There are a multitude of insurers and insurance brokers to choose from when you’re looking for Fleet Insurance. How do you, as a business owner, know which provider or broker to go with? While there are a lot of options out there, when you know what to look for, the selection process becomes easier.
What to Look for When Comparing Fleet Insurance Quotes
Fleet Insurance is a type of cover specifically designed for businesses that operate multiple vehicles. It allows a company to insure all its vehicles under one policy, simplifying the administration and potentially reducing costs. However, when comparing Fleet Insurance quotes, several key factors need to be considered to ensure you are not only getting the best deal but also the right level of coverage for your business. Here are the most important things to look out for when comparing quotes:
Coverage Options
Fleet Insurance policies vary significantly in terms of what is covered. The primary options available are:
Comprehensive Cover
The most extensive level of cover, it includes third-party liabilities, fire, theft, and accidental damage to your own vehicles.
Third-Party, Fire, and Theft
This policy offers all the benefits of third-party insurance, with the added protection for your fleet in the event of fire damage or theft.
Third-Party Only
This is the minimum level of cover required by law. It protects you against damages caused to other people or their property but does not cover your own vehicles.
When comparing quotes, ensure that the coverage level is the same so you can make a fair comparison. It is essential to match the cover to the needs of your business, taking into account the types of vehicles in your fleet and how they are used.
Types of Vehicles Covered
Different insurers may have varying criteria for the types of vehicles they are willing to insure under a fleet policy. Common types of vehicles include vans, trucks, and specialist vehicles like plant machinery. It is crucial to confirm with each insurance broker that all the vehicles in your fleet can be included in the policy. Additionally, check whether there are any restrictions on vehicle age or size. Some insurers may impose higher premiums for older vehicles or exclude certain categories, such as electric vehicles or those with modifications, and an experienced broker can advise on this.
Driver Coverage
Another important consideration is who will be driving the vehicles. Fleet Insurance policies typically offer one of three types of driver cover:
- Any Driver Policies: This allows any authorised employee to drive the vehicles, which is highly flexible for businesses with a large or rotating staff.
- Named Driver Policies: This is more restrictive, only covering specifically named drivers. While it can be cheaper, it lacks the flexibility of an “any driver” policy.
- Driver Age Restrictions: Some policies may include restrictions such as only covering drivers over a certain age, typically 25. If you employ younger drivers, ensure they are covered, as policies covering younger drivers may be more expensive.
Claims experience can play a significant role in potentially reducing fleet insurance costs. When comparing quotes, check how each insurer handles your claims history for fleet policies. Some insurers may offer reduced premium costs, while others allow each vehicle to accumulate its own discount.
Policy Excess
Policy excess refers to the amount your business would have to pay out of pocket if you make a claim. When comparing fleet insurance quotes, you may find that some policies have lower premiums but higher excesses. It’s important to carefully assess the balance between the two. A higher excess might result in cheaper premiums, but it could become a financial burden if you need to make multiple claims in a year. Look for a policy with an excess level that aligns with your business’s risk appetite and financial situation.
Additional Features and Benefits
Many fleet insurance policies offer additional features and benefits, some of which may be included as standard, while others may come at an extra cost. These can include:
- Breakdown Cover: Having breakdown cover included can be a valuable asset for a fleet, particularly for businesses that rely on timely deliveries or services.
- Courtesy Vehicles: Some insurers provide courtesy vehicles while your fleet vehicles are being repaired following an accident.
- Windscreen Cover: Comprehensive policies may include windscreen cover, which is beneficial as windscreen damage is a common occurrence for fleet vehicles.
- European Cover: If your fleet operates internationally, check if the policy covers driving in Europe and any associated costs.
Telematics and Tracking Options
Many modern fleet insurance policies offer the option to install telematics devices in vehicles. These devices track driving behaviour, which provide useful data to help reduce fuel consumption and improve fleet efficiency. If you are open to using telematics, ask insurers about discounts or incentives available for businesses that use this technology.
Policy Flexibility
As your business grows or changes, your Fleet Insurance policy will need to adapt. We offer flexible policies that allow you to add or remove vehicles mid-term. We suggest that the policy you choose provides flexibility to scale with your business, whether you’re expanding your fleet or reducing it.
Premium Payment Options
Consider the payment options available for your fleet insurance. Many insurance brokers offer the choice of paying premiums annually or monthly. While paying annually can sometimes save you money, monthly payments may be more manageable for your cash flow.
Claims Handling and Support
The quality of an insurer’s claims handling can make a significant difference to your business, especially if your fleet is large or involved in regular transport operations. Look for an insurance broker that offers an efficient claims service and provides dedicated account managers for fleet claims. It can also be helpful to read reviews or ask about the insurer’s reputation for resolving claims quickly and fairly. An insurer that is known for slow or complicated claims processes could result in downtime for your vehicles, affecting your business operations.
At RHAIS, our in-house claims team takes a client-focused approach to claims handling. From the first notification of a claim to the final settlement, our claims experts provide constant support and expertise throughout the whole process.
When comparing fleet insurance quotes, it’s vital to look beyond the headline price and consider factors such as coverage options, vehicle and driver eligibility, policy excess, additional features, claims handling, and flexibility. By thoroughly evaluating these aspects, you can ensure that your fleet is protected at the level it needs to be. Matching the right policy to your business’s specific needs will help reduce risks and ensure smooth operations over the long term.
Why choose us?
We are the chosen insurance partner for Road Haulage Association (RHA) members, which means we’re trusted to deliver effective and accurate insurance to haulage and logistics companies across the UK.
RHA members also get member benefits which are as follows:
– Free RHA motor legal expenses
– Flexible payment plans
– In-house claims service
– Full access to haulage insurance specialists
– Access to a wide panel of A-rated insurers
For a complimentary and impartial review of your current insurance arrangements, get in touch with our team today.
Call: 0203 960 2944
Email: enquiries@rhainsuranceservices.uk.net
