What is distressed fleet insurance?
On occasion, some fleets may find that they struggle to find appropriate fleet insurance cover at a fair price. This can unfortunately be the case when there have been issues beyond the control of the fleet operator. For example, the fleet may have experienced a deterioration and can no longer be considered for insurance cover by the usual insurance provider, and this can happen for a number of reasons.
Perhaps there have been recent issues within the fleet relating to driver quality, or changes in management style which can sometimes affect business operations in unexpected ways. Another reason a fleet may struggle to find appropriate cover is that they have become what is known as a ‘distressed fleet’; these are usually fleets that have suffered a poor claims history and have been denied renewal – whatever the reason you may be in need of distressed fleet insurance, it can often be a saving grace for businesses with few other options.
Who needs distressed fleet insurance?
In order to qualify for fleet insurance, your business must operate a fleet of at least 3 vehicles. Fleets can be made up of different combinations of vehicles, including:
- Company cars
- Vans
- Trucks
- Taxis
- Ambulances
- Delivery and logistics vehicles
- Haulage fleets
A wide variety of business types depend on the use of vehicle fleets, and being unable to find appropriate fleet insurance for your needs can force the affected company to go out of business. This is of course a less than acceptable outcome for many, and can be a worrying prospect for business owners and employees alike.
If renewal time is looming large and you are having trouble finding insurance cover for your fleet, then distressed fleet insurance may provide the lifeline you are searching for. It may be suitable for those who have been denied insurance for their fleet for a number of reasons, but the most common circumstance is where fleet operators have what is considered to be a poor claims history. Fleets making a high number of claims can end up losing revenue for their insurer, and this does raise red flags which can make it difficult to renew and cause you to be refused business cover for your fleet. Other situations that can make finding appropriate fleet cover a challenge include:
- New businesses and start-ups with no proven track record
- Unusual business operations
- High risk industries which cannot fully explain their risk management processes
- Specific circumstances such as not operating from standard premises etc
I’ve been refused business insurance – how can I insure my distressed fleet?
If you have been denied business fleet insurance, then specialist distressed fleet insurance may be the ideal solution. It is offered on a case by case basis, so the first step would be to contact us either by telephone or online, or by filling in our quick quote form. Once this first step has been taken, we will then spend time getting to know your business and the factors relating to your fleet and assessing risk. Your case will be presented to our board of insurers, who will then offer their most appropriate policies.
With close to 3 decades of experience in fleet insurance, we have been able to forge strong relationships with our trusted insurers. This puts us in an excellent position to negotiate the terms of your distressed fleet insurance policy where other insurance brokers may have failed. It also gives us an in depth understanding of the insurance needs of commercial fleets, allowing us to offer expert advice and support through the duration of your policy, as well as a dedicated telephone line in the event you need to report an incident.
We know that a one-size-fits-all approach to fleet insurance is not suitable for every fleet operator, and we will always take the time to understand the needs of your fleet to help you find the most appropriate cover. However much you have struggled with finding insurance for a fleet in distress, we can open avenues of constructive discussion, to get you heading in the right direction.
Will the fleet insurance policy be too restrictive?
When you have been refused insurance for your fleet on certain grounds, it can mean that you may find the terms of the policy can be a little more restrictive than with other policies. This is to help mitigate risks to the insurer and the fleet being insured, however as these policies are offered on an individual basis it can vary greatly. You may still be able to enjoy many of the fantastic benefits that come with fleet insurance:
- A single, convenient renewal date
- The possibility of insuring different vehicles at different levels
- Manageable payments can be arranged
- Dedicated advice and support
- ‘Any driver’ policies
- Courtesy cars and legal protection
Of course, as mentioned previously, the specific policies offered to you can vary depending on your individual circumstances, so the best way to find out whether your fleet qualifies is to contact us directly.
Contact Fleet Compare for more on our distressed fleet insurance policies
If you would like further information on our fleet insurance for fleets which have been denied insurance, then please do not hesitate to contact our offices. We are more than happy to discuss your needs; together we can focus on getting the most appropriate cover for your fleet at a fair price, and get your fleet legally compliant and on the road. Call us on 01782 200 714, or request a quote.