What Is Fleet Insurance And What Does It Cover?
Fleet Insurance is designed for businesses with multiple vehicles, to have them all on one policy. Whether they are cars, vans, minibuses, trucks, taxis or HGVs, there are 3 levels of cover to choose from:-
Third Party, Fire & Theft
Third Party Only
Generally these policies are flat rated per vehicle so you do not need to be concerned at managing individual no claims discounts. You can also choose to have a policy covering Any Driver to drive any vehicle, or fixed to Named Drivers for specific vehicles.
Fleet Insurance Explained
Fleet insurance can be taken out if you have 2 or more vehicles. Insurers prefer to see a trading history and claims record so many new vehicles that request a fleet policy are No Claims Bonus policy conversations. It can make managing and keeping track of your fleet much easier as they are all combined on to one policy with one renewal date. A fleet could consist of company cars, vans, motorbikes, taxis, HGVs, LGVs or a mixture of them all.
One of the main advantages of some types of Fleet insurance is the fact that you could potentially have anyone who holds a valid UK licence within your company, and who meets the relevant insurance criteria (based on age, driving history, convictions etc) just jump in and drive without the hassle of having to ring through to the insurer to check details and add them on to the policy. There are three different levels of cover within a Fleet insurance policy; Comprehensive cover will give you the most protection on your vehicles, covering any damage caused to your own or third party vehicles or property as a result of an accident, whether it be fault or non-fault. It is also the most expensive of the three due to the increased level of protection. The middle level of cover is Third Party, Fire & Theft which covers all third party vehicles or property against any damage, whilst covering your own vehicles against damage from theft or fire only.
The most basic level of cover is Third Party Only, which offers no protection for your own vehicles, but will cover claims made against you for damages by any third parties. There are also different driving restrictions you can choose when setting up a policy; you could set your policy to Any Driver, meaning that anyone with a valid UK driving licence can drive any of your vehicles stated on the policy; or you can specify Named Drivers for each vehicle instead, which will be the cheaper of the two options.
There are a number of ways in which you could reduce the cost of your Fleet insurance, one of these is to limit the age of the people able to drive it. Taking young drivers out of the equation for example and setting a minimum age of 23 would help drive down the price. You could also increase the voluntary excess on your policy and ensure that all vehicles have a good level of security.
Here are a few points just to recap what Fleet insurance can cover:
Three Or More Vehicles
Cars, Vans & Motorbikes
HGVs, LGVs Or Mixed
Third Party, Fire & Theft
Third Party Only Cover
Easy To Manage
All On One Policy
To find out more please. Intact one of our consultants on 01245 449060 who will be happy to help.