If you own and operate more than two vans or vehicles as part of your business, you could save money on your insurance policies and improve the flexibility of your work practices by purchasing fleet insurance.
Businesses often acquire vehicles over a long period of time, insuring each vehicle separately as it’s added to the fleet. This means that someone has to keep a check on each individual policy renewal when it falls due. So save valuable employee time by putting all your vehicles on one single policy, with just one annual renewal.
You should also save money on the actual cost of the policy. Fleet insurance works on exactly the same principle as any other bulk purchase scheme – the more you buy, the better the discount. A fleet of ten vehicles is effectively ten policies for your insurance company, administered in one process. It saves time and therefore money.
Fleet insurance also gives you much more flexibility in the way you use your vehicles. Often where insurance has developed piecemeal as the business has grown, each vehicle is insured for a named driver. With a fleet policy, you can have the option to insure all your vehicles for any of your drivers, giving you more options for their use.
As with any insurance, you get what you pay for, so know exactly what you need. You might just want the most basic cover, which is third party, fire and theft. Any liability is covered for road use and you would be compensated for vehicle loss, but would have to meet the cost of your own accident repairs caused by one of your drivers.
You might decide that inclusive breakdown cover is necessary if your drivers are covering considerable distances or you need to keep your fleet on the move. But you might decide to turn down the option of legal protection, if you have this well covered elsewhere in your business insurance.
As with any insurance, collect a range of quotes and compare what comes included in the policy and what you might remove to save money. Whatever your final choice, opting for fleet insurance is a decision you won’t regret as you see insurance costs reduced and flexible work practices increased.