Fleet insurance is highly advisable for businesses operating with multiple vehicles. Not only is it simpler to have all your vehicles insured under one overarching policy, you’ll also enjoy less paperwork, which is always a bonus!
Even though fleet insurance saves time and money in certain respects, there are elements that can push up the price of your premium, so it’s wise to look at all the possible steps you can take to reduce that price yourself.
- Choose a Comprehensive Policy
It can be tempting to just go for the bare minimum of insurance to keep the costs down, but this can end up costing you more in the long run if a situation occurs that you are not covered for.
The bare legal minimum you need for any motor insurance policy is third party only (TPO). This covers the cost repairing damage to another person’s vehicle in the event of an accident, but it does not cover the costs of your own vehicle. You can upgrade this to third party, fire and theft (TPFT), which will pay out in the event of your car suffering fire damage or being stolen.
In order to have the very best level of protection for your fleet, you should opt for a comprehensive policy that covers many of the situations your drivers face on a daily basis. This could be anything from breakdown cover to public liability insurance to carriage of own goods. Whatever type of company you run that employs a fleet, you will be able to find cover that looks after the particulars of your industry.
- Employ Safe Drivers
It probably goes without saying, but the drivers under your employ will directly influence the cost of your fleet insurance premium. For example, drivers under the age of 25 are often not able to be covered by fleet insurance, and if they are it may run up costs. Also, drivers with a negative record behind the wheel, or those who have had previous convictions, may make it difficult to find cover.
The more experience your drivers have, the lower the cost will be for insurance – as with most motor insurance policies. It is therefore very important to select your employees carefully, so you are not paying over the odds to protect them and your fleet whilst it’s on the road.
- Keep Your Fleet Secure
Insurance is based on risk and if you can reduce risk then, by extension, your insurance premium price will decrease. If you protect your fleet from theft and vandalism by employing top notch security measures, your insurance broker will take this into account when calculating your price.
For example, keeping all vehicles locked in a garage or warehouse whilst they are not in use is advisable. Furthermore, you can fit the vehicles in your fleet with trackers, alarms and immobilizers so they are easily traced should they be stolen. The level of security of both the fleet itself and your premises as a whole will be influential to your price, so take measures seriously.
- Use the Available Technology
There are many options for your fleet insofar as technology is concerned. Using telematics (in-car black boxes that track and record driver behavior) can tell your broker how safe your drivers are, thereby helping them understand the risks involved before they give you a renewal price. You can also use things like dashcams to record their daily drives, so you can have video evidence in the event of an accident or collision that could become a claimable event.
Even businesses with the smallest fleets will find benefits from using this kind of technology, not just for insurance purposes but also for complete clarity and visibility over the fleet and its drivers.
Whatever business you run, you will find a comprehensive insurance policy that covers all possible eventualities. Shop around; don’t just settle for the first quote you find, as there are a number of companies out there that will work hard to provide you with a competitive quote.
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