How To Get Cost-Effective Motor Fleet Insurance In 5 Steps

How To Get Cost-Effective Motor Fleet Insurance In 5 Steps

Looking to get motor fleet insurance for your company? If you don’t already have it, you should quickly implement it.

Not only can insurance protect your vehicles and drivers, but it’s also a vital part of your business for having the assistance if you need it for repairs. Sure, insurance isn’t always cheap, especially if you have a lot of vehicles on your lot.

Here’s how to get cost-effective motor insurance for your business in 5 steps. 

Be Selective In Your Coverage

Not every business needs everything covered. Depending on the company you select, you might have options for more special fleet insurance features than you really need. Instead of paying for the items that are not necessary, assess your business needs and try to get a policy that has everything you need. 

The basics that every fleet business needs in their coverage are as follows:

  • Theft
  • Comprehensive damage
  • Liability
  • Vehicle damage
  • Data tools

Sometimes the extras seem nice and really beneficial for your vehicles, but it can cost you money you don’t need to spend, especially if prices were to rise in the future. 

Don’t Buy Separate Policies

One of the biggest ways you can significantly reduce your fleet insurance premium is to put all of your vehicles on one policy. Do not put policies on each individual vehicle. 

While you’re putting your vehicle on a combined policy, look at limiting the number of drivers you put on your policies, too, since this can help lower your costs. 

Use Your Data

We all know with standard vehicle insurance that the longer you go with safer driving, the better chances you have at lowering your monthly premium. Now with technological insurance companies, you can implement data tools to see how your vehicles are operating in real-time on the road.

Modern insurance data can show you how your drivers are making smarter choices on the road and the levels of risk management to give you the data you need.  

Practice Safe Driving

Along the same lines, to ensure safe driving and lower premiums, incorporate safe driving practices and management in your business. Installing cameras and software systems in your vehicles to watch your drivers can give you insights into how transportations are going. 

Regular license checks of your employees and constant review can show you the drivers that are causing your accident rate to increase. While your drivers might not be aware of how their habits can increase your premium, it’s important for you to put safe driving information out there to keep them vigilant on road safety. 

Don’t Automatically Renew

Before you automatically renew your fleet insurance service, take some time to shop around, especially if your prices go up. With the data tools you have, review their findings to see if there’s anything you can show your company about safe driving to lower the monthly premium. 

If your company has been making strides with its risk management, you might be in luck with lower rates.

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