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Guide To Cheap Fleet Insurance 

By Eamonn Turley
Eamonn Turley Insurance Expert

Eamonn Turley has a wealth of experience within different insurance sectors. Through hard work and over time, he has gained expertise in digital marketing and user interface design. Elements that are crucial to any successful online business. The key aim is to develop websites that are intuitive, fast to load and provide insurance quotes tailored to your needs.

Expertise: Digital Marketing, Insurance, Home Insurance, Vehicle Insurance, UI Design
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July 2023

Do you need an insurance policy for multiple vehicles? Have you considered fleet insurance? Covering all your vehicles under one policy has the potential to save you money over the traditional one car, one policy route. Cover is available for all vehicle types including cars, minibuses, trucks and vans. 

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Table of Contents

Multi Quote Time works in partnership with QuoteZone who provide a simple form which once completed is submitted to a specialist panel of insurance providers. Complete one simple form which is submitted to a specialist panel of brokers. The panel can provide motor fleet insurance quotes for all fleet sizes, from 2 vehicle fleet insurance to a large taxi fleet. The panel specialise in providing quotes for UK fleet insurance and can easily tailor polices to your exact requirements. Getting multiple quotes is an important step to finding cheaper fleet insurance, complete one form to start comparing offers.

How Much Does a Fleet Insurance Policy Cost?

The cost of fleet motor insurance policies will vary, as final cost is dependent on your requirements plus the insurance provider. For example, the number of motor vehicles will be a key determining factor in arriving at a final premium cost.  Beyond the number of motor fleet vehicles, other key factors include what the vehicles are to be used for, the value of the vehicles and the history of previous fleet insurance claims. 

What is Covered in a Fleet Policy? 

A fleet insurance policy is a policy that is geared at covering more than one vehicle, normally 3 or more vehicles. Most fleet insurance policies provide comprehensive insurance that will provide a cover even if the drive is at fault.  Third party fire and theft is also available, but will only provide cover to third parties, leaving you to cover your own costs should the fleet driver be responsible, or the other party is driving without insurance.  Our guide will help explain how a fleet insurance policy works and how you can save money on fleet insurance.

Fully comprehensive fleet insurance provides cover for your vehicles and their drivers if a vehicle is stolen or involved in an accident. It will also cover the cost of damage to other cars when one of your vehicles is involved in an accident and your driver was at fault.

What Affects the Price of Business Fleet Insurance Cost?

The main factors that determine the cost are as follows :

  • Vehicle : The type and purchase price of the vehicles. 
  • Annual Mileage : This is dependent on fleet use, but the more the motors are on the road in transit, the higher the premium. 
  • Driver age: The risk profile is reflected in the driver's age. Young driver are statistically higher risk
  • Driver History :  Drivers with  a good no claims history are less risk and will help reduce your overall insurance premium. However, drivers with a poor driving history will inflate your final premium. Choose your drivers carefully. Providing additional training will reduce claims and is a good long term strategy for getting cheaper quotes. 
  • Named Driver or Any Driver : Any driver fleet insurance provides flexibility in usage, but comes at a higher premium. 
  • Fleet Usage : How the fleet is deployed is a big factor, the most common categories are highlighted in the following section.

Types of Fleet Insurance Based on Usage 

Business fleet Use

Usage can vary widely. The most common is a business fleet. The car can be provided to those that need it to conduct business, for example sales staff or engineers. In general, this type of perk is also provided to middle and higher management. In many businesses, a company fleet car to be part of the remuneration package for all staff.

Courier fleet use

The boom in online shopping has created a demand for courier drivers to delivery goods bought online. Delivery drivers are on the road constantly delivering in all types of weather and often within time constraints. This makes this category of courier fleet insurance higher risk than a typical business fleet. The risk is built into the final premium, which will be higher than standard business use.

Taxi or Private Hire Use 

For similar reasons to courier drivers, taxi fleet insurance will attract higher premiums to cover the increased risk. This insurance product is often referred to as hire and reward insurance and covers private hire insurance and standard taxi insurance. 

Haulage Use

Haulage fleets consist of trucks or HGV’s of all sizes. All trucks are expensive to buy and the costs of commercial HGV fleet insurance is high as it combines the road risk with high replacement and maintenance costs.

Self Drive Hire

If you have a fleet of vehicles that you hire out to the public, who can apply for self drive hire insurance. This type of cover is suitable for those that hire out vans, cars, bikes or campervans or even plant machinery in return for reward. 

Service and Workman Use

Most service industries make use of the extra storage space for tools and Equipment provide by a van. Van come in all sizes so dependent on the type of service provided, you may need to cover for micro vans or large panel vans or small 3.5 Ton trucks. Cover in the form of multiple van insurance is available and can also include a mix of vehicles (cars, vans and trucks).

Possible Advantages of A Fleet Policy 

  • Easier to manage : If you have all your vehicles under one policy with one renewal date, insurance renewal will be a one off annual task. If you have one policy per car, then you will need to perform the same task multiple times at each renewal date.
  • Possible cheaper premiums: Fleet cover should be considerable cheaper, but you should always compare the costs of individual polices against a group policy.
  • Any driver : You can opt for an any driver option, which can give you more flexibility and possible an advantage over your rivals. Any driver fleet polices can be arranged with constraints to make them more affordable. Example, an any fleet insurance policy that is only for drivers that are over 25 and have held a licence for 3 years. Higher risk or younger drivers can be added, but must be named drivers. With an any driver policy, you will not have to waste time figuring who can drive which vehicle and is especially convenient when employees come and go..
  • Most fleet insurance companies offer a discount on additional vehicles that you subsequently add to your fleet policy. So if you are starting off as a new venture, you will be able to add additional vehicles as your business grows and also receive a discount.

Possible Disadvantages of a Fleet Policy

  • If the fleet is small, say 2 or 3 vehicles, it may work out cheaper to take out separate insurance policies. The likelihood of separate polices working out cheaper will reduce as the number of fleet vehicles increase.
  • Loss of NCD (no claims discount). Traditional no claims discounts do not apply to business fleet policies, instead a claims experience report is maintained. If good, this will lead to a better deal. The inability to apply no claims discounts may have a bearing on smaller fleets and is the reason to always get comparative quotes for a fleet policy versus individual policies.  

What Optional Extras Can I Add to my Fleet Vehicle Insurance Policy? 

motor fleet

Breakdown Cover : Additional cover options can be added if required. Most fleet manages will want to include  business fleet breakdown cover to get their vehicle bask on the road and earning money quickly. With  breakdown cover you should, you can include within your existing cover or take cover out with a separate specialist provider of breakdown cover. Best to get comparative business breakdown cover quotes and then make your decision.

Uninsured Loss Recovery : The headline in MIB the motor insurance database reads: "Police seize the UK’s 2 millionth uninsured vehicle" that is as of Feb 2020, so that figure is well surpassed by now. The article goes on to state that in the UK every 10 mins, someone is hurt by an uninsured motorist. These motorists have little respect for the laws of the highway and if you or your employees are involved in an accident caused by an uninsured driver you have two options. One option is to claim through your fleet broker, but this is only possible if you have comprehensive insurance. The other option is to claim from the MIB.

Claiming from your insurance broker could have negative impact on your no-claims bonus. This may seem unfair, the good news is that now  some insurers that include AA and Direct line  give an 'uninsured driver promise'.  Which means if you do claim for an accident that was not your fault because the driver was uninsured, your no-claims bonus  will be protected.

Options Against Losing No Claims Bonus

  • Claim from your fleet broker if you have comprehensive cover and a clause to cover uninsured claims 
  • Claim from the MIB.
  • Add uninsured motorist protection to your cover if not already included.

Courtesy or replacement car : Hiring a replacement car for an extended period can work out expensive. In addition, you have the vehicle hire excess to worry about, unless you take out additional hire insurance at extra cost. 

Compare Fleet Insurance Now 

To get a motor fleet insurance quotes that can then be tailored to your needs from a panel of expert providers, simply click or tap the blue the button below.

Fleet Insurance FAQ's

How many vehicles can be listed under a motor fleet insurance policy?

For most insurance firms, the minimum number of vehicles that need to be included in this type of policy is five, but the panel can provide fleet insurance for 2 or more vehicles.

Do all the policies have to be the same?

With a motor fleet policy, all vehicles under it can have their own individual policy and level of protection. While they all can be at the same level of protection, it is not a requirement. Insurance options do exist for smaller fleets and cover is available for 2 cars under a mini fleet insurance policy.

Is a policy based on fleet usage possible?

A new model of pricing fleet insurance is based in usage.  UBI ( Usage-based-insurance) is based on the miles covered and the driving habits of the drivers. Insure tech companies are disrupting the tradition one price fits all model and usage based fleet insurance is set to grow as fleet managers realise that the flexibility it offers can save them money. The model is becoming the preferred solution for self hire drive fleet managers, meaning that they only pay insurance when vehicles are hired out.

What levels of business fleet cover are available?

  • TPO : Third party only cover is the legal minimum by law. The cover extends only to the third party, providing cover for damage or injury to the third party only.
  • TPFT : Third party with fire and theft provides TPO protection plus cover if your vehicle is stolen or damaged by fire.
  • Comprehensive : Provides TPFT and additionally will cover cost for damage or replacement if a fleet vehicle is involved in a road accident or another insured events. 

Is it cheaper to get fleet insurance?

Fleet cover is designed to work out cheaper than insuring your vehicles under separate polices, and you will have the added benefit of less administration. Alway compare both options before making your final choice, as sometimes the traditional route can turn out to be the cheapest option.

Named vs Any Driver Fleet Insurance, which is best?

Any driver will give greater flexibility in ensuring your fleet is used optimally. Any driver fleet insurance will be higher than named driver only, but the fleet manger should decide which is the most cost effective overall. The good news is that fleet brokers can provide mixed policies. So if you do have high risk drivers (young or with a history of claim) they can be excluded from the "any driver policy" and insured under a separate named driver only policy.

Do you need a business for fleet insurance?

Yes, you will need a registered business with two or more company owned vehicles to be eligible for business fleet insurance.

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