A Guide To Finding Fleet Insurance

If your business requires you to have and manage a fleet of vehicles, you’ve got a huge responsibility on your shoulders. As well as maintaining the vehicles on a  daily basis, you need to protect your assets should something unexpected occur. 

This means getting fleet insurance to help you manage and mitigate any risks. This also gives you peace of mind should something go wrong. 

The great news is, there are plenty of fleet insurance providers out there that can give you cover – you just need to find the right one. 

But how do you know which is the right one?

Well, if you’re not sure how to get started, this guide is for you. Below, we’ll take a look at the advantages of getting fleet insurance for your business, as well as how you can find the best policy. 

What is fleet insurance?

Before we jump in, let’s take a quick look at what fleet insurance is and why you might need it for your business. This type of policy covers a fleet of business vehicles, and this can range anywhere from two to 500 different vehicles. 

It allows you to insure all your work-related vehicles under one policy, rather than having to set up a separate one for each – which, let’s face it, could quickly become very confusing. In many cases, you’ll also have the option to insure all your drivers to all vehicles or assign named drivers instead. Some of the key benefits of fleet insurance include: 

  • Saving yourself the hassle of setting up multiple policies for different vehicles 
  • Saving the business money as fleet insurance is typically cheaper than lots of individual policies
  • Offering more flexibility in terms of which vehicles and drivers are included on your policies 
  • Allowing drivers that might not be able to get individual insurance to be covered under your fleet insurance policy  

What’s included in these policies? 

As with any vehicle insurance, you can get different levels of cover depending on your business needs and your budget. These include the standard comprehensive, third party only and third party fire and theft. 

This means that depending on the policy you choose, your vehicles could be covered for: 

  • Theft or damage 
  • Damages caused by fire
  • Road incidents
  • Breakdown recovery
  • Legal fees
  • Damage to windows or windscreens 
  • Replacement keys
  • Driving abroad
  • Courtesy vehicles 
  • Support towards medical expenses if a driver or passenger is in an accident 

Keeping all this in mind, how do you know what cover you need, and how do you go about choosing the right fleet insurance for your business? That’s exactly what we’re here to tell you. 

Assess your fleet insurance needs

The first step toward finding the right policy is assessing your current fleet insurance needs. To do this, you need to take into account the size of your fleet, the frequency in which your vehicles are being used, and the number of drivers. 

Each of these factors will influence the type of policy you need, as well as the cost. 

Having a good understanding of what you need to cover can help you when the time comes to start talking with insurance providers. It also means you won’t end up paying for unnecessary components within your policy when you don’t need them. 

So before you start, spend some time carefully assessing your current situation to see what coverage you think you will need. It might also be a good idea to think about whether you’ll be growing your fleet any time in the near future. 

Consider an ‘any driver’ policy

Another thing you need to think about to help you find the right policy is whether or not you’re going to be assigning drivers to their own vehicle or whether you want an ‘any driver’ policy. 

A fleet insurance ‘any driver’ policy means that any vehicle covered by the policy can be driven by any of your named drivers. This can be a much more flexible way to manage your fleet and make sure you’re never left without a suitable driver or vehicle. 

It’s worth noting, however, that lots of insurance providers will only insure drivers over the age of 25 on this type of policy. 

Shop around before you sign up 

Now you’re feeling more confident in what you need from your policy; you can begin to look around. It’s important that you don’t just settle for the first policy you see online. It’s always important to shop around a bit and make sure you’re getting the coverage you need for the right price. 

Thanks to comparison websites, you can quickly compare policies from hundreds of different insurance providers to see what they have to offer. You can then begin to have a more in-depth look at the providers that appear at the top of those results. 

This gives you a chance to assess things like the cost of the policy, any excess you’ll have to pay and whether they offer comprehensive fleet cover. 

This is an important step toward finding the right policy, and then, if you do find a provider you think might be right for you, you can get in touch with them directly with any questions you have or to set up your policy. 

Use an insurance broker 

Finally, there can be a lot riding on your fleet insurance, and if you’re nervous about finding the right policy yourself, there is good news. By using an insurance broker, you can get financial advice from someone who specialises in this area. 

They will also help you to find the perfect policy, which saves you from having to do lots of research yourself. 

These people are professionals, and it is their job to find you the right fleet insurance, so this can be the ideal way to get ultimate peace of mind. 

And in case you’re worried about the additional cost – don’t be! As with comparison sites, most insurance brokers get paid on commission by the insurance company they are selling for. This means you don’t pay them a fee for doing the research and finding the best policy.