Fleet Insurance - What You Need To Know
So What Is Fleet Insurance?
Many businesses in the UK depend on a number of cars, lorries, vans and other vehicles to help them carry out their daily duties. Fleets can range in size from three or four vehicles, to fleets with hundreds or even thousands of vehicles. Each vehicle in the fleet must be taxed correctly, carry a valid MOT certificate and have appropriate insurance. As you can imagine, managing a fleet of vehicles comes with a set of financial and logistical challenges that must be addressed.
Insurance is one of the main expenses associated with operating a fleet, and this can get expensive – especially if you are insuring each vehicle separately. Fleet insurance is a product that has been specially developed to make operating a fleet as straightforward as possible by allowing you to insure all the vehicles in your fleet under one policy. Designed to be convenient and realistically priced, fleet insurance can take a lot of pressure off your management teams and can help you stay on the right side of the law where your fleet is concerned.
Choosing Your Level Of Cover
Fleet insurance policies are available with three levels of cover; third party only, third party fire and theft, and fully comprehensive. Fleet insurance that only covers third parties is the legal minimum cover and it only covers damage to other people’s vehicles and property; any damage to your own vehicle must be covered out of pocket. Third party fire and theft covers other people, and also covers your own vehicles against fire damage, theft, and damage caused during an attempted theft. Fully comprehensive covers other people and your own vehicles against damage and theft, regardless of fault.
Different vehicles can be covered with different levels of cover. For example, you may opt to insure your top-of-the-range vehicles on a fully comprehensive basis and choose third party only for old vehicles that would be easily replaced. This gives you the flexibility to choose which cover will be most appropriate on a vehicle by vehicle basis, however making this decision can be a little tricky. Fleet Compare have plenty of experience navigating the complex world of fleet insurance, and can therefore advise you on the levels of coverage and negotiate the most appropriate cover at the fairest possible price from our board of insurers.
‘Any Driver’ Fleet Insurance Policies
The main difference between an ‘any driver’ policy and a named driver policy is the fact that any driver fleet insurance policies allow any of your vehicles to be used by any of your drivers. As you can imagine, when you operate a fleet this flexibility is very important. Most of these policies will require all drivers to be at least 25 years of age to qualify, however this may be decided on a case by case basis by some insurers, and may be available for drivers as young as 21.
‘Any Car’ Fleet Insurance Policies
When shopping for your new fleet insurance policy, it can be more cost effective to choose an ‘any car’ policy which offers the maximum protection. This is especially useful for larger fleets with a high vehicle turnover. Furthermore, if you accidentally forget to update your policy and an unlisted vehicle is involved in an accident, your insurance may be invalid unless you have opted for an ‘any car’ policy.
The Importance Of Public Liability & Employers’ Insurance
For a long while, public liability and employers’ insurance was considered unnecessary by many businesses, but this attitude is changing. In recent years the number of fraudulent claims and ‘crash for cash’ situations have increased to the point where most companies think of employers’ liability insurance as an absolute necessity. This type of insurance protects you from claims made by the public as the result of an accident or negligent behaviour by your drivers, whether the claims are fraudulent or honest. Find out more about this specialist service here.
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How Can You Save Money With Fleet Insurance?
There are a few things you can do to maximise your savings when taking out a fleet insurance policy:
- Vehicle choice – the age and engine size of your chosen vehicles affects your premiums. Choosing hybrid and fully electric cars can help bring premiums down
- Vehicle maintenance – a well maintained vehicle is less likely to cause issues; make sure they are all serviced and maintained appropriately
- Consider telematics and other technologies – using telematics and other technologies such as cameras can encourage your drivers to take a safer approach to driving
- Safety culture – driver feedback sessions and incentives for good drivers can help foster a culture of safety. When hiring, check applicants hold a full, clean license and check any criminal convictions they may have
- Ongoing driver training and development – ongoing training ensures your drivers are equipped with the knowledge and experience they need to minimise risks on the road
- Vehicle storage – where your vehicles are kept overnight can affect your premiums. If possible, store vehicles in a locked garage overnight to deter thieves
Fleet Insurance Types
There are a few different types of fleet insurance, you can find out more about each type below:
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If you need more information about any of the insurance types we offer, please do get in touch with us. You can get a fleet insurance quote online, just fill in our quote form.
We provide a complete service to make sure your vehicles and drivers are all appropriately protected and legally compliant, with dedicated support by telephone, online, or in person appointments. In the event that you do need to make a claim, it is important that you contact us as soon as possible to report the incident, and we have a dedicated telephone line for these occasions.