What Is Fleet Insurance?
Fleet insurance is a way to streamline your vehicle insurance policies into one. Instead of having to deal with various policies dependent on whether you run cars, vans, trucks, taxis and/or HGVs, the policy can cover all, regardless of whether you own two, or two thousand. Fleet insurance policies make tracking and maintenance easier to manage, with one renewal date, one payment date and potentially, a reduced premium.
You Don’t Earn No Claim Bonus
Fleet insurance is rated differently to individual polices, NCD (No Claims Discount) is not earnt. As a new fleet some insurance can take into account previously earned NCD when calculating a premium at New Business but there would be no increase for claims free years or step back following a claim as part of the Fleet renewal process. Fleet insurance provides a claims experience. This document tells you, your motor fleet insurance broker and any prospective insurers/brokers about the performance of your motor fleet insurance policy.
When calculating your fleet insurance premium Insurers will pay close attention to the following information:–
- Overall Claims paid and outstanding (the higher the amounts the worse your fleet has been performing)
- Number of vehicles on cover during the year (a large increase on previous years may help explain the increase in claims or vice versa)
- Frequency of incidents (insurers are on the lookout for decreasing claim frequencies)
Fleet Insurance Companies also like to see a Fleet Insurance Claims Experience with three or more years of history. This will offer a fairer picture of how your fleet insurance has been performing.
What You Need To Consider
The right fleet insurance is essential to make sure your staff, vehicles and business are fully protected at all times. Would you benefit from?
- Would you benefit from flexible driving restrictions? Any Driver policies provide freedom and peace of mind that jobs will no longer have to be delayed or cancelled if a member of staff is off sick or on holiday.
- Do you have Trailers or special type’s vehicles requiring insurance too?
- One policy which is easy to administer, one renewal date and all the details in one place?
- Mixed Fleet Insurance solutions for all types of vehicles (Cars, Vans, HGV’s, Buses, and Coaches).
- Different Levels of cover whether that’s a 1999 Transit van on TPFT or a Bugatti requiring comprehensive cover. Fleet Insurance can offer this.
Determining what you need will ensure you don’t pay for additional and unnecessary elements, and help you understand your requirements.
Top Tips for Insuring Your Fleet
How can you reduce your premiums further? Check out our top tips below:
- Hire drivers with clean driving records and who are aged 25+. They’re more likely to be responsible and safer on the road.
- Enrol your drivers on training courses that teach them about dangers such as driving in bad weather, making them aware of unsafe driving techniques.
- Similarly, develop a safety culture within the company, through two-way discussions allowing understanding and feedback.
- Carry out regular maintenance on all vehicles, by checking oil, brake pads and type pressure for example.
- Install safety features, such as CCTV cameras and bolted locks in car parks and garages. Dashboard cameras and trackers can also record your staffs driving habits and provide proof of innocence in cases of accidents.. They could even save you money on fuel, reduce idling and increase productivity.
- Ensure your insurance provider has a detailed list of the cover you require, otherwise your future premium could sky-rocket if any claim made is disallowed. Keep them up to date with changes at your company too, such as the addition of new drivers & existing driver updates.
- Go through your company’s claims history prior to renewal and set out areas for improvement through a risk management plan.
How Can Jon Simon Help?
Companies with two or more vehicles can save time and money with the right fleet insurance, but with so many insurers in the market, how do you choose?
JonSimon are experts when it comes to arranging Fleet Insurance, Our experience and panel of UK’s leading Insurance providers make us the perfect choice for your business.
Our cover can include:
- Accidental damage.
- Fire and theft.
- Liability to others.
- Medical expenses.
- Loss of keys.
- Uninsured Loss Recovery Services.
- Vehicle Breakdown (UK & Europe).
See our Fleet Insurance page for more information.
If you would like to discuss if Fleet Insurance is the way forward for your business or if you already have a Fleet Insurance policy in place and want assistance then call in and see how we can help.
We would love to be your Fleet Insurance Broker in 2018… Pop in for a brew and a chat, call 0161 710 3043 or email us on info@jonsimoninsurance.co.uk
