Managing a fleet of vehicles isn’t an easy task. Along with driver management and vehicle maintenance, fleet managers need to be responsible for the safety and protection of their assets. Fleet insurance is a must when it comes to mitigating any risks surrounding your fleet.
There are many benefits to fleet management, but it’s important to consider any risks that may arise with fleet insurance policies. Consider your surroundings and discuss options with insurance professionals to determine the best options for your business.
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Cost of fleet insurance
The cost of your fleet insurance will vary depending on a variety of different factors including the type, size and purpose of your vehicles. Fleet insurance is highly specialised for different businesses, so the cost can also vary depending on the industry you work in.
For example, delivery fleets will cost more to insure than a service fleet because the goods which are being transported need to be insured too.
It’s best to get a range of different quotes when looking for fleet insurance in order to compare your options and find the right level of coverage for your business at an affordable cost.
Your drivers
The drivers that you employ in your fleet can affect the type of insurance available to you, as well as how much you can expect to pay. It’s important to have a solid understanding of your driver’s responsibilities, as well as be aware of their driving history too.
Some fleet policies have terms and conditions which may affect which drivers are covered. For example, some insurers may place restrictions on drivers in a certain age group, while all insurers are likely to put prices up for drivers who have past convictions or points on their licence.
Security
It’s important to consider the security of your fleet, as many insurers will have specific security requirements that you will need to comply with in order to have valid insurance.
Overnight parking restrictions are typical, such as ensuring the vehicles are parked in a safe and secured location with certain security measures in place. Your insurance company may also require you to have key security clauses like storing keys in locked cabinets or even kept off-site.
Understanding your risk
Understanding your fleet’s level of risk is vital before you start shopping around for insurance. Keeping as many details as you can about your fleet is a great practice to maintain. This is because the more details you can provide to an insurer, the more likely you are to receive an accurate quote.
Along with creating a risk assessment, it’s worth considering where your business is headed in order to make predictions regarding any potential risks that may arise.
Discounts
Using certain equipment can often get you a discount on your insurance, so it’s a good idea to look at the equipment options that you may be able to add in order to take advantage of a cheaper policy.
Using dash cams and telematic devices can often help you get cheaper prices since they help insurance companies process claims much more efficiently. Adding these devices may also encourage your drivers to be more cautious when behind the wheel.
Breakdown cover
If your fleet often travels long distances, you should consider finding a policy that has breakdown cover included. Some vehicles will need specialist cover and you will need to confirm when you get a quote what vehicles need to be covered.
For example, delivery vehicles can include any car or van used to courier personal or commercial packages.
Some policies will automatically include breakdown cover, but it’s best to check beforehand.
The actual cover provided
As with most things, going cheaper isn’t always better. Just because a relatively cheap cover is comprehensive, it doesn’t mean you will be getting all the cover you need.
Some covers you may want to be aware of include:
- Glass cover. Some policies may only cover £250-£500 worth of glass cover, which may not be enough to cover vehicles.
- Courtesy vehicle. Be sure to check if the insurer will provide you with a like-for-like vehicle if your vehicle is off the road.
- Legal cover. Legal cover usually comes at an additional cost but it will protect you and your employees against alternative transport costs, loss of earnings or revenue, medical expenses and personal injury.
When you’re looking for a fleet insurance policy explore your options in order to identify what features you want to be covered. Working with a broker can help you establish which insurers will cover your business needs, as well as find the best prices possible.
Whatever policy your business chooses, be sure to remember the policies aren’t one size fits all and what works for one business may not work for you.