What is motor fleet insurance?
Whereas the conventional way of arranging motor insurance might be to buy the cover you need for each vehicle your company owns and operates, fleet insurance incorporates all the insurance needs of each vehicle under a single policy.
What are the benefits of business fleet insurance?
When you are buying any goods or services, you might generally expect a discount for the purchase of multiple items at the same time. This holds just as good for vehicle fleet insurance, where insurers are eager to offer a vehicle by vehicle discount the more of them you are looking to insure.
A major benefit of fleet insurance is the almost certain reduction in your overall motor insurance costs.
Is there any additional benefit?
Not only does fleet insurance give you the chance of enjoying a reduction in the unit cost of insuring each vehicle, but it also brings further potential savings in your administrative, overhead expenses.
If you have separate insurance policies for each of your vehicles, it is practically certain that each one is going to have a different renewal date. Because of the importance of keeping all your vehicles legally and adequately insured, this means constant monitoring of the calendar so that no renewal date is missed.
If you purchase fleet insurance, there is only a single renewal date. Close monitoring of numerous different renewal dates becomes a thing of the past and you are able to use valuable time, money and effort on other aspects of your business.
Can different types of vehicle be included in the same fleet insurance policy?
Many businesses are likely to operate a range of different vehicles – some for transporting goods and supplies, for example, and others as the means of transport for members of staff at work, or even in the use of their own private cars.
Many fleet insurance policies allow a combination of any number of different vehicles – from HGVs to private motor cars, for example – all of which may be included under the same fleet policy.
Do I continue to earn a no claims discount on my motor fleet insurance?
Because a fleet insurance is one policy covering a number of vehicles, no claims bonuses do not apply to the individual vehicles. Instead the premiums are calculated based upon the number of claims of the policy itself rather than claims on individual vehicles.
Do excesses continue to apply?
You are almost certain to find a compulsory excess incorporated into any claim you make on your vehicle fleet insurance.
By the same token, you might choose to accept an additional voluntary excess in return for a discounted premium.
Further questions? Then please call us on 01702 826060.