Many a small to medium sized enterprise relies on a fleet of cars, vans and trucks to run the business. The fleet might be small – no more than three or more vehicles, let’s say – but fleet insurance cover may still offer the chance of saving money on your vehicle insurance.
Saving money on your fleet insurance cover may have become more important than ever:
- the cost of insurance premiums for cars and vans – commonly used for your business fleet, of course – has risen by around 13% during the past 12 months, says a report in the Guardian newspaper on the 20th of September 2016; and
- with effect from the 1st of October 2016, the rate of insurance premium tax rose from 9.5% to 10% on every type of policy bought.
- probably your number one money-saving tip is to ask us at Alan Blunden Fleet Insurance for a quote on cover for the whole of your vehicle fleet;
- there is money to be saved in numbers – the more vehicles you include under the same policy, the lower the effective price of premiums for each vehicle;
- a fleet insurance policy has just one renewal date for the insurance of every vehicle in your fleet – thus saving you the administrative time, effort and money in trying to monitor a host of different renewal dates throughout the year when vehicles are singly and separately insured;
- to make the most of the savings that may be achieved through fleet insurance – rather than cover for each vehicle separately – you might want to consult the experts in the provision of this type of insurance;
- when setting up your fleet insurance cover, make sure that full account is taken of any no claims discounts you are likely to have built up with previous insurers of individual vehicles;
- ensure, too, that you have chosen the appropriate level of cover for the vehicles in your fleet – third party, third party, fire and theft or comprehensive insurance – remembering that the lowest level of cover is not always going to be the cheapest;
- just as with regular forms of motor insurance, fleet insurance comes in many different packages, from a range of different insurers – elements of cover may differ one from another and it is important to establish just what risks are covered as standard and what you might be prepared to forego, in order to avoid paying for cover that you might not actually need;
- if you employ a regular team of drivers, or the same members of staff are likely to be driving the same vehicles on a regular basis, make certain that they are named as drivers on the fleet insurance policy – discounts on premiums are widely available if you restrict use to named drivers only;
- as a final way of saving money on the premiums themselves, you might want to consider taking on a greater share of the risks by agreeing to a higher voluntary excess – but remember that the additional excess needs to be paid in the event of a claim on your fleet insurance cover.
With the increasing costs of essential insurance for the vehicles your business needs, it is good to know that fleet insurance cover still offers the chance of saving money.