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Daily Archives: August 8, 2018

August 8, 2018

Reduce Insurance Costs

how to reduce fleet costs

Checklist to save money on fleet policy costs

  • New customers or renewal time  – Most brokers offer attractive introductory discounts for new customers, so it does pay to shop around at renewal time.
  • Reduce your annual  mileage  – If possible agree a cap on your fleet mileage with your underwriter or broker. Reducing time on the road will also reduce risks and thus you insurance costs.
  • Build a history of no claims discounts – This can play a big factor in reducing fleet cover costs so work at reducing the number of claims. Reducing claims should result in significant savings on your annual or monthly insurance costs.
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    Choose a flexible payment method – Most brokers are flexible on installment payment methods. These can be monthly, quarterly or semi annual and remember setting up a direct debit will make the process automatic.
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    Security Add additional security devices approved by the UK insurance industry.
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    Increase the excess Taking more responsibility for the costs of any future claims by increasing the policy excess amount will be rewarded by a policy discount. Before taking this route ensure that you will be able to afford to pay the excess in the event of an accident.
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    Expert advice  –  Take advice from the insurance specialists when unsure of what you should include and the level of cover required.
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    Black Box : The idea here is to show your insurer that you pose less of a risk because you or your drivers are considered safe drivers. The black box records your driving, for example how quickly and how often you break, speed, extreme or jerky steering. 
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    Regular Service Some accidents are partly the result of vehicles that are not running 100%. For example a braking system that has been left unchecked. Pursuing a company wide policy of regular servicing alongside driver safety checks will help reduce accidents.
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    Named Drivers : If possible avoid any driver fleet insurance and choose named drivers only.
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    Discounts for truck fleet cover – Put all your vehicles under one multi fleet policy as it will reduce admin costs and also reduce your annual premiums.
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    Driver Age : Drivers under 25 attract a higher premium, if possible ensure all drivers are over 25 or if possible over 30.