As everyone connected to the fleet industry knows, the last couple of years have seen the costs of running fleets rise sharply. Fleet insurance quotes have risen thanks to rises in insurance premium tax (IPT) and the government messing with the Ogden Rate. Fuel prices – especially for diesel – have hit record highs thanks to rises in fuel duty and trouble in the Middle East. To top it all off, vehicle excise duty (VED) has soared on diesels as the drive for clean air makes them public enemy number one.
To help offset some of these rises, here is Quick Fleet Insurance's insider's guide to saving on your fleet cover. Of course, if you want to save time as well as money on your policy, then call the team now on 01869 389 421 or click here to start your money saving quote.
While we understand that you have a million and one things to do other than shopping around for insurance deals, doing so can make a massive difference to your premiums. In the difficult market in which we find ourselves, prices can vary wildly so it's well worth making the effort. Better still let your friendly broker do the shopping around for you. Someone like us, with our contacts at the big insurers, can not only save you time but can access policies that aren't available to the public.
The longer you give yourself, the better chance you have of getting a good deal either from your existing provider or a new one. Calling last thing on a Friday afternoon looking for a policy that kicks in on Monday (which happens a lot, believe me!) is only going to cost you. Start early, look at your policy and your needs carefully and you'll be in good position to cut your costs.
Know the one thing that's guaranteed to put your premiums up? Claims. Investing in driver training will help lower your number of claims and will also reduce repair costs and costs associated with your vehicles being off the road.
Telematics are increasingly being viewed favourably by insurers and can cut quotes down. Studies have shown that when a driver knows their driving is being constantly monitored they tend to take fewer risks and are involved in fewer incidents. Being able to offer data on performance can help reassure insurers – particularly when it comes to young and older drivers. Once upon a time, telematics systems were expensive and were only really an option for big fleets running dozens of vehicles. These days you get one for around £20 per month per vehicle, so even firms with mini or family fleets can use them.
Young drivers – anyone under 25 – and older drivers – anyone over 65 – will tend to push your costs up. When getting a quote give serious consideration to who really needs to be on the policy. If you need to have younger drivers then having caveats such as them only being able to drive while accompanied, limiting their mileage, not allowing them to drive after dark and having a telematic device fitted can all make a difference.
Any driver policies are great; they allow you maximum flexibility and you don't have to worry about whose driving your cars, vans, forklifts or plant, depending on the make-up of your fleet. They are, however, more expensive. So, if you're looking to cut your fleet premium then consider a named driver policy.
Raising your excess – the amount you pay in the event of a claim – can reduce the price of a policy, and if you have a good no-claims record then this is a great way to save.
Security levels on modern vehicles is pretty good these days but you can still do more with the addition of hidden vehicle GPS trackers. For older vehicles you can add immobilisers, trackers and – on vans and lorries – extra locks on loading doors. No matter what age or type of vehicles you have, keeping them securely stored – either in a well-lit compound, garages or secure area – can also make a difference.
Also known as 'self-insurance', having only third-party cover will significantly reduce your cover cost and is something that some large fleets – IBM for example – have done in the past. To make this work you need to have drivers with a good track record as it can otherwise quickly become expensive.
If your drivers are involved in an incident where injuries are concerned, then make sure they report it immediately. The longer they leave the costlier the cost of treatment will be. In non-injury cases, third-parties can be given expensive hire vehicles which are then charged back to your insurer, so the sooner you claim, the more control insurers have over these costs.
If you'd like to know more, then please feel free to get in touch by calling the Quick Fleet Insurance team on 01869 389 421. They'll be happy to help you get the cover you need regardless of whether you need to insure a 2-vehicle car fleet, a 200-vehilce mixed fleet or even a special types fleet. Whatever you need, we can offer you a cheap fleet insurance quote by clicking here now.
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