Fleet Insurance Considerations
In the world of insurance, there has never been more choice than there is right now…
This has its advantages and disadvantages whatever type of insurance you’re looking for, but when you need the knowledge at your fingertips to make a decision, there’s also too much information available.
For fleet managers looking to insure their fleet of vehicles, the problem is exactly the same, which is why at GMI Insurance, we’ve tried to simplify the information that’s out there for you.
So, what things do you need to consider when looking for fleet insurance?
Firstly, it’s important to note just how important finding the right fleet insurance is. It’s enough of a responsibility to insure just one private car properly, and that responsibility is multiplied with each vehicle, each driver and each set of circumstances or potential risks associated with every single journey.
It’s a massive responsibility, but it can be done.
It’s not all daunting and scary though, and amongst the most pleasing benefits you’ll find with taking out fleet insurance is that it can save you money, when compared to insuring each vehicle individually, not to mention the reduction in paperwork and documentation.
There’s a saying in insurance that the ‘cheapest option is rarely the best option’ though, and so price alone shouldn’t be your only consideration.
Fleet insurance is designed so that it can be tailored to the needs of any business, and so before you go looking, make sure you know what those needs are.
What your fleet will be doing on a daily basis, how busy it will be, where it will be going, how frequently it will be used by different drivers – there’s a lot to think about, but getting it all clear in your head will set you up to find the right type of insurance for you and your fleet.
Now, on to those main considerations…
Cost
The type of vehicles in your fleet makes a difference to this, as does the purpose and size. It’s a pretty niche insurance market, in that no two cases are ever likely to be the same, but the advantage of this is that you can work with your broker to find a bespoke arrangement for your business. As mentioned, the purpose of your fleet is crucial when determining the cost. Delivery fleets can be more costly to insure due to the fact that they are carrying goods. It might sound simple and self explanatory when put like that, but it’s evidence of how much thinking is involved for the right cover to be found. It’s not just what’s inside the van or car either, as the size of the vehicle affects the cost too. Usually, the larger the vehicle, the higher the cost.
Risk
Risk Assessments are vital tools when looking for fleet insurance, and the more details you’re able to provide to insurers about the risk involved with your fleet, the more accurate your quotes and subsequent insurance cover will be.
Your Drivers
The problem with vehicles is often that they have to be driven by real people! Insurance would be a lot easier to work out if we were just talking about the reliability of the machines we drive. With human drivers, there are so many variables, and these all need to be considered when looking for the right kind of fleet insurance. Some insures may change their cover and costs for things like driver ages, or whether or not there are any driving related offences on their records. You have to know your fleet, but you also have to know your team.
Security
Just as you would with any kind of private vehicle insurance, it’s essential to give full and accurate information about where your fleet will be kept, both when it’s in use and when it’s non operational. Do you have a large garage or safe and secure lock up? It’s all important information and will make a difference to the policy (as well as to the cost…)
Discounts Available
Again, just as with private vehicle insurance, there are discounts to be had with the installation of devices like black boxes and dash cams. Investing in the technology to aid your drivers and other road users’ safety could also be a pretty shrewd move financially. Looking for discounts when taking out such an important policy is probably not going to be the main consideration, but every little definitely helps. In any case, this is about the safety and accountability of your drivers, as much as it is about the discount itself, so it’s potentially a ‘win, win’ kind of consideration.
As we said, we’ve brought all the considerations to your attention, potentially saving you hours of searching and scrolling.
So, armed with all this information, is it time to renew your fleet insurance?
If so, GMI Insurance are ready to listen and understand exactly what you need from your policy.
