If you are a business owner or manager and have multiple vehicles for business use, you will want to ensure you have fleet insurance for your business at a great price. Here are a few reasons why businesses look for fleet insurance:
- To make sure your entire workforce has insurance for more than one vehicle at any given moment whether it is a car, van, or truck etc.
- Fleet insurance cover can potentially be more cost effective rather than insuring each vehicle on an individual basis. Saving you money every year.
- Make sure to cover all business vehicles that will be in use. This will help protect you in the event of any unforeseen circumstances.
Fleet insurance meets business
Running a successful business has its own challenges. Making sure all of your vehicles are insured will be one of the many things to complete on your ‘to do list’. You are most likely already aware that your entire fleet is not covered within a business insurance policy, standard car insurance or even van insurance. The two latter policies will only apply to any single vehicle. The situation can be complex if your business employs more than one driver, some employees will need to have access to multiple vehicles on different days at different times. In many ways it can be convenient to have all drivers and vehicles covered under one fleet insurance policy. This method will mean you only have to pay one premium and set a reminder in your calendar for one renewal date.
You will find that in a lot of cases, one policy for your entire fleet will likely be a much cheaper option. However, this will not always be correct. You may still be able to find cheaper insurance for each driver and vehicle on an individual basis. Generally speaking, the more convenience you choose within a policy, a higher premium will reflect this. As an example, if you opt for cover which includes ‘any driver’ and/or ‘any vehicle’ as an option, this will likely cost you more. Insurers see this as an additional risk factor and have to provider cover for multiple inevitability. Consider the type and size of your business, it may be worth paying for this convenience. This can save you time, money and more importantly, give you peace of mind. Making sure you have the right cover to meet your needs will certainly help in the event of an incident taking place. Remember to not allow this added convenience convince you to automatically renew a policy, we recommend looking for the most competitive price each year.
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Setting up fleet cover
It can be challenging to get cover that meets your unique business needs online. Some insurance providers will require you to complete an online form to understand your requirements and will arrange a call-back to calculate your exact needs. If you have set up fleet insurance previously, remember to not fall into the auto renewal cycle. Although convenient, this is not going to be the cheapest option in most cases. You will be surprised at how much your business could save by comparing quotes from different providers online.
Reduce the premium of fleet insurance
There are a number of different ways you can reduce the price of fleet insurance for your business. These include:
- Only employ experienced drivers with a good record. Typically, insurers will increase the premium or outright exclude drivers under the age of 25.
- To reduce your risk level, make it a requirement that drivers must pay their own excess. This will encourage safe driving habits.
- Prioritise vehicle security, this includes ensuring vehicles are locked and parked in safe locations overnight to prevent damage or theft of contents.
- Have a risk assessment and/or risk management policy in place for employees.
- Dashboard camera installations, you may be able to take advantage of further discounts from some fleet insurance providers for this.
As well as fleet specific tips on saving money, there are also some general rules that will apply for most types of motor insurance. These include:
- Increase the voluntary excess level
- Built up a no claims discount bonus (NCD)
- Pay your insurance premium each year in full rather than on a monthly basis (if interest is applied)
- Avoid vehicle modifications to your fleet
- Only pay for the cover you require, avoid any optional extras that are not necessary
You can compare all the leading fleet insurance providers within minutes at UtilitySavingExpert.com. It’s quick and simple to get a no obligation.