Safeguarding an Automobile Fleet Business with Comprehensive Motor Insurance
Monsoon seasons, while a natural occurrence, can be a nightmare for businesses, especially those relying on their fleet of vehicles. For an automobile fleet business, monsoons can mean damaged vehicles, halted operations, and significant financial setbacks.
<span class="text-color-loop-emerland">Recognizing the urgency, the business turned to Loop. Our team, equipped with deep expertise in commercial vehicle insurance, initiated a systematic approach:</span>
- <span class="text-color-loop-emerland">In-depth Risk Advisory:</span> Our Practice Head collaborated with the business's Procurement/Mgmt team to understand the depth of the damage and the specific needs.
- <span class="text-color-loop-emerland">Policy Recommendations:</span> Based on the assessment, we presented tailored policy recommendations to safeguard against future risks.
- <span class="text-color-loop-emerland">Quotes Procurement:</span> Leveraging our strong insurer relationships, we procured competitive quotes from leading insurers.
- <span class="text-color-loop-emerland">Policy Placement:</span> Our Practice Head collaborated with the business's Procurement/Mgmt team to understand the depth of the damage and the specific needs.
- <span class="text-color-loop-emerland">Ongoing Support:</span> Our dedicated team was on standby to handle any endorsements and claims, ensuring a seamless experience for the business.
<span class="text-color-loop-emerland">Our tailored insurance package for the automobile fleet business included:</span>
- <span class="text-color-loop-emerland text-style-block">Comprehensive Vehicle Coverage:</span> Protection against damages due to accidents, riots, natural and man-made calamities.
- <span class="text-color-loop-emerland text-style-block">Third-party Legal Liability:</span> Covering accidental death, injury, and property damage to third parties.
- <span class="text-color-loop-emerland text-style-block">Personal Accident Coverage:</span> Addressing medical treatment costs for the driver post any mishap while driving.
<span class="text-color-loop-emerland">Understanding the unique needs of the business, we also recommended specific add-ons:</span>
- <span class="text-color-loop-emerland text-style-block">Zero Depreciation Cover:</span> Ensuring the business received the original value of their vehicle in case of damage or theft.
- <span class="text-color-loop-emerland text-style-block">Engine and Electronic Circuits Cover:</span> Protection against damages due to engine failures or electronic circuit issues.
- <span class="text-color-loop-emerland text-style-block">Roadside Assistance Cover:</span> Providing assistance in remote locations, ensuring the business's operations were never halted for long.
<span class="text-color-loop-emerland">With Loop's comprehensive coverage and add-ons, the business was back on its feet in no time. Their trust in Loop translated to increased client trust and a fortified reputation.</span>
- 2022 AVERAGE VEHICLE DOWNTIME: <span class="text-color-loop-emerland text-weight-semibold" >65 days</span>
- 2023 AVERAGE VEHICLE DOWNTIME: <span class="text-color-loop-emerland text-weight-semibold" >34 days</span>
- % OF DOWNTIME REDUCTION: <span class="text-color-loop-emerland text-weight-semibold" >47.69%</span>
- REDUCTION IN COSTS INCURRED: <span class="text-color-loop-emerland text-weight-semibold" >23L</span>
- REDUCTION IN BUSINESS LOST: <span class="text-color-loop-emerland text-weight-semibold" >12L</span>
Challenges
<span class="text-color-loop-emerland">This is where Loop stepped in, showcasing its unique strengths and offerings to navigate the challenges of a severe monsoon season.</span>
In 2021, a leading automobile fleet business in a major city faced devastating floods. A significant portion of their fleet was damaged, operations came to a standstill, and they faced overwhelming financial repercussions.
The business was looking at massive repair costs, potential claims from clients for service disruptions, and a tarnished reputation.
Solutions
<span class="text-color-loop-emerland">Our tailored insurance for the auto fleet business offers comprehensive coverage tailored to industry risks.</span>
It includes vehicle protection from accidents, riots, and calamities, third-party liability coverage for accidental harm, and personal accident coverage for drivers' medical costs. This ensures fleet safety and underscores our commitment to employee well-being, providing a robust insurance framework for our business.
<span class="text-color-loop-emerland">Understanding the business's unique needs, we recommended tailored add-ons: </span>
Zero Depreciation Cover ensures full vehicle value reimbursement; Engine and Electronic Circuits Cover protects against engine and electronic failures; Roadside Assistance Cover ensures swift assistance in remote areas, preventing prolonged operation halts. These additions bolstered insurance coverage, safeguarding business interests and ensuring seamless operations.
Result
With Loop's comprehensive coverage and add-ons, the business was back on its feet in no time. The subsequent monsoon seasons saw a marked reduction in damages, thanks to the preventive measures and coverage in place. Their trust in Loop translated to increased client trust and a fortified reputation.
Natural calamities are unpredictable, but with the right insurance partner, businesses can navigate these challenges with confidence.
Our commitment to understanding the unique needs of each business and providing tailored solutions ensures that our clients are always prepared, come rain or shine.
Learn how Loop is changing the game.
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