Fleet Insurance in Surrey
What is a fleet
A fleet is five or more vehicles that are leased or registered to one party. The party can be for a person or a company. The vehicles must be used primarily for business or commercial purposes.
Customers with five to 19 vehicles can choose whether to take part in ICBC’s fleet program.
Customers with 20 or more vehicles must take part.
What are the benefits
By insuring all their vehicles under a fleet plan, customers can:
- get higher discounts – up to 63 per cent.
- buy specially priced coverage for eligible vehicles, like the Road Star Package or Replacement Cost Coverage for fleets with a 40 per cent discount or higher.
- have all their fleet policies expire on the same date for easier administration.
- take advantage of ICBC’s payment plan to spread payments out over the year, and still make mid-term changes to the coverage.
- have access to their own fleet’s claim reports.
How are the rates set
Discounts or surcharges are based on the cost of at-fault claims of all the vehicles in the fleet over a three-year period. The fewer at-fault claims a fleet has, the greater the premium discounts.
Large fleets can earn money back
A customer with a fleet of more than 200 vehicles or the net insurance premiums of $100,000 or more in a year, is eligible for ICBC’s retrospective rating program. If a fleet achieves and maintains a high standard of safe driving, up to 35% of the premium may be refunded the following year.
Fleet discount/surcharge calculation
ICBC system allows Goldleaf Insurance to calculate fleet discount/surcharge and quote discounts on demand. We may create multiple quotes, copy existing quotes, and retrieve premium and claims history. Lastly, we may quote different combinations of “claim repayment scenarios” to determine the best course of action for customers.
New fleet applications
With ICBC system, we can initiate a new fleet application on our own, key the required information, and the system will retrieve premium and claims history. The system also calculates the fleet discount/surcharge. If our customer accepts the quote, the system will assign a fleet number. We can then begin issuing policies to the fleet, without the delay of having to contact ICBC.
ICBC Policy Center provides a discount/surcharge quote approximately 45 days before the expiry of the fleet. Attached to the quote we can find the fleet’s premium and claims history. Using the fleet discount/surcharge quote calculator, we can identify claim repayment opportunities for our customer. By exporting the data to a spreadsheet, we can do calculations outside of the Policy Center.
Customers will receive a renewal reminder for the fleet. The Policy Center will create draft renewals for the policies on the fleet for us. The Policy Center also provides a draft plate list on demand that we can use to confirm the renewal details of each policy issued to the fleet. The draft plate list can be downloaded as a spreadsheet and sent to our customer to review and confirm details.
We can process each fleet APV250 in the same way that non-fleet APV250s are processed in Policy Center. More than one broker can work on a fleet renewal at the same time, so long as they work on different APV250s.
We can process a fleet APV250 like any other APV250 in Policy Center, but payment is handled differently. To allow customers to make a single payment that will cover several transactions, issuing policies and collecting payment are separate processes.
In the Policy Center, each fleet has a payment shell. There are two types of payment shells: prepaid and payment plan. The prepaid payment shell contains all charges the customer will pay using cash, cheque, credit, or debit. The payment plan shell contains all charges paid by payment plan.
We must select the correct payment shell before the policy is issued. Once the policy is issued, the payment method cannot be changed.
Policy Center requires payment to be collected on an issued policy before we process further transactions.
For fleets that will be financed, please ensure to issue/renew both a payment plan payment shell and a prepay payment shell. This will prevent issues arising from when the payment plan has closed for the fleet term.
Letter of brokerage/designated broker
If the customer has a designated broker, access to the fleet file screens is restricted to only the designated broker. The fleet file screens provide access to the Draft Plate List, quotes, and claim repayments. If ICBC does not receive a letter of brokerage for a fleet (meaning, there is no broker name and number attached to the fleet file), then any broker is able to access the customer’s fleet information.