How to keep fleet insurance costs down

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Written by Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.

With nearly 50% of commercial fleet managers recording increased premiums each year it is important that more is done to help drive down those costs.

Any business that runs a fleet of vehicles can save money by implementing a comprehensive plan that covers the entire collection of vehicles, known as fleet insurance. This type of insurance consolidates your entire fleet under one policy, making your monthly or annual payment dates easy to track.

Here are some tried and tested ways to help reduce your premium costs on your fleet insurance:

1. Alarm and Immobilisers

Anything you can add to a vehicle that improves security is a benefit that will make your vehicles safer, but also help decrease he price of your insurance renewal quote.

Business vehicles are often used on a more regular basis than personal vehicles and tend to carry more valuable items. Therefore it is important that they are well equipped with the tech that can help prevent thieves from trying to access your vehicles when they are unattended.

2. Driver training programmes

There are systems in place so that companies of any size can benefit from improved driver training. Large companies are able to take their training courses in house, but for those who can’t afford to do that, there are plenty of ways to outsource.

Insurance providers always look favourably on companies that commit to on-going driver training as these types of drivers pose fewer risks on the road and are involved in fewer accidents.

3. Avoid unnecessary extras

Most insurance coverage is custom made to include a number additional covers and supplementary extras. Sometimes these additions are relevant for one year of a policy but are unnecessary the following year but have been left on the policy. Make sure you go through your policy before renewing it to make sure you aren’t paying for something you are no longer using.

4. Have a secure place to store vehicles

Just like with a personal car insurance policy, ensure your vehicles are stored away in a secure place like a garage, warehouse or fenced off area. If vehicles are stored on public roads overnight they are going to become an easier target for would-be thieves.

5. Compare Fleet Insurance

One of the best ways of saving money on your policy is to compare fleet insurance policies from other providers as you may be able to pay less elsewhere.

You shouldn’t stick with the same provider year after year without shopping around, there are usually better deals out there for new customers compared to those available for loyal customers so go online and check before you sign for another year.

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