Any vehicle that is driven on the road should have suitable insurance, whether it is used for personal or business purposes. Businesses that operate large fleets of vehicles such as delivery companies, truck companies, tax firms or bus companies typically find that insuring each vehicle individually is expensive, time-consuming, and impractical. Motor fleet insurance is usually required for companies that operate several different vehicles. However, fleet insurance can often be one of the biggest expenses that these companies can face. Thankfully, there are several ways to drive the cost down and pay less to ensure that all vehicles are legally insured.
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Shop Around
Just like personal car insurance, fleet insurance policies are not very rewarding to those who simply renew with their existing provider. Chances are that you could save money by shopping around and changing your insurance provider on a yearly basis. While this might take a little more time compared to simply renewing your existing policy, it’s definitely worth it for the savings that you can make for your business. Quotezone is an excellent place to start shopping around if you want to save money on your fleet insurance.
Secure Your Vehicles
Theft of vehicles and vehicle parts is one of the biggest risks to a fleet, and claiming on these incidents can increase the cost of your policy over time. Therefore, it’s a wise idea to take as many steps as possible to ensure that your fleet is suitably secured. Store all vehicles in a properly secured unit at night and consider hiring security staff to watch over the area. Have CCTV installed at the property and install trackers in vehicles to make it easier to find them if they are stolen. In some cases, installing security equipment like trackers and dashcams in each vehicle can drive the total cost of your insurance policy down.
Hire Experienced Drivers
Just like with regular car insurance, the cost of your fleet insurance can go up depending on the type of drivers that you hire. It will always be cheaper to hire older, more experienced drivers compared to those who are young and have only recently gotten their driving license. Typically, it is cheaper to insure a driver who is over the age of 25 and the longer somebody has had a driving licence, the better. You should also conduct background checks on potential new hires as driving offences like speeding or driving while drunk in the past could significantly increase the cost of insuring your fleet.
Pay Annually
Insuring an entire fleet certainly does not come cheap, but if you are able to, it’s worth making annual rather than monthly payments. If you can, pay a larger sum upfront to cover the entire year of cover as this will help you avoid the additional interest costs that come with spreading the cost of your fleet insurance policy over monthly payments. While monthly payments might be more convenient for some companies, it’s worth avoiding them if this is possible because they can lead to unnecessary expenses like interest rates and admin fees.
Named Drivers
If you know exactly who is going to be driving the vehicles and aren’t expecting a lot of rotation, it’s cheaper to opt for a named driver policy rather than insurance that covers the vehicles to be driven by anybody. The option of any driver is sometimes worth paying extra for as it tends to be much more flexible and is the only suitable option for certain companies. But if your drivers tend to stick to their own vehicles, for example, if you run a taxi firm where everybody is assigned a certain car, a named driver policy will be adequate enough and will help you save money.
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Training Drivers
One of the biggest causes of fleet insurance cost increases over time is claims. Making claims due to accidents and collisions on the road can seriously increase the amount that you pay. On the other hand, avoiding claims allows you to build up a no-claims bonus and enjoy a discount. Training your drivers on safe driving practices can help to reduce the risk of them being involved in road collisions and subsequently reduce your likelihood of making a claim. Of course, while it might not always be possible to completely avoid any accidents on the road from occurring, you can help your drivers ensure that they are not the party at fault.
When you’re managing a fleet you’re likely to find that fleet insurance will be one of the biggest expenses you face. Keep these tips in mind to drive the cost of your fleet insurance down.
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