What is Fleet Insurance?
As the name suggests, fleet insurance provides cover for a fleet of vehicles, putting all of your vehicles under one policy. Fleet insurance can be taken out for families or businesses and can provide cover for any combination of cars, vans, motorbikes, pick-ups, lorries/trucks, taxis, minibuses as well as other vehicles.
What are the benefits of fleet insurance?
- One central policy for multiple vehicles making it easier to manage
- Fleet insurance can be cheaper than insuring vehicles individually, especially larger fleets
- New employees can often be included in the cover without notifying the insurance provider, however this does vary between policies and will therefore need to be checked by yourselves.
What types of cover are available?
As with standard car insurance, there are three types of cover available: third party only, third party, fire and theft, comprehensive. Comprehensive provides the highest amount of cover for yourself, your vehicle and third parties.
Why Compare Fleet Insurance?
Comparing fleet insurance quotes from a panel of insurance providers allows to gather multiple quotes by filling out just one form. Prices can vary significantly between insurance providers, so it pays to compare quotes. Equally when the time comes to renew, loyalty doesn’t pay, and you may find you can make a significant saving by switching fleet insurance provider.
Tips To Reduce The Costs Of Fleet Insurance
Decide who is on your policy
Adding drivers with clean licenses will help keep the cost of fleet insurance down, due to the fact that the drivers on your policy will have demonstrated they are less risky. It may be worthwhile looking at insuring a convicted driver(s) on a separate policy, you can discuss this with the insurance provider. Equally, if applicable, insuring named drivers only can help to keep your fleet insurance costs down.
Security & Technology
Discuss with your insurance provider whether the addition of dash cams, tracking/immobilisers, black boxes, alarms & a secure location for where your vehicles are kept could help lower your costs. Bear in mind that black boxes are great for many drivers, however they may not suit everyone, for example if you drive a lot at night. If they aren’t suitable for your situation you may want to buy insurance without a black box.
Annual vs monthly payments
A monthly payment can help with cash flow however if you can afford to pay for your fleet insurance on an annual basis you will not have to pay interest which can add quite significantly to your overall costs.
Who can be covered by a fleet insurance policy?
Fleet policies normally provide cover for any driver as standard. However, you can often get cheaper fleet insurance by naming all drivers, which would mean that only named drivers can use vehicles in your fleet.
Policies do vary significantly between insurance providers and it is therefore essential that you thoroughly check your policy. You may, for example, be offered a cheaper quote by only insuring drivers over 25 on your fleet.