Top Tip to Reducing Fleet Insurance Costs Come Renewal Time
Do you know your fleet’s claims performance?
Start by asking your current fleet insurance broker for a copy of your fleets authenticated claims experience. When you ask for a copy from your current underwriter it will start a ball rolling leading to possibly reduced premiums come policy renewal time. You may be asking what is it? Within the insurance industry it is a standard form that details information on your fleet's performance over a period of 3 years (or less if the business is new ). The form contains all the details of each vehicle in the fleet, such as any claims made and the frequency of payments made by the current underwriters to cover your claims, plus any claims that are still pending. This form will also be requested by any future underwriter and by just asking you can be sure it will set in motion concerns of losing your valuable business and most likey to a reduced quote for your fleet insurance renewal.
Types of Cover Available
Fleet insurance like singular vehicle insurance can be third party only which is the minimum legal requirement to drive on the UK road system. An extra level of protection that will also include fire and theft can also be purchased in addendum to the basic third party cover. The highest level of cover includes the previously mentioned, but also cover your personal or business costs resulting from any accident. When purchasing fleet insurance do take time to consider other aspects, for example does it include cover for driving in Europe or further abroad, do you require breakdown cover to be included or goods in transit cover? These are all important questions that should be considered prior to the purchase of your annual or monthly fleet insurance.
FAQ - Who Can Drive ?
This is a frequent question. You will find that most fleet policies are usually arranged on an Any Authorised Driver basis which means that anyone can drive with the permission of the company/directors. However discounts can apply if you start to restrict to named drivers or based on age (e.g. Any Driver over 30). If you include young drivers under 25 is likely to result in an increased policy excess.