What is Fleet Insurance?
If you own more than 5 Vehicles you can apply for Fleet insurance. Fleet insurance covers cars, vans, trucks, semi-trailers, motorcycles, and buses.
Motor Fleet Tailored Solutions
Who should consider it?
Businesses that run a fleet of more than 5 vehicles can benefit from an insurance program that covers all their vehicles instead of having a single policy for each Vehicle. The program can allow for new and retiring Vehicles from the program.
Who should consider it?
While public and product liability insurance isn’t mandatory for most businesses, it is recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.
”As at 31 January 2016 there were approximately 18.4 million registered vehicles on Australia’s roads. The national vehicle fleet grew by 380,000 vehicles, or 2.1 per cent, since 2015, and over the past decade vehicle growth has averaged 2.4 per cent per annum.
Passenger vehicles comprise just over 75 per cent of the national fleet, followed by light commercial vehicles (16.2%), motorcycles (4.5%), heavy rigid trucks (1.8%), light rigid trucks (0.8%) and other vehicle types (1.5%). (Australian Automotive Dealer Association )
The average age of Australia’s vehicle fleet is 10.1 years, with passenger vehicles representing the youngest vehicles on road (9.8 years’ average age) and campervans and heavy rigid trucks the oldest (17.4 and 15.7 years respectively). Vehicles up to five years of age account for the largest proportion of the national fleet (30.5%), followed by vehicles aged 6-10 years (27.2%), 11-15 years (21.2%) and 16 years and over (21.0%). The average age of the vehicle fleet has not fundamentally changed since 2006. (Australian Automotive Dealer Association )
New vehicle market
Just under half of all new vehicles sold in 2016 (48.5%) were private vehicle sales, with sales to businesses, government and the rental market accounting for 42.9, 3.5 and 5.1 per cent respectively.
Over two-thirds of new vehicles sold in 2016 were petrol vehicles (67.1%), followed by diesel vehicles (31.7%), hybrid electric vehicles (1.1%), LPG vehicles (0.1%) and battery electric vehicles (0.01%). Diesel vehicles (particularly light commercial) represent the fastest growing vehicle segment, growing at more than twice the rate of petrol vehicles and up by almost 60 per cent since 2011. (Australian Automotive Dealer Association)
Unlike new vehicle sales statistics, which are collected by the FCAI, there is no central authority responsible for the comprehensive collection of used vehicle sales data.
Proxy estimates for used vehicle sales nationally can be obtained through the transfer of vehicle registration data, which is available from state and territory vehicle registration authorities. Whilst there are some issues with the classification and quality of vehicle transfer data in each jurisdiction, the data in aggregate provides a reasonably good indication of the size of the used vehicle market.
Vehicle transfer data collected from each jurisdiction indicates that nationally, there were approximately 3.88 million used vehicles sold in 2016. This places the used vehicle market at 3.3 times the size of the new vehicle market in Australia, with annual combined new and used vehicle sales of approximately five million.
(Australian Automotive Dealer Association )
What Can it Cover?
A comprehensive fleet insurance programme policy is suitable for a range of different vehicle types and motor fleet sizes, you can manage all your business vehicles under the one policy saving significant time on administration.
What Usually Isn't Covered?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your fleet insurer.
