What is fleet insurance?
Fleet insurance allows companies to effectively manage all their vehicles and drivers under one policy. Cover typically starts at a minimum of 3 vehicles under mini fleet insurance and can be extended to insure a fleet of any size.
Vehicle insurance is a legal requirement to drive on UK roads. A minimum third party insurance is required to protect from an accident causing damage or injury.
What level of fleet insurance cover?
The three levels of cover available are the same as your personal car or van insurance. These can be mixed to meet your requirements for specific vehicles.
> Third party insurance
> Third party, fire & theft insurance
> Comprehensive insurance
Third party insurance is a form of self-insurance because if an accident occurs the insurance will only provide cover for damages to the third party.
Cost savings on fleet insurance can usually be achieved by purchasing third party insurance. However, consideration should be made to the loss of protection available.
Typically, a business will achieve greater value for money when opting for comprehensive cover. However, some businesses prefer to self-insure to minimise their insurance cost.
Named driver or any driver insurance?
One benefit of operating business fleet insurance is the ability to arrange cover on an any driver basis. This means any employee that meets your insurance requirements can operate any vehicle without having to update your insurer.
Any driver insurance can improve the flexibility of your operation knowing that any employee is able to drive any vehicle providing they have a valid drivers license. The cover offers useful protection should you forget to update your insurer, have temporary employees or a high turnover of staff.
However, cost savings can be achieved by operating your business fleet insurance on a named driver basis. Policies can be easily updated and managed to ensure you only purchase the cover you require.
As specialist fleet insurance brokers
, we can identify a variety of options available and tailor your quotes to meet your specific requirements.
How can you reduce your fleet insurance cost?
There are a number of ways you can potentially reduce your fleet insurance cost:
Fleet insurance brokers
Specialist insurance brokers have access to a wide range of insurers to identify the most appropriate solutions to meet your needs.
If you can demonstrate your commitment to operating a well-managed fleet, we can typically negotiate improved terms from insurers.
Limit the minimum age of drivers
Statistically young drivers can be twice as likely to have an accident and the number of drivers below the age of 20 and 25 will impact your premium.
Self-insure your fleet
By opting for third party insurance and increasing your voluntary excess you take more risk in the event of an accident or theft.
Also known as a black box, can assess each individual driver to see how safely they drive. GPS technology in the vehicle can assist to reduce your fleet insurance cost.
The use of dash cams can provide invaluable information for defending claims or swiftly settling at-fault claims. They are particularly useful against fraudulent vehicle claims.
Driver training courses
Advanced driving courses or a similar kind of formal assessment can provide insurers with additional comfort.
Maintaining records for damage and maintenance allows for an audit trail that encourages everybody to keep the vehicle in good condition.
Fleet insurance security such as CCTV, vehicle trackers, locked garages, immobilizers are just some of the ways to mitigate the theft of a vehicle.
Your fleet insurance broker
should identify a number of measures that can assist mitigate your risk, therefore reducing the number of annual claims.
Other factors that can impact your fleet insurance quotes will include the age, usage, condition and maintenance of your fleet. In addition, electric or hybrid vehicles can typically obtain discounts because they tend to incur less claims.
Should we consider telematics and cameras?
Telematics through the use of GPS tracking (identifying location, speed and distance of vehicles) can assist improving the safety and efficiency of your fleet.
Effective driver feedback through patterns in behavior can reduce claims and fleet insurance cost. Information can also be used to improve fuel consumption and reduce maintenance.
Whereas, dash cams can identify accident information reliably, which means if there is a dispute concerning the events, claims are settled quickly.
Dash cams are also proven to be effective against fraudulent fleet claims, which will assist in maintaining your claims history.
These technologies are becoming relatively inexpensive with a wide range of systems available. An article by QBE Insurance looks at how motor fleet is being disrupted by technology.
How does fleet insurance work?
It is important to take into account your fleet size and assess your frequency of use. Knowing this information will assist understanding your requirements.
There are a number of wholesale insurers that consider fleet car insurance, fleet van insurance, fleet haulage insurance or a mixture of all three.
It is worth considering that some insurers are only willing to insure drivers over the age of 25 with any driver policies.
As specialist fleet insurance brokers, we aim to reduce your insurance cost while increasing the flexibility of the policy to cover your requirements under one policy.
How many vehicles is fleet insurance best suited?
Mini fleet insurance policies will typically accommodate a minimum of three vehicles. However, greater cost savings will be achieved once the fleet increases in size.
For a business with less than five vehicles it is worth comparing fleet insurance quotes against multi-vehicle insurance available from direct insurers.
Business fleet insurance can make the administration easier, however you may not acheive cost savings, especially if you have no claims discounts already applied.
What business insurance can be purchased with fleet?
Some insurers will offer the following cover under a business fleet insurance policy:
Why use specialist fleet insurance brokers?
At get indemnity we are fleet insurance brokers with the knowledge and expertise to ensure you have the right cover to meet your needs.
Whether you require fleet car insurance, fleet van insurance or fleet haulage insurance. We have access to the wholesale insurance market to identify a range of solutions available.
Please complete our online application
to obtain your fleet insurance quotes. If you require additional business insurance
, we have a range of products available via our online platform.
Additional FAQ resources
is an online service that lets you check the Motor Insurance Database for the status of your vehicles insurance.
offers a range of services to keep you informed of relevant compliance issues and manage your drivers, fleet, costs and risks.
offers a number of online tools that can assist your company run effective and efficient business fleets.
The UK Government
offers advice concerning vehicle insurance via their website. In addition the Health and Safety Executive
offers advice on road safety.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.