Most drivers are familiar with no claims bonus and how it impacts the cost of your ongoing car insurance. Fleet insurance experience is the equivalent when we are dealing with how a fleet insurance premium is derived. Now you will understand the importance held within this document has and how it can impact the cost of your fleet insurance.
This document is provided by your existing broker. You may find some brokers may be reluctant to provide or make excuses of why it is not available. Do not accept any such excuses. This document "Confirmed Fleet Insurance Claims Experience" belongs to you and must be released when requested.
So any discount or increase in your business or family fleet insurance will be based not on individual cars, but on the overall claims history.
When your fleet premium is recalculated, it will be based in the main on the following 3 key factors.
How is a fleet insurance premium calculated?
Work with your insurance company
As it is a statistical analysis, insurance companies need at least 3 years of history to be able to truly judge your risk. So if a new policy, be aware that the claims you make now will have a big impact down the road.
The insurer does not want to see a trend of increased claims, and it is in both interest that it remains at an acceptable level. Most insurers will be able to offer you if a family fleet or your business risk management training. This training works by putting a procedure in place quickly that will reverse any upward trend. If some terms are new, read the glossary of fleet terms to get up to speed on fleet related jargon.
The bottom line it is your actions that will determine if your fleet premium goes up or down. Take action by following the 5 steps to a lower premium and work on risk management to lower your claims experience.