Insuring your business’s motor fleet is a no-brainer – but a lot goes into finding and managing the policy. However, if you develop a good strategy for managing this insurance, you’ll ensure you remain compliant, costs will be kept low, and your assets will be protected.
How do I choose the right motor fleet insurance?
When choosing the appropriate motor fleet insurance coverage, you’ll have to consider the risks associated with your fleet. Use any data you have available to your advantage, think about your surroundings, and speak to professionals to figure out what is best for your business.
How much does motor fleet insurance cost?
Costs with motor fleet insurance can vary greatly – it can differ on the size, type, and purpose of the fleet. It is a highly specialised form of insurance, so lots of information will need to be included to get the best policy.
The purpose of your fleet plays a huge role in the cost, service motor fleets will generally pay a lower premium than delivery motor fleets. This is due to delivery fleets needing extra protection for the goods they are transporting.
What does managing fleet insurance involve?
Acquiring your fleet insurance is only really half the battle. Once you’ve got this, you’ll want to regularly manage and reevaluate the policy you have.
Some forms of insurance policies look at your drivers under a single umbrella, they’ll cover anyone who operates one of the vehicles. However, many policies require you to be more specific and list each employee that is authorised to use the vehicles – therefore it is critical to keep on top of who is on the policy. You’ll need to remember to notify your insurance company of any changes.
Your policy may need to be renewed each year, or potentially sooner. It can be hard to keep track of this with all the management going on so make sure to set reminders.
How do I lower my motor fleet insurance?
If a renewal is coming up, you should take the take to go over your policy and figure out if you can lower your premium.
Most opportunities to lower your payments will involve safety and risk assessments – the insurance companies will prefer safer drivers! Providing proof of clean licenses etc will always help too. A fleet management system that keeps track of driving behaviour can also have a positive impact.