How to Save Money on Fleet Insurance Cover

Having the right level of cover is essential when you’re tasked with the responsibility of taking care of a fleet of vehicles. You’ll want peace of mind that these expensive assets are protected should the unexpected happen. If you want a comprehensive policy which gives you sufficient cover, you won’t want to pay the highest premium. Business managers and owners should know that prices have risen over the past number of years, but you can still get a good deal.

To find the best deal, you should use an online comparison site such as Utility Saving Expert to obtain a fleet insurance quote. Simply enter a few details about your business and requirements, and you’ll be presented with a number of options to choose from. You can filter quotes from leading insurers based on price and features. It shouldn’t take you longer than 10 to 15 minutes to compare prices to find the best value for your fleet of vehicles. Although this may be the best way to save money, there are a number of other tips you can use to reduce your premium.

Install fleet vehicle trackers

Installing a vehicle tracker can help you find the location of a vehicle that has been stolen, it can also help you understand how well your employees are driving, encouraging road safety. Instead of a standard fleet insurance policy, consider a telematics policy, sometimes referred to as ‘black box cover’. If your employees are able to demonstrate that they are safe drivers, your total premium will be reduced. Tracking devices can also help you significantly increase the chances of recovering a vehicle that has been stolen.

Install an alarm and immobiliser

In addition to tracking the vehicle, having an appropriate alarm or immobiliser can also cut the costs of your fleet insurance quote. The contents that each vehicle carries will be determined by the type of business you are in, although it is likely that you will be carrying some expensive goods. These need to be protected at all times, and an alarm can help you deter thieves.

These security measures will be useful regardless of having your vehicles parked in a locked overnight location or on a driveway. Thieves will be deterred from driving away with your expensive asset and the contents contained inside.

Assessing the level of risk

If you have a large fleet of vehicles, insurers will want to offer you a competitive deal. To calculate your premium, they will carry out a risk assessment to provide a suitable solution. Have an in-depth conversation with your provider and talk about your previous claims history, areas in which you can improve upon, and what a driver should do if they are involved in an unfortunate accident or incident.

Combine multiple policies

If you’re taking out multiple types of cover, find out if your insurance company is able to combine these policies into one and offer you a discount for doing so. You may be able to combine your fleet insurance with other business cover such as public liability and employers’ liability. Not only will you save money, it’s far easier dealing with one provider when pursuing a claim or if you need assistance with anything.

Don’t purchase unnecessary extras

When searching for the right fleet policy, many insurers will offer you a whole range of optional extras as an addition. While some of these can be useful, often times, you may not actually make use of them. You may even have some of these add-ons covered elsewhere.

Common examples include breakdown cover, windscreen cover and legal expenses. Purchasing things like breakdown cover separately may actually cost you less, so remember to compare the two quotes before proceeding.

Some vehicles cost less to insure

If you’re planning on purchasing a brand new fleet, or are leasing some vehicles, this can be very costly and will increase your business expenditure significantly. However, you could save money by choosing the right type of vehicle.

First and foremost, you will need vehicles that help you complete the job. Newer vehicles will have modern security features, making them less prone to theft. The latest safety features could also protect you against personal injury claims. Aside from safety and security, you will also benefit from better fuel efficiency, saving you money on fuel and reducing your CO2 emissions at the same time. Depending on the type of warranty you have, breakdowns and repairs may also be included as standard.

There may not be much room for manoeuvre as the type of vehicle you will require will be determined by the nature of your business. Where possible, reduce the risk to save money on your insurance price.

In conclusion, fleet insurance doesn’t have to be costly if you take advantage of the practical tips listed above. Ultimately, you’ll need a policy that provides suitable cover to protect your valuable assets. Remember to read the terms and conditions of a policy before buying and make yourself aware of any exclusions or limitations.

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