Are you a business owner looking to acquire some cost-effective vehicle insurance for your fleet? If that’s the case, then it’s worth knowing the ins and outs of fleet insurance policy and the different variables that can affect your yearly premiums.
Saving money on your business vehicle insurance is always going to be your first priority, but it’s also important to ensure that you’re covered in the face of a claim. In this article, we look into the key aspects that will affect your fleet insurance premiums.
Does the number of vehicles in my fleet affect my premiums?
When acquiring fleet insurance, your premiums will decrease every time you add more vehicles to your insurance plan and can often be cheaper than insuring each vehicle individually. Additionally, the make, model and age of your vehicles will affect your premiums, but we will return to this subject a little later.
What type of vehicle will you be driving?
Insurance premiums on your fleet will differ widely depending on what type of vehicles in this fleet are driven. Insurance providers group certain vehicles into certain categories with the age, model mileage and performance of the vehicles all taken into consideration.
For example, motorbikes are going to be deemed riskier than a van with a smaller, less powerful engine. With this in mind, it’s worth considering the needs of your fleet, and whether you really need larger vehicles or if smaller, more economical vehicles would suffice.
Who will drive the vehicles in your fleet?
As with any form of vehicle insurance, the experience of the driver is always going to be considered. It’s always a good idea for you to ensure, as far as possible, that the employees driving your vehicles are experienced drivers and over the age of 25.
Insurers deem drivers over the age of 25 to be more experienced – and, thus, less of a risk on the roads. More experienced drivers will reduce your insurance premiums significantly.
Are your vehicles safe and secure?
The safety and security of your vehicles can go a long way in altering the yearly premiums of your fleet insurance. It’s worth investing in alarm systems and security features for your vehicles as well as looking into adequate and secure overnight storage for your fleet.
If your fleet is considered to be safe and secure, then there’s less chance of that fleet becoming directly and adversely affected by theft, burglary or criminal damage. In turn, this means less risk for the insurance providers and so less expense across your annual premiums.
Insurers consider many different variables when calculating fleet insurance premiums. From ensuring your fleet is safe and secure to looking to acquire more responsible drivers and less dangerous vehicles, it’s worth taking a strategic rather than aesthetic approach to your fleet.
It’s possible to save money on your insurance without having to resort to shortcuts. Contact an experienced fleet insurance expert today to find out more about some of the policies available for your business.
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