It’s common practice for many directors to insure their own vehicles on business fleet policies.
But did you know there might be a better option?
The reason many directors and business owners do this is that it’s a convenient and easy way to source cover. It also usually gives wider driving permissions than a standard motor policy.
Many commercial motor fleet insurers will accommodate the request for private vehicles to be added although a few will have limitation.
What is our advice when insuring high spec vehicles on commercial fleets?
Unless the vehicle the directors are using are specifically for business then our advice is to investigate whether to insure these separately via more a specific policy.
This is particularly the case for high spec vehicles.
The cover provided by a commercial fleet policy will not be the same as one provided by a high net worth motor policy and, in many cases, the high net worth motor policies can be even more competitively priced than a commercial fleet.
In the case of a high spec vehicle, here are the advantages and disadvantages of insuring on both basis’s.