When a company has 3 or more commercial vehicles in use, it often makes sense to take out Fleet Insurance. This policy is designed to cover multiple vehicles and can be a much more cost-effective way to insure your commercial cars, vans and even the plant vehicles you use on your construction sites. To be included on a combined fleet insurance policy, all vehicles must be registered under the same company.
There are several benefits to taking out a Fleet Insurance policy, including:
- Cheaper premiums – taking out a policy for multiple vehicles works out cheaper than insuring each one individually.
- One policy - all your vehicles, no matter the type (car, van, plant etc) will be condensed into one policy, rather than having to take out individual policies for each vehicle.
- One policy means one renewal date – having all of your company vehicles on one policy means that you only have one renewal to deal with each year, saving you time and admin.
- Peace of mind - should one of your vehicles be involved in an accident, you can choose to spread the cost of the claim across all vehicles. This can help keep your premium lower.
- You can insure up to 500 vehicles.
Fleet Insurance can cover for loss or damage by accident, fire, lightening, malicious damage, liability against your own Third-Party vehicles and for property as a result of an accident. As with privately owned vehicles, there are 3 types of insurance:
Third party only – this is the cheapest fleet insurance policy and has minimal legal cover. You will only be covered for third party damage to another driver and/or their vehicle. This policy does not pay out for damage to your own vehicles and drivers. In the event of an accident, you would be responsible for any repairs to your own vehicle.
Third party, Fire & Theft - this policy offers you a higher level of protection than just third party alone. In addition to the above, you will be able to make a claim if a vehicle in your fleet is stolen or sustains damage as a result of a fire.
Fully Comprehensive – the most expensive policy of the three but the one that covers you for all aspects and gives you extra peace of mind. This policy includes all of the above but with the addition that you, your drivers and your vehicles, are protected against theft, fire and third-party damage.
There are a number of aspects you might want to consider when taking out your policy, such as whether you want to name individual drivers or to have an all-driver policy. Naming individual drivers can bring the price of the policy down. However, you must ensure that you notify your insurer as and when you take on new employees, otherwise they won’t be covered.
If you don’t already have fleet insurance, you will need to provide proof of a minimum of 2 years NCD (No Claims Discount) for each vehicle, to make your quote worthwhile. If you do already have insurance, then you need to supply an updated CCE (Certified Claim Experience) form, from your current insurer. Other aspects to consider are having drivers under the age of 25, or drivers with previous convictions, as these can both increase the premium.
Call our team today on 01353 652760 to find out how we can tailor a policy to suit your particular needs, or click here to find out more about the policies we offer.