Definition - What does Fleet Policy mean?
A fleet policy is a type of commercial auto insurance that insures a group of motor vehicles, usually ranging from two to 500. The coverage may be the same for every vehicle, or it may vary, depending on the insurer's need. Just like regular auto insurance, it may range from basic to comprehensive coverage.
Insuranceopedia explains Fleet Policy
Companies that own a large number of vehicles typically purchase a fleet policy. However, companies with a mini fleet (six or less) may also purchase it. A fleet policy usually covers all types of vehicles, including trucks, vans, and family fleets. With this policy, the insurance company generally undertakes to pay for repairs, medical expenses, and damages caused to third party in case the injury or harm is due to explosive, toxic, or inflammable goods. Coverage may also extend to providing for temporary rentals and roadside assistance.