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What are the benefits of fleet insurance?
- One central policy for multiple vehicles makes it easier to manage
- Fleet insurance can be cheaper than insuring vehicles individually, especially for larger fleets
- Include new employees in the cover without notifying the insurance provider. However, this varies between policies and will need to be checked by you.
What types of cover are available?
As with standard car insurance, three types of cover are available: third party only, third party, fire and theft, and comprehensive. Comprehensive provides the highest cover for yourself, your vehicle and third parties.
Why Compare Fleet Insurance?
Comparing fleet insurance quotes from a panel of insurance providers makes it easy to gather multiple quotes through 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 significantly save by switching fleet insurance providers.
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 since 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. If applicable, insuring only named drivers can help keep your fleet insurance costs down.
Security & Technology
Discuss with your insurance provider whether adding dash cams, tracking/immobilisers, black boxes, alarms & a secure location for your vehicles 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 significantly add to your overall costs.
Who can be covered by a fleet insurance policy?
Fleet policies usually 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 vary significantly between insurance providers, and it is 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.
Fleet Insurance FAQs
Do I need fleet insurance?
Although it isn’t a legal requirement to take out a fleet insurance policy for your work vehicles, insuring hem separately under business insurance policies will be much more costly than having them all covered under one single policy.
How many vehicles can I insure?
There is generally no limit to the amount of vehicles a business can cover with fleet insurance. Policies usually range from 2-3 vehicles anywhere up to 500 vehicles depending on the size of the company. It is important to shop around to find the best policy for the amount of vehicles you are looking to insure as different providers have separate offers for the number of vehicles you are looking to insure.
Is breakdown cover included in fleet insurance?
There are policies out there that definitely include breakdown cover as well as a whole host of additional cover – from windscreen repair to public liability insurance. Policies are usually tailor made to fit each individual policy, as each business will have separate requirements for their fleet.
What businesses will fleet insurance cover?
Fleet insurance is available for any business that requires a fleet of vehicles including private hire, haulage, transportation and courier services.
