Insurance costs tend to increase or at best to stay level, but taking some prudent measures can lead to a reduction in your fleet policy costs. If you are a fleet manager you will understand that insurance is multi faceted with the premium based on a number of factors, one key factor is the fleet itself. Have you been wise and able to choose a manufacturer that has a sound reputation for building sound and reliable motors and at a reasonable cost? In addition the vehicle category selected should be easy and inexpensive to service with the price of replacement parts within the norm.
If you have the correct fleet type in place you may congratulate yourself in having taken the first major step in lower company fleet insurance.
Some key areas that you need to put all your energy and commitment into is the lowing of claims and taking measures to convince your insurance company that you are taking the correct steps to continue to lower your risk profile and frequency of future claims.
Start by taking control and bringing on board the drivers, let them know that the company focus is lowering fleet costs and that reducing the frequency of accidents plays a big role .
Let the workforce know that all accidents will be monitored and in cases that the accident is down to driver error, additional training will be provided. At the same time it could be wise to initiate a rewards program, maybe team based to get drivers motivated and tied into the new way forward.
Don't wait until the accident has happened be proactive and provide additional training. Use your knowledge that young drivers under 25 are more risk and if they need a company car can the driving be restricted to within office hours or daylight hours. Whilst that may seem unfair it has been proved to be effective to lowering accidents and thus premiums and the government is backing a similar approach .
These are mostly forward facing, but you can also get cameras that can record in front and behind the vehicle. These can help defend against any false claims or what is known within the industry as crash for cash. It also has a hidden benefit of intimidating any would be tailgaters once they see the camera ( even if not rear facing you can swivel it around so they now they are being filmed).
Another added benefit that has been noticed is that the driver behind the wheel no longer drives in a manner that is risky which in turn leads to a lower number of accidents in which your drivers are at fault.
A concealed tracking device will enable the location of your vehicle to be instantly available to the police. Cybit is one of the leaders in this technology and trusted by the insurance industry
Don’t include insurance for things that you do not need or things that can be replaced cheaply by your company take for example windscreens. Breakdown recovery is another option that can be outsourced to a local recovery company that provides coverage in the region that you operate or nationally.
The insurance company must know of any accident immediately in order to reduce and mitigate any claims from the third party. For example if the third party intends to hire a replacement vehicle your broker may have arrangements with a hire firm to provide this at a vastly reduced cost. If the underwriter has not been informed in a timely manner the third party may have gone direct to an expensive car rental agency.
Fighting a claim that you are guilty of can turn out to be expensive. If you are at fault it is best to admit it and reduce any court costs that most likely you or rather your underwriter will be then liable for.
The above list whilst not exhaustive is a good starting base as you embark on applying approaches to lowering the cost of company fleet insurance