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Car Fleet Insurance
Does your business own a fleet of cars? If so, then it’s important to make sure you have the right type of insurance policy to cover your fleet of motor vehicles. Fleet insurance covers large and small commercial vehicle fleets. This type of coverage can be cheaper than insuring each vehicle (and driver) separately.
What’s more, fleet policies are made to make it easier to manage the coverage of your cars. Rather than having a separate policy on each vehicle, the entire fleet is covered under the same policy. This means you don’t have to track each policy and its requirements, pay a premium for each individual policy, and more. This means there’s less time involved, and there’s less admin work. You can save money and time with a car fleet insurance policy.
How Many Vehicles Count as a Fleet?
Each company is different, and each insurer will have different requirements for their policies. Each insurer may have a minimum and a maximum number of vehicles that can be insured.
However, in general, when it comes to cars, two vehicles count as a fleet. In many cases, the maximum can be hundreds or thousands of vehicles.
What Vehicles Can Be Covered by Car Fleet Insurance?
Any car that’s registered to the business can be covered. The owner of the company sometimes includes their vehicles with fleet insurance. This is permissible as long as the car is registered to the business owner.
It is not possible to insure vehicles that are already covered by an insurance policy or vehicles that are not registered in the UK.
What are the Benefits of Car Fleet Insurance?
There are several benefits of having car fleet insurance, including:
- All the vehicles registered to your company can be covered under one policy
- Admin work and time are reduced when all vehicles are covered under one fleet policy
- Fleet insurance can cover a mix of vehicles, including cars
- Any drive coverage is available
- All your vehicles are insured and are road legal
What Types of Car Fleet Insurance Policies are There?
There are three main types of fleet insurance, including:
Third-Party Only: this is the minimum level of insurance coverage legally required to drive on roads in the UK. This type of policy protects you from liability claims from third parties who have been injured or their property damaged.
Third-Party Fire & Theft: this insurance covers everything above, plus protects your vehicles against fire, theft, and damage caused by theft.
Comprehensive: this is the highest level of coverage available, and it includes all of the above and protects you against medical expenses, accidental damage, and the cost of replacing your fleet vehicle’s content.
Who Needs Car Fleet Insurance?
There are several types of businesses that may benefit from a car fleet insurance policy, including:
- Ambulance companies
- Bus companies
- Companies that run lorries
- Companies that have a fleet of regular cars
As you can see, there’s not any one type of business that requires fleet insurance. There is a wide range of businesses that may benefit from fleet insurance. In other words, almost any company that owns several vehicles can benefit from car fleet insurance.
Why Do I Need Car Fleet Insurance?
If you own a company that owns a fleet of cars, then you’re legally obligated to have car fleet insurance coverage. And drivers who work for you and drive the company vehicles must also be covered by car fleet insurance
Otherwise, you will be running your business illegally.
What Factors Affect the Cost of Car Fleet Insurance?
When it comes to the cost of car fleet insurance, there are a number of variables that determine the cost of your premiums:
- Types of vehicles being insured
- The age & value of the vehicles
- If the policy will cover named drivers
- If the policy will be a policy be “any driver,” “any vehicle”
- How the vehicles are used
- The value of the contents
- The level of coverage
- Where the vehicles are driven
- Make drivers responsible for paying their own excess
- And more
How to Cut the Cost of Car Fleet Insurance
There are a couple of ways you may be able to save money on your car fleet coverage, including:
- Secure all vehicles (make sure they are secure, even at night when parked—consider fitting them with alarms and central locking, which can reduce the premium)
- Be choosy about the driver (only hire drivers who are experienced and have clean driving records)
- Cars that are in good repair will have a lower premium
- Install dashboard cameras
- GPS tracking can also be installed
In addition to the above, it’s always a good idea to comparison shop for car fleet insurance. And when you comparison shop, it’s also helpful to use an insurance broker who specializes in this type of coverage. They’ll have the knowledge and expertise to help you find the best policy for your business fleet.
What About Drivers with Convictions?
If you must hire a driver that has serious convictions on their driver’s license, then you must refer them to the insurance provider before allowing them to drive one of your company vehicles. Watch for conviction codes: AC, BA, DR, IN, MS, NE, TT, UT, & XX.
Are All Car Fleet Insurance Policies the Same?
No, each insurance provider’s car fleet insurance will vary. This is why it’s crucial to completely read through a policy before buying it. If there are parts of the policy you don’t understand or if you have any questions about the policy, then it’s best to speak to the specific insurance provider. They will explain all the details of the policy to you. Then you can make an informed decision on which policy is right for your business.
What Vehicles Can’t Be Insured on my Car Fleet Insurance Policy?
This would include:
- Vehicles that are insured under another insurance policy
- Vehicles that are not registered in the UK
What Happens if the Insurer Voids my Policy?
If the insurance provider voids your car fleet insurance policy, then you will not receive a payout. However, the insurer will deal with any third-party claims. The insurance provider is legally obligated to deal with third parties of a road accident, even if the policy has been voided.
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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