How to Insure Multiple Vehicles: Common Questions Answered

Q: How are prices calculated when insuring multiple vehicles?

Pricing is based on the number of vehicles and statistical risk calculations. Insurers also consider factors such as engine power, mileage, vehicle model complexity, spare part costs, repair costs, traffic intensity forecasts, and driver habits.

Q: What affects the price the most when insuring several company vehicles?

The number of vehicles and the company’s claims history are the main factors that affect pricing.

Q: What is the minimum number of vehicles required for fleet insurance conditions?

Fleet insurance conditions usually start from 10 vehicles. Some insurers offer fleet terms starting from 8 vehicles, and some also allow privately owned management vehicles to be included.

Q: Do GPS tracking devices or other security systems reduce the premium?

GPS tracking systems are generally not considered security systems by insurers and usually do not reduce premiums. However, anti-theft systems such as alarms, immobilizers, and radio tracking systems are taken into account.

Guntis Zoldners
May 19
2 min read

Multiple vehicles which need to be insured

How can you insure multiple vehicles and manage insurance policies more efficiently? If a company has several vehicles, managing insurance can become complicated and time-consuming. Every vehicle requires an MTPL policy, and many companies also choose CASCO insurance. This means multiple policies for each vehicle, different policy expiration dates, and regular renewals.

For companies with a vehicle fleet, it is important not only to understand the insurance terms, but also to ensure convenient day-to-day policy administration. That is why many businesses look for ways to manage multiple vehicles more efficiently.

Can multiple vehicles be insured under one KASKO policy?

Yes, some insurance companies allow several company vehicles to be included under a single KASKO policy. This is convenient because there is no need to keep track of multiple policy expiration dates and payment deadlines. During the policy period, additional vehicles can be added or removed if KASKO coverage is no longer needed, for example if a vehicle is sold.

An insurance broker can help manage your insurance policies. Learn more or request information.

Can OCTA and KASKO policies be combined?

No insurance company offers OCTA and KASKO together within a single policy. However, if both policies expire at the same time, it is often possible to request a discount for purchasing them together.

Are there discounts for insuring multiple vehicles?

Yes, companies with multiple vehicles can often request a discount. The number of vehicles is one of the factors that affects policy pricing. Insurance companies generally prefer larger portfolios and the risk balancing that comes with insuring multiple vehicles.

How are prices calculated when insuring multiple vehicles?

The number of vehicles and statistical risk data are taken into account, since it is expected that not all vehicles will be involved in accidents during the policy period. This forms part of the basis for lower pricing. Other factors are also considered, including engine power, mileage, model complexity, spare part costs, historical statistics, repair shop pricing, traffic intensity forecasts, and driver habits.

What affects the price the most when insuring several company vehicles?

The number of vehicles and the company’s claims history have the biggest impact on pricing.

What is the minimum number of vehicles required for fleet insurance conditions?

Usually fleet insurance terms start from 10 vehicles. Some insurance companies offer fleet conditions starting from 8 vehicles, and a few also allow privately owned vehicles of company management to be included.

Does insurance coverage apply outside Latvia?

OCTA policies are valid throughout the European Economic Area. KASKO policies, however, can be purchased according to specific needs, covering only Latvia, the Baltic states, or all of Europe.

Do GPS tracking devices or other security systems reduce the premium?

Insurance companies generally do not consider GPS tracking to be a security system, so it usually does not affect pricing calculations. However, anti-theft systems such as car alarms, immobilizers, and radio tracking systems are taken into account.