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Fleet Car Insurance Policy Comparison

Last updated 7th Jan 2022 by Eamonn Turley

Do you need insurance 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 vehicle, one policy route. Cover is available for all vehicle types including cars, minibuses, trucks and vans. 

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Multi Quote Time works in partnership with QuoteSearcher who provide a simple form which once completed is submitted to a specialist panel of brokers.. Complete one simple form which is submitted to a specialist panel of brokers. The panel can provide quotes for all fleet sizes, from a mini fleet to a large taxi fleets. The panel specialise in providing quotes for UK fleet insurance and can easily tailor polices to your exact requirements. Getting multiple quotes is easy, complete one form to start comparing offers.

Getting multiple quotes is easy, complete one form to start comparing offers.

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.

What affects the price of fleet insurance?

Finding the average cost of fleet insurance is difficult, as final cost is dependent on a number of variables. An example is the number of vehicles in the fleet will be a key determining factor in arriving at a final premium cost. The more vehicles in the fleet the higher the risk which will push up the premium cost. Beyond the number of fleet vehicles, other factors that play a significant contribution include what the fleet vehicles are used for,  the value of the vehicles,  the history of claims and lots more. The fleet drivers will also be profiled to gauge the risk imposed by the actual drivers.

In summary, the fleet premium cost is determined largely by the following :

  • Vehicle : The type and purchase price of the vehicles that make up the fleet 
  • Annual Milledge : This is dependent on fleet use, but the more the vehicles 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 : An any driver policy gives great flexibility in fleet 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.

Fleet usage : how the fleet is deployed

Business Use

Fleet 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 Use

The boom in online shopping has created a demand for courier drivers to delivery goods bought online. Fleet courier drivers are on the road constantly delivering in all types of weather and often within time constraints. This makes this category of fleet driver 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 fleet insurance, 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. 

So far we have discussed risk as a key factor, but another important factor is the actual vehicles. A fleet of Mercedes will be more expensive to cover than a fleet of Toyota's. The reasons are obvious, lower maintenance fees and repair costs. Luxury cars are continually adding the latest in technology into their cars. That is nice, but these are prone to failure and as any owner of a luxury car will testify to the repair bills can be impressive.

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 vehicle replacement and maintenance costs.

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 a fleet of 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).

Named vs Any Driver 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 history of claims ) they can be excluded from the any driver policy and insure under a  separate named driver only policy.

What are the advantages of having a  fleet insurance 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 vehicle then you will need to perform the same task multiple times at each renewal date.
  • Possible cheaper  premiums:  A fleet policy 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 any driver, but 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.

What are the disadvantages of a fleet policy?

Employ Technology to Improve Driver Risk Profiles

Working with your broker, agree on installing telemetric devices to record and analyse your drivers. Some devices need to be installed professionally and others can be downloaded to your phone, or  plugged into a USB port. The last two are super easy to get operational and all provide you and  your broker with valuable data on how your fleet is being driven. 

Adding the device will show the broker that you  are keen to work with the broker and take the necessary steps to lower driver risk profile.  If that information profiles your drivers  as safe drivers it will help reduce your fleet policy costs. The converse is also true, if the recordings profile your drivers as higher risk, your premiums will increase.

However, before they increase, you can take steps to train your drivers on road safety and good driving habits. Some companies include rewards to further encourage safe driving.  Long term the company will not only benefit from lower premiums, but flet vehicles will be spending much less time in repair or body shops.

Preventing Theft by Secure Parking. Immobilizers and Tracking devices

Vehicle theft is covered under both the third party fire and theft and comprehensive polices. If a vehicle is stolen and not recovered or damaged, the fleet insurance broker must cover the loss. By taking positive steps to reduce this risk you could earn an upfront discount, plus as your claims' history improves further future discounts when renewal time arrives. 

It is always best to a take professional advice from your broker directly, who may refer you to a security specialist.  The key steps will be improving or providing secure parking overnight. Fitting gadgets to reduce the risk of theft and whilst a tracking device will track a stolen vehicle it also serves as a big deterrent. 

Driver Training and Car Safety Equipment

If you are using telemetric devices, the information gathered on your drivers can be used to form the basis for ongoing training. The training should be aimed at improving any identified weaknesses and creating an employee wide awareness of the importance of safe driving. This is a key area to reducing your business fleet costs, and some companies will make employees responsible for the excess amount. That may be a bit extreme, but you should consider rewarding good drivers and penalising drivers that after warning and training still fail to improve.

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5 Ways to make savings on fleet insurance

Now that we have covered the basics of fleet insurance, we can progress to practical steps that you can take to reduce your business vehicle insurance costs. The actions and steps details below will help reduce the risk to the fleet policy provider, in the world of insurance less risk equates or should equate to a lower policy premium. 

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1. Increase the Fleet Excess Amount

This is often referred to as a voluntary excess. When arranging fleet cover, the broker will set a fixed excess amount, but it is open for negotiation. Remember, the excess amount is the amount that the fleet policy owner will be responsible for in the event of a claim against the policy. 

Raising the voluntary policy excess will reduce the risk to the broker and should result in a cheaper quote for fleet insurance. Setting a higher excess shows you are taking responsibility and will not be making small or minor claims. Within the company you can provide training or incentives to encourage responsible driving, also helping to lower the risk of future claims, which will help reduce your insurance further come renewal time.

2. Named Drivers only

A named driver policy will be less risk to the broker as they are able to factor in the risk posed by the named drivers. Having a literal  "any driver" policy will permit anyone with a valid driving licence to drive the fleet vehicles.  However, in practice an any driver policy will have restrictions.  For example any driver must be over 25 and have held a valid UK  licence for a minium of 2 years. Even with these extra stipulations, an any diver policy will pose an unknown risk and will normally be more expensive than a named driver policy.

3. Ongoing Driver Training and incentive schemes

The price of fleet insurance will have a relationship to how many claims are made against the policy. If the number of claims are small or better still zero, you should  be rewarded with future lower annual fleet premiums. The savings can easily offset the investment made to improve the driving skills of your fleet drivers. 

4. Reward good driving

Incentivising good driving by rewarding drivers that have good clean driving record can also help reduce the number of traffic related accidents.

5. Choose vehicles in lower insurance risk groups

This is obvious, but choosing a fleet of vehicles that are in high insurance groups will increase your fleet insurance costs. Vehicles are assigned into groups based on the cost of repair and replacement, and this must be reflected in the insurance premium. A good old reliable fleet of Honda's or Toyota's will always be cheaper than for example of fleet of BMW's. 

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 fleet breakdown cover you should, you can include within your existing insurance policy 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 policy 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. 

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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 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. 
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