What is Fleet Insurance?
Fleet insurance enables you to purchase cover for all your vehicles from one broker which is normally rewarded with a discount on your annual premium. This type of cover is flexible and can be used to insure 3 vehicles upwards. In addition the type need not be the same for example 2 cars and 1 van can qualify for fleet cover.
Many companies operate more than one commercial vehicle to operate their daily business. Delivery companies, construction companies, roofing companies, sales companies and taxi services are a few of many examples of commercial businesses that rely on motor fleets. For these companies a commercial fleet insurance policy can be more affordable than insuring each individual motor on a separate policy.
Business fleet Cover for any business type
If you need more than one auto to operate your business, then most likely you will qualify for this type of cover, some of the most common business models include:
Looking for business fleet insurance? We have partnered with QuoteSearcher who deal with a number of business cover specialists. Get started by selecting the get quotes button below and complete a simple online inquiry form. Within minutes you will receive a multitude of quotes from top UK specialist brokers.
Compare the cost to insure a small fleet of vans, company cars, trucks, minibuses and many more vehicle categories including multi cover options. Select the get quotes button and receive quotes from specialist brokers. Read more about our Read more about our multi van fleet insurance
Fleet of Lorries?
Looking to compare deals on lorry insurance fleets? We can help you by submitting your lorry cover requirements to a select panel of leading UK specialists brokers that provide you with multiple quotes.
Fleet of Taxis?
The costs of multi taxi insurance can be expensive so it is best to shop around and compare the market to find the most suitable cover. Costs can potentially be reduced by careful selection of drivers for example hiring drivers that are over 25 with a clean licence which may reduce your annual premium.
Report All Accidents Quickly - No Matter How Minor
When an accident does occur no matter how minor it is always important to advise your broker immediately. Failure to do so in thinking maybe that the other party will not take action may well result in a hefty bill some time later for such things as a replacement vehicle, solicitor costs and vehicle storage fees. All of these most likely could have been either reduced or removed had your broker been informed at the time of the accident. The end result could be a claim that is significantly higher that it would have been had the incident been reported in a timely manner. Remember your policy costs are partly based on your claims history, as such it makes sense to take all steps to reduce your actual claims and thus keep a lid on future renewal costs.
How do Reduce Commercial Fleet Insurance Costs
Do you know your fleet’s claims performance?
Start by asking your current 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 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, such as any claims made and the frequency of payments made by the current underwriters to cover your claims. It will also show any claims that may still be pending. This form will also be requested by any future underwriter and by just asking you can be sure it will alert your current broker that you are looking at alternatives give you some leverage to negotiate a better deal come renewal time.
Often overlooked, but the cost of your motors plays a key role in determining your premium, as such you may wish to consider buying cheaper vehicles or choosing ones that fall into the categories that attract lower premiums, which correlates to the initial vehicle price plus costs to repair. This is also true for family vehicle insurance policies.
Can Ambient Intelligence Lower Premiums
The age of the autonomous vehicle is getting ever closer. The investment has brought many rewards, by making cars manufactured in recent years 2012 onwards safer. For example FCW which stands for full collision warning and alerts the driver that may have been distracted or even fallen asleep to take immediate action to avoid and avoidable collision. The strides in deep learning and in particular CNN that enable objects to be identified coupled with end to end learning has enabled many advances in vehicle safety a good example being lane keeper assistant LKA. Many of these are referred to as having ambient intelligence, which means the safety mechanisms will step in to help only when required. These driving aids will help make fleet driving safer and reduce the human error element which is responsible for 94 percent of vehicle accidents in America. The big question is what impact will that have on your premiums, enhanced safety will translate into less risk for the broker and surely that will bring down costs. The answer to that question is still to be arrived at.
Get the Governments Pass Plus Certificate
This a practical driving test engineered by the UK government that takes at least 6 hours. Check with any perspective insure if they offer a discount for having gained this certificate, not all insures offer this discount so do shop around to find the ones that do.
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 yhat is will likely result in an increased policy excess.
Don't Over insure
Always check what is included in your motor fleet policy as you may find that your have cover that your business does not need and removing any such items will bring down costs. Whilst over insuring means paying for something that you do not need be careful that you do not omit cover that is required or skimp on the level of protection leaving yourself or your business under insured.
Types of Cover Available
Third Party Insurance
This is the legal minimum required within the UK and provides the following cover.
Third Party Fire and Theft Insurance (TPF&TFI)
Also termed fully comp this is the highest level of cover and includes the previously mentioned above, but also covers your personal or business costs resulting from an accident.
When purchasing cover for your motor fleet 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 or goods in transit cover to be included? These are all important questions that should be considered prior to the purchase of your sole trader or company policy. On some items such as windscreen repair and breakdown cover it may be cheaper to deal direct a nationwide service provider than add direct to your fleet insurance policy.
Checklist to save money on fleet policy costs