Motor Fleet – 8 tips to keep your insurance cost down

Our specialist transportation division is able to provide our clients with exclusive discounts often not available in the open market and our integrated IT system ensures you benefit from instant quotes and immediate cover.

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Arrangements can be made to place non-standard business such as the carriage of hazardous goods, tankers and refrigerated vehicles. Cover extensions can also be included such as drivers' personal effects, uninsured loss recovery and driver prosecution defence costs.

But are there ways to reduce your insurance costs without ruining your cover?

The Drivers

To begin with, where possible, only add drivers to the policy who have a clean driving license or an only minor conviction like speeding. If someone has a previous drink driving conviction or something serious it could mean a significant increase in your premium.

Similarly, look at the age of your drivers. Younger drivers will increase the premium as they are seen as less experienced and therefore a greater risk. Some policies will even have a minimum age for drivers and if anyone is under this age, the policy is void. Even if they are able to be added to the policy, watch the excess as this might increase.

The Vehicles

While it might sound strange, by choosing a popular make of vehicle you can actually keep the cost of your insurance down. This is because insurers look at the cost and ease of finding replacement parts as a factor in rating different vehicles. So, by opting for a more common vehicle, the parts will be easier to find and often cheaper than a rare vehicle with few models in use across the country. Make sure the vehicle has the best anti-theft devices and ask your insurer if installing any additional security might reduce your premium. The safer a vehicle is, the lower it is to insure and there’s the added benefit that it is less likely to be stolen.

Where you keep the vehicle and the security at the location can also play a part in reducing premiums. Off-road parking in a secure lot or building can be much better for your insurance than on-street or public parking. And like the security measures, it can also reduce the change of damage or theft of the vehicle.

The Cover

Depending on how many vehicles you have it might be best to opt for a fleet policy. This can reduce the cost of premiums and often administrations charges, too, as you are paying for one policy rather than a number of them.

Think hard before making a claim as your no claims discount is a big reduction on your policy. If the claim is for a small amount, it is often worth paying for the damage yourself rather than making a claim. Any claims will have an excess and most will reduce NCD or affect any protection you have.

Check the cover you have and ensure you require all of it. If you are paying for a European extension, for example, but almost never go to Europe, then take this off the policy and only add it if you do need to take any of the vehicles onto the continent.

Any questions? Please don’t hesitate to contact one of our team.

Simon.horton@ascendbroking.co.uk  |  Office: 01245 449060