductible applicable only for cases when your driver is a guilty party. If that is the case, a driver will only have to cover the deductible amount partially or in full in cases when he is to blame for the accident. It’s a fact that even the smallest financial liability of the drivers cuts the loss ratio at least in half which in turn leads to the lower cost of insurance itself.
2. Opportunity to pay in installments
Quarterly installments allow you changing your insurer in case you have doubts regarding their solvency or you are not happy with the service. Of course, this option will add around 5 % to the price though it’s worth it given the benefits it ensures.
3. International insurance company
When working with Ukrainian insurers you shouldn’t be surprised if the indemnity payments stop once your loss ratio hits 100 %.When working with Ukrainian insurers you shouldn’t be surprised if the indemnity payments stop once your loss ratio hits 100 %.
As to the international companies, they value their reputation. Clients’ interests are preferred over here-and-now profit. That is the principal distinctive feature of the majority of national insurers. Branded insurance companies are more likely to stand by their obligations even despite your growing loss ratio. Of course every scenario has its exceptions, but the general tendency looks as mentioned above.
4. Repair at maintenance station in accordance with warranty agreement
If your vehicle fleet contains cars with effective warranty you would want them to be repaired in the respective maintenance station. To include such option for all vehicles in fleet would cost much . Therefore we usually recommend that it be in place only for the cars no older than 3 years with all other vehicles being repaired at the maintenance stations which the insurer finds suitable.
5. Sum Insured
In the light of currency exchange rate fluctuation a lot of Clients encountered underinsurance clause. It is applicable if the sum insured is lower than the market value of the vehicle insured. As a result the insurance company has a right to cut your insurance indemnity according to the relation between sum insured and market value. In order to avoid such situation make sure to keep the balance between those two numbers.
6. Certificates from competent authorities
It’s wise to stipulate in the agreement that minor damages to the vehicle should be covered by insurance without certificates from the police. The special limit is usually stipulated for this. This will save your time and ensure speedy claim settlements. Numbers prove than 4 out of 5 traffic accidents cause minor damage to the vehicles.
7. Assigned personal manager
A direct contact number of your personal manager is a godsend especially in the stress situation such as traffic accident. You won’t have to call insurer’s hot line and hold in line to get the necessary instructions. Besides, personal manager is always on your side as he values you as a Client.
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