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What is Commercial Fleet Insurance?
Commercial Fleet Insurance is used by professionals who require the use of more than one vehicle for deliveries or service or to convey staffs and materials. Whatever the case may be, it is economically beneficial to ensure all the vehicles under a single policy and this sort of policy is known as a motor fleet insurance policy. By utilising motor fleet insurance, you not only save money but also reduce the time spent.
Vehicle Fleet insurance provides you with the option to purchase insurance cover for all your vehicles from one broker. This is normally rewarded with a very attractive discount on your annual premium. This type of cover is very flexible and you can utilise it to insure 2 or more vehicles. Another advantage of this insurance is that you can cover different vehicle types with the same insurance. For example, motor fleet insurance gives you the same cover for a minibus, a lorry, and an SUV.
Commercial Fleet insurance can cover:
Flexible Monthly Payments
24hr Claims Helpline
Full EU Cover
No Claims Discount / Protected NCB
Enhanced Claims Service
Commercial Fleet Insurance FAQs
Commercial Fleet Insurance & the Specifics on this Type of Coverage
Cheap Fleet insurance is a type of insurance for businesses that protects all they own. This type of coverage works for fleets of cars, vans, trucks, minibuses, taxi, courier, or HGVs. You will have three levels of coverage to explore the options available.
What is Commercial Fleet Insurance?
This type of coverage works for businesses that own 2+ vehicles. And it can save money, because all vehicles in the fleet are protected by one policy, rather than individually. This means you can save money and not have to worry about different policy renewals for each vehicle.
A motor fleet insurance policy can protect a fleet of:
- Company cars
- Taxi Fleet
- Courier Fleet
- Haulage Fleet
Some policies may also allow you to mix several different types of vehicles under one policy. Plus, fleet insurance allows you to have anyone who has a valid UK license, within your company, and who meets the specific insurance policy requirements, to drive. There is no need to call the insurer each time to make certain the driver can be added to the coverage.
Fleet insurance can also save money when bulk buying insurance from a provider. Insurers offer discounts, which are usually much cheaper than insuring individual vehicles from different providers.
Commercial Fleet Insurance Exclusions
There are some exclusions, which again, will vary by provider. Some insurers may only cover certain vehicles, not include coverage for forklift trucks, motorbikes and excavators. Insurers usually do not accept vehicles that are insured under a separate policy or vehicles not registered in the UK.
Some of the most common exclusions include:
- Damage to tires or body underside
- Mechanical breakdown (may be available as an optional extra with some providers)
- Vehicle theft due to driver negligence (leaving the vehicle unlocked)
There may also be varying driving restrictions to choose from when buying a policy. You can choose “Any Driver,” which allows anyone with a valid UK license to drive your vehicles that are covered under the policy.
Another option is to choose “Named Drivers” for each specific vehicle. This is the least expensive option of the two.
Types of Commercial Fleet Insurance
There are different levels of coverage when it comes to fleet insurance and generally offers similar protection as standard car insurance. However, fleet insurance is for businesses, while standard car insurance is for individuals who do not use their vehicles for business. The three levels of fleet insurance are:
Third-Party Only: this is the legal minimum level of coverage you must have to meet UK driving laws. This policy protects other people and damage to third party property if you are found at fault for an accident. This type of policy does not protect the driver of the vehicle. It is also the least expensive fleet insurance coverage. While this may seem like a good enough policy, keep in mind the driver and isn’t covered if they’re injured, and damage to the vehicle is not covered. These are expenses that can quickly eat away at a company’s budget.
Third-Party, Fire, & Theft covers the same as mentioned above, along with fire damage or theft. It can also protect against accidental fires and arson, and more. This is the middle type of coverage when it comes to cost.
Comprehensive: includes all the above, as well as protection of vehicles & the goods being transported. It also covers the driver and any medical costs that may result from an accident. This is the most expensive type of fleet insurance, but it also offers much more protection than the others. This type of coverage may also payout when it is not clear who was at fault.
Policies can also include the following; however, each policy and the coverage will vary by providers:
- Loss or damage to vehicles
- Vehicle recovery due to accident or breakdown
- Legal fees
- Damage to windows/windscreens
- Replacement locks if keys are stolen
- Medical expenses for drivers and their passengers injured in an accident with an uninsured vehicle
- Some policies also cover driving abroad, though there may be a cap on the number of days that are allowed each year
- Protection for personal belongings that are lost or damaged in an insured vehicle
- Trailers attached to a vehicle
- Use of a courtesy car while the truck is being repaired
- Breakdown cover
You will find these specifics are available from most providers and are included in the policy, or by purchase as an optional extra (these do carry additional fees).
How to Cut Costs on Motor Fleet Insurance
The key to reducing the cost of fleet insurance premiums is to keep risk to a minimum. This means the insurer needs to see that all drivers are responsible, have a UK license, and the right credentials to drive the fleet vehicles. Drivers should be over the age of 25 because insurers see them as more careful than younger people. They should also have clean driving records.
If you do have a younger driver (under 25), then it is possible to limit their mileage, allow them to drive only during the day, or accompanied. These are ways to lower insurance rates for young drivers.
Fleet Insurance can support any drivers aged over 21, 25, 30 and this could be an effective way to allow different drivers to drive different vehicles.
- Any driver over 21 Years of age
- Any driver over 25 years of age
- Any driver over 30 years of age
Sending drivers to training courses will also help insurance providers to view your drivers as more responsible and having the knowledge to drive safely, even in bad weather.
Insurers also like to see that vehicles are properly maintained. This means drivers should conduct daily checks of their vehicles, which includes checking tire pressure, oil levels, and brake pads. All this information should be kept in a service record logbook.
It is also possible to make drivers responsible for paying their own excess. This is a way to ensure they are safe drivers.
Improving the security of vehicles is another way to save money. This may include keeping all fleet vehicles in a safe parking lot that is managed with CCTV, dashboard cameras, locked garages, immobilizers in the vehicle, and more. These may seem like expensive things to add to the fleet, but the cost is worth it to help insurers see that you have lowered the risk to vehicles. This means you pose a lower risk, and your premiums will be lower.
Fleet insurance saves you money by ensuring all company vehicles under one policy. Plus, you do not have to worry about individual renewal dates for each vehicle.
How Many Vehicles Does a Fleet Insurance Policy Cover?
Each insurance provider will have its own specifics when it comes to the number of vehicles that can be covered under this type of policy. However, generally speaking, many providers allow as many as 500 vehicles to be covered by their fleet insurance. And there are policies available for companies that have even more vehicles.
What are the Benefits of Commercial Fleet Insurance Coverage?
Here are some of the benefits your company can enjoy by purchasing fleet insurance:
- Motor Fleet Cover – Compare Quote & Save Money
- Any Size Fleet From 2 to 1000+ Vehicles
- All Types of Commercial Fleet Vehicles
- Taxi Fleet, Courier Fleet, Haulage Fleet, Business Fleet, Van Fleet & Many More
- Flexible Monthly Payment Options
- Any Driver Insurance Aged Over, 21, 23, 25 & 30
- Toxic, Explosive, or Inflammable Goods
- Worldwide, UK & European Insurance Cover
- Breakdown Assistance Optional
- One policy covers all company vehicles
- Renew one policy, rather than multiple policies (one for each company vehicle)
- Instant coverage for your entire fleet
- Fast response time if you need to file a claim
- Insure your entire fleet up to 1000 or more (depending on the provider’s policy)
As you can see, there are a number of benefits to choosing fleet insurance if you have 2+ vehicles.
How Much Does Commercial Fleet Insurance Cost?
The price will vary by insurer, but you can generally count that the premium total will depend on the level of coverage you take out. The price will also be determined by the type of vehicles and drivers in your fleet.
The cost of your premium will also depend on the level of risk the insurance provider determines you present their company. Even where you park the vehicles overnight can determine how much the premium will be. For example, if the fleet is left unprotected at night, you will present an increased risk of theft, which means your premium will be higher. On the other hand, if company vehicles are parked in a secure location, your premium could be cheaper.
Other factors that may be used to determine your premium include:
- Electric/hybrid vehicles (can lower premiums): they don’t pose as much risk since engines are usually not as powerful, plus they have lower CO2 emissions, which can also lower premiums
- Age of drivers: those over 25, with a clean driving record, will be seen as lower risks, which can lower the premium. However, younger drivers can increase the premium. However, some providers will allow for training courses or require younger drivers to be accompanied, both of which can lower premiums.
- Training courses for drivers: can also lower the risk and reduce premiums.
- Regular vehicle maintenance: including daily checks on tyre pressure, oil, brakes, and keeping a service log can reduce premiums.
- Make drivers responsible for their own excess: can also help to lower premiums
- Security: improving the security of the fleet and individual vehicles can reduce the premium.
- Telematics: something like a “black box” can be installed on each vehicle, which allows for monitoring driver speed, behavior, etc. This can also help reduce the premium.
The price of your fleet insurance is based on many variables, and each insurer has its own risk calculations that are used to evaluate these variables. The main thing is to figure out how to lower your risk, which will work (in most cases) to lower the cost of your premium.
Another way to keep premiums down is to do your homework. This means you’ll need to do some comparison shopping. This is not difficult—you just need to use one or more insurance comparison sites to receive fleet insurance quotes from a number of insurance providers.
Once you’ve done the comparison, note down the insurers that look like they might offer a fleet insurance plan that meets your needs. Make a list of these providers, and then contact each one personally. It’s always best to talk directly with an experienced insurance agent or broker before making such a big decision.
And remember to read through each fleet insurance policy before making your final choice on providers. This way you’ll know exactly how the policy works and will have a chance to ask questions about points that may need additional clarification. This way, you’ll be sure to buy only the type of policy that’s a good fit for your company.
RHA – Road haulage Association – The only UK Trade Association Dedicated Solely to the Needs of UK Road Transport Operators.
FORS – The Fleet Operator Recognition Scheme (FORS) is a voluntary accreditation scheme for fleet operators which aims to raise the level of quality within fleet operations, and to demonstrate which operators are achieving exemplary levels of best practice in safety, efficiency, and environmental protection.
FTA – FTA is one of the biggest business groups in the UK, supporting, shaping and standing up for efficient logistics. We are the only organisation in the UK that represents all of logistics
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