Motor Fleet Insurance provides cover for a number of different motor vehicles owned by the insured. The minimum number of vehicles making up a fleet varies with the insurance company. A motor fleetmay also include commercial vehicles.
The insurance company may take into account the fleet’s own claim experience in setting premium rates. This may work to the advantage of the insured if its claims experience is favorable. They may also be the sharing of profits which may be loosely defined as some specified percentage of the excess of premiums over claims accounted for over a specified period of time or on some specified formulae.
NB: The above is for information purposes only. Please consult your insurance company or insurance broker for details and information and assistance. The information was compiled from online sources (local insurance company websites) and product literature on insurance in Zimbabwe.
