How To Keep The Premiums Low On Your Fleet Insurance

Fleet insurance is a great idea if you have a number of vehicles that run on a day-to-day basis in order to keep your business running. This kind of insurance is ideal for car rental agencies or delivery businesses. Saying this, it can also be useful for a local authority that utilises vehicles regularly to pick up and drop off children or elderly residents.

Fleet insurance saves you the hassle of maintaining separate paperwork and cuts down on the time to keep a track of their renewal. It is also cost effective when compared to insuring each vehicle separately. Over the years, this type of cover has gone up considerably and at time businesses are keeping their overheads low, this insurance can eat up a sizable amount of your costs. It makes sense to focus on your fleet insurance and identify areas for improvement.

Although fleet insurance is a more economical and a sensible way of managing cover for your vehicles, there are still ways and means of keeping the premiums down.

Get your risk management in place: Work with your insurer to get the most out of the policy and have an action plan in case of accidents and retraining programmes for employees.

Keep track of young drivers: These drivers are twice more likely than anyone else to be involved in accidents causing severe injuries and making claims on the policy. It might be worth monitoring their use of your cars at night since records show that most accidents involving young drivers occur at night. Also having procedures in place for training young drivers can prove to be beneficial in the long run.

All in one: Often combining insurances such as liability insurance, employee insurance and fleet insurance can save you substantial amounts of money.

Review and then renew: If you don't keep an eye on your policy, you might end up having unnecessary add-ons. For instance you don't need windscreen cover if it works out cheaper to have this replaced privately in the event of an accident. Also renew in good time so that you know exactly what you are getting for your money and if you can get a better deal elsewhere.

Self-insure: Many companies have only third-party protection and raised excess on their policies; this can save you on your premium too.

Provide good vehicle security: For instance if you have trackers in your vehicles, it can be really useful to locate your vehicle in case of theft. This in turn can bring down your premium on your fleet insurance and get you a good quote.

Insurance Broker

Also, by using the services of a broker, they can advise you on how to keep your premiums low on your fleet insurance policy. This can help you to save substantial amounts of money in the long run, as a broker with years of experience and knowledge will know the 'tricks of the trade' and make sure that you are only paying out for the cover that you require.

Any information included in this article is the opinion of the writer and not affiliated with any third party.

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