For those seeking to purchase fleet insurance, we have come up with a few tips and tricks to help you get the best deal possible. There are numerous things to consider, and although most of them are common sense, it doesn’t hurt ensuring you have all your basis covered before going out to haggle with a broker.

1. Have you purchased the correct type of cover for your needs?

It may sound like a very simple concept, but in all honesty motor trade insurance can get rather confusing. If you own a small/medium sized fleet, you may want to consider getting fully comprehensive rather than a third party only cover. The reason for this is the fact that the cost difference between the two types of insurance isn’t that big at all really, and Len Benson, chairman of ACFO’s London West region and associate director at commercial insurance broker Peter Lole & Co. reports that “80-85% of insurance claims are third party”.
Also, although we always recommend being prepared with your insurance, it is important to differentiate from being prepared for accidents and being prepared for an absolute apocalypse; do you need windscreen cover? Check your claims history, how many windscreen claims have you made in the last two years? And how much money could you save by avoiding it all together.

2. How extensive is your claim history?

Our top tip for knocking a few pounds off your insurance is to request your authenticated claims experience. The authenticated claims experience is a standard industry from which provides details on how your fleet has performed over the past few years (typically 3 years). It give easy analysis on your claims history based on the number of vehicles your business/company runs on a regular basis and also outlines your claims (both paid and outstanding). This is a crucial tool in the fight for a better insurance price.

Len Benson said: “Asking for this form means your existing insurers will be thinking ‘we’d better not be complacent here because they’ve asked for their claims experience. Even if you get the form and do nothing with it, you might get a better quote from your existing insurer at renewal simply because you’ve asked for your claims experience.”

3. What are the profiles of your drivers?

Do your drivers have a list of previous claims? Always make sure that you decide carefully on who you insure when you choose who drives your vehicles, it is also important to consider the age and experience of each of your drivers.
It is a well-known fact that young drivers tend to face higher insurance premiums, so perhaps choose those in your company that are a little more experienced, or slightly older. “If everyone in your organization is over 35, tell your insurers and see if they will do you an ‘any driver over 35’ policy’ rather than the industry standard which is ‘any driver over 25’,”says Benson.”
Also you can use your own knowledge of your employees to help make decisions; have you been in a car with certain drivers? How do they drive? Do they take risks? These are all questions that could help you save bundles when it comes to fleet insurance.