Fleet insurance is an integral part of running a business. It covers a range of vehicles, from cars and vans to lorries and coaches. With the right fleet insurance policy, you can ensure that all your vehicles are protected and will provide you with peace of mind when they're out on the roads.
Fleet insurance policies are designed to cover multiple vehicles rather than just one individual car or van. They often offer discounts for larger fleets and reduced administrative costs compared to taking out separate policies for each vehicle.
With fleet insurance, you have one point of contact for any issue - meaning no time wasted chasing up different providers for quotes or assistance.
According to statistics, businesses with fleets of five or more vehicles can save up to 35% on their insurance costs. That's because fleet insurance providers typically offer lower rates than individuals.
Fleet policies also often include extras such as breakdown cover and roadside assistance, which are not usually included in individual motor policies.
Another advantage of opting for a fleet policy is the flexibility to add or remove vehicles as needed. If you need to increase your fleet size by adding extra cars, vans, or lorries, it's easy to do so without having to set up a whole new policy.
The same goes if you decide to downsize - reduce the number of vehicles covered by your existing policy, and your premiums will adjust accordingly. You can consider a fleet insurance policy a tailor-made solution for your business. This not only saves you money in the long run but also allows you to reduce your paperwork and administrative costs.
Fleet insurance usually covers many vehicles, from cars and vans to lorries and coaches. Most policies include third-party cover as standard, meaning you're protected if anyone else makes a claim against you or your vehicles.
You can also opt for additional covers, such as liability insurance or cover for personal belongings stored in the vehicle at the time of an accident.
Depending on your needs, you can add several extras to your fleet insurance policy, including breakdown cover and windscreen protection. This gives you peace of mind that all eventualities are considered when insuring your fleet.
In a nutshell, coverage for fleet insurance includes:
Before signing up your commercial fleet for an insurance policy, there are a few critical factors to consider.
The first and most important thing to do is check the small print of any policy. Make sure you understand what it covers. It's imperative to choose a policy that will meet the specific needs of your business.
Check for any hidden costs or fees associated with the policy, such as administration costs and commission rates. Many policies also include excess charges in case of an accident, so ensure you understand these before signing up.
Some insurance providers offer incentives for taking out a fleet insurance policy. These may include discounts for regular maintenance on all vehicles covered under the policy or discounts for increasing the size of your fleet over time.
It's essential to ask about any additional benefits that may be included in your policy so that you can take full advantage of them.
Excess is fees you must pay if you make a claim. It's important to know how much your excess will be so that you can factor it into your budgeting for fleet management costs.
Some of these are standard and can be found in the policy document, while others are set by insurers individually.
Fleets are usually in two categories - commercial and private. Commercial fleets usually include taxi and minicab companies, haulage firms, courier services and delivery vans. Private fleets are often family-owned businesses or hobbyists who own several vehicles for recreational purposes.
Businesses that use their vehicles to transport goods or people regularly will benefit from having a fleet insurance policy in place. The same is true for business owners who operate multiple cars on the roads at any time.
Taxi drivers may also find it cost-effective to take out a fleet insurance policy. Especially, if they have more than one vehicle registered at any given time. This is because they can cover all their vehicles under one policy rather than having to sign up individually for each vehicle.
Some of the known fleet insurance ideal for your business are as follows:
Having fleet insurance brings several significant benefits.
Firstly, it helps to keep all your vehicles insured without having to sign up for individual policies for each one. This saves time and effort as you don't have to update the information on multiple policies continually.
Second, it helps you keep track of costs more effectively, as everything is grouped in one policy. You can then manage your budget better. This allows you to ensure you have enough funds available when an accident occurs, or a claim needs to be made.
Third, with a single policy, you can take advantage of discounts, if any are offered, for taking out a larger policy. As above, some insurers provide incentives. This could be regular maintenance services at discounted rates or discounts for adding more vehicles to your fleet.
Finally, you can benefit from a single policy that covers all the vehicles in your fleet, no matter how big or small. This means that if an accident occurs involving more than one of your vehicles, they will still have coverage under the same policy.
Fleet insurance is thus an excellent option for businesses with multiple cars or vans on the road. Especially to ensure their assets have full protection. It protects against risks such as accidents and theft while also providing discounts and incentives for having a larger fleet.
With careful consideration of the points above, you can find an ideal fleet insurance policy for your business.
