Fleet Insurance Explained
What is fleet insurance?
When insuring multiple vehicles having separate policies can be a real headache for fleet managers. It also often means drivers can only drive one specific vehicle.
Fleet Insurance overcomes this!
With a Fleet policy there is one renewal date, one contract and one payment. There is also one contact to make adjustments or in the event of an accident or claim. Any driver can drive any vehicle (subject to age restrictions) and the cost of claims is spread across the whole fleet.
- Minimum of 2 vehicles are needed for a fleet policy
- Individually insured vehicles can convert to a fleet policy
- One renewal date for all vehicles
- One point of contact and one claims handling service for all vehicles
- Any driver can drive any vehicle on the fleet (subject to age restrictions)
- Fleet policies can include Goods In Transit, Legal, Liability and Breakdown cover
- Any vehicle types i.e. bike, cars, vans, trucks, buses and special types
- All fleets get detailed ‘Claims Experience’ document at end of the insurance term
Who Can Convert to a Fleet Policy
- Any businesses that have separate insurance policies for their vehicles
- Minimum of 2 or more vehicles
- Some No Claims Discount on current policies is usually a big help
British Insurers promise to work closely with the new PM over Brexit issues regarding the insurance industry.
The Association of British Insurers (ABI) has spoken about Theresa May becoming Prime Minister.
The director general of the ABI, Huw Evans, congratulated Theresa on becoming the second woman prime minister.
“The appointment of our second woman Prime Minister is a positive day in British public life which will hopefully encourage many more women to stand for election to Parliament,” Huw said.
The trade body had worked closely with her personally during her time as shadow Work & Pensions Secretary and also with May’s Home Office team during the reform of riot damages legislation he added.
Evans concluded: “We will engage constructively and effectively with the new UK government in the months and years ahead as it navigates our exit from the European Union and the many public policy issues which our industry engages with.”
How to keep your fleet
insurance premiums low
How to keep your fleet
insurance premiums low
Insurance premiums have risen over the years dramatically. We spoke to insurance brokers and underwriters alike to find out the best tips on how you can reduce your premiums.
1 Risk management – start with a risk assessment, ask your insurer to check your claims history to identify areas for improvement.
2 Driver training – There are a lot of driver training programs available and whilst not all insurers offer an instant discount, training is still likely to reduce your claims history which will defiantly be recognised by insurers.
3 Vehicle Cameras – Witness dash-cams provide important data for defending claims and swiftly settling non-fault claims. Cash for crash scams can also be easily faltered with forward facing cameras and insurers have been quick to recognise this.
4 Young drivers – Many young driver claims happen at night so it’s a good idea to look closely at your policies for young drivers and restricted them to business use only. Also look into extra training for young drivers
5 Telematics – The business case for telematics in fleets alone is enough to consider, but many fleets don’t realise that it will also lower your insurance premiums. Much like cameras it can provide valuable information about crashes, but it can also be used to improve driver behaviour.
6 Combined insurances – speak to a broker about combining your public liability, employee liability and fleet insurance. Grouping all your insurances together can greatly improve the value for money on policies.
Reason #1 – One renewal date for all vehicles.
No more having to remember to renew each vehicle as and when they are due. Your broker will look after your renewal ensuring you get the most competitive rates, saving you time and hassle not to mention the extra stress. How simple does that make it?!
Reason #2 – Much less admin and only one contract and payment.
Let’s face it, paperwork is the worst part of any job so anything that can cut down on it must be a good thing. One contract and one payment means less time sorting through files and more time doing the things you want or need to do to grow your business.
Reason #3 – No Claims Bonus (NCB) can be carried across to the fleet policy.
So you’ve worked hard to protect your no claims bonus discount all this time and prevented accidents where possible, are rewarded for it when you renew? Well, have no fear, you can usually transfer across the NCB straight to your new fleet policy and reap the rewards of lower insurance premiums.
Reason #4 – Five+ vehicles will be VERY competitive.
If you have 3 or more vehicles individually insured, a fleet insurance policy could be a cheaper option. Fleet policies with five or more vehicles are nearly always cheaper than separately insuring vehicles.
Reason #5 – The bigger the vehicles (Vans or Trucks) the more competitive the premium.
Right now the insurance market is very competitive for fleets with vehicle classes of 3.5t and over. Our brokers have access to the leading fleet underwriters and are often able to secure better cover for a lower a premium.
Reason #6 – Fleet specialist account managers and importantly fleet specialist claims handling.
Individual insurance policies often don’t include the specialist services that fleet clients need, such as like for like replacement vehicles. With a fleet policy you’re in safe hands from the word go, with everyone from your broker, to the claims handling service being specialists in the needs of your fleet.
Reason #7 – Drivers can drive any vehicles.
Fleets always tell us that having the flexibility for any driver to drive any vehicle is one of the biggest perks to having fleet insurance. They are able to schedule their working days more efficiently without the worry of who’s insured to drive which vehicle or the hassle of amending policies.
Reason #8 – New vehicles added with no-NCB get the same fleet rate.
If your fleet is expanding, with a fleet policy you’ll be pleased to know that even though they won’t have earned any No Claims Bonus (NCB), they will still benefit from the same great rates as the rest of the fleet.
Now you know the benefits of a fleet policy, get a quote for one in just a few minutes!
Fleet operators are expecting to benefit from reduced claims costs and lower vehicle insurance premiums as reforms to the way whiplash injuries are reported come into force.
Vehicle tracking has instilled fear in the minds of drivers since its launch in the 1990’s. Terms such as big-brother, spying and mistrust are often used by drivers uncomfortable with the technology. Recent figures from the insurance industry however point to a change in perception with the uptake of vehicle policies linked to tracking up 64% since July 2012.
The negative perception of vehicle tracking is something we have covered many times previously and whilst the insurance sector is making headway, fleet vehicle tracking is still lagging behind. Market research estimates that less than 3% of fleet cars are currently being tracked.
A recent TrackCompare state of the market survey of 500 fleets reveals that privacy is still one of the biggest concerns and a major barrier to adoption. But in an age where so much of what we do as drivers is already tracked, are these fears outdated?
Tracking systems have been slow recognise this concern with very little development and innovation in this area over the last decade. The uptake of tracking related insurance shows that if drivers are comfortable with how their data will be used and the benefits of being tracked outweigh the negatives the barriers can be broken down.
Lloyd’s syndicates and specialist companies are meeting UK demand for electric-vehicle fleet insurance in the absence of the major insurers.
Road traffic accidents deliberately staged to claim whiplash compensation increased by more than half in 2013, according to Aviva.
Drivers are more likely to stay loyal to insurance companies offering telematics-linked policies, a survey has shown.