If you run a business with more than one vehicle, insuring them individually can become complex and often costly. This can become even more difficult if multiple drivers have different cars or vans. A fleet insurance policy allows you to insure all your vehicles and drivers under one motor fleet insurance policy. Fleet insurance can cover as little as two cars and/or vans, perhaps those of the company directors (often classed as mini fleet insurance), up to thousands of vehicles and drivers, such as a taxi company fleet.
Why use fleet car and van insurance?
As well as a much cheaper alternative, fleet insurance can be a much more beneficial option for a company looking to insure multiple vehicles. One of the most significant advantages is convenience; a fleet insurance policy allows you to manage and renew all your company cars simultaneously instead of keeping track of all the separate renewal dates. Additionally, your vehicles can be legally driven by anyone else on the policy, allowing car sharing or swapping when needed. Car fleet insurance also makes it easier to grow your fleet, as it can be easily added to the policy at any time.
It is important to remain cautious of who you’re adding to your policy. Drivers under a certain age (often drivers under 25) can sometimes increase the cost of your policy or may even be rejected altogether.
Fleet van insurance
We can also assist in acquiring quotes for van fleet insurance; this can include cover for tools and haulage as well as the vehicles themselves.
HGV fleet insurance
HGV fleet insurance, as the name implies, offers insurance cover for fleets of trucks with a GVW of more than 7.5 tonnes, up to a maximum of 44 tonnes.
Underwriting fleet insurance policies requires details of your fleet's previous insurance history, claims experience and the number and types of cars, vans, HGV's and special vehicles. Your insurance intermediary will take these details from you and present it to specialist underwriters for motor fleet quotation purposes.
What does fleet car or van insurance cover?
Common types of cover available with fleet car and van insurance include:
- Comprehensive: This covers the driver, the car or van, its passengers, property, third parties, vandalism and theft
- Third-party, fire and theft: This covers third parties in the event of an accident, as well as fire or theft. It does not cover your vehicle in the event of an accident or vandalism.
- Third party only: The most basic, cheapest and legal minimum level of cover in the UK. This covers third parties injury and damage to third party property.
Additional types of cover available
Additionally, you may opt to extend your insurance cover, usually for a slightly higher premium. Common insurance policy 'add-ons' include:
- Breakdown cover: In the event your fleet's vehicles break down and needs recovering or repairing at the roadside
- Lost car key cover: To cover the cost of replacing your car keys if they are lost or stolen
- Courtesy vehicle: A replacement vehicle so you’re not left stranded in the event of repairs to your fleet's vehicles, following an accident
- Windscreen cover: Usually included in comprehensive car insurance, cover can often be purchased for TPF&T policies, to cover the cost of repairing or replacing your car windscreen
- No claims bonus protection: In the event of an at-fault claim, your no claims discount would not be lost or reduced
- Cover for European driving
- Goods in transit insurance
- HGV and haulage insurance
Frequently asked questions
Is fleet car insurance expensive?
As with any fleet insurance policy, this depends upon your individual business circumstances. Your business details will have a part to play in your insurance quote, such as your age, location, the number and types of vehicles - cars, vans, trucks, trailers and any 'special types', the types of products carried if any, as well as the ages and driving experience of your drivers.
There are ways in which you could reduce the cost of your car fleet insurance, including:
- Have a policy in place for driver risk assessment
- Choosing greener, electric cars or hybrid cars
- Restricting your annual mileage
- Restricting the ages, use and number of drivers of the vehicles
- Increase your insurance policy excess
- Install a telematics 'black box' that monitors how the cars and vans are being driven
- Install a dash cam across your fleet
- Improve the security of the vehicles, such as installing an immobiliser in the fleet's cars and vans
- Fit a tracking device to the vehicles
Can the vehicles be driven for personal use?
This depends on your fleet policy and is often an exclusion on many fleet vehicle insurance policies. If your vehicles are being used personally, you may need to share where each car will be stored overnight and throughout the day.
If you have some company-owned cars that are used mainly for personal use, it might be cheaper to insure them individually under a company car insurance policy.
How can QuoteRack help?
QuoteRack will pass your fleet car and van insurance requirements to specialist insurance brokers who will be able to offer you competitive quotes and relevant advice on how to achieve the right cover for your business fleet.
Fleet insurance - links
Association of Car Fleet Operators
A not-for-profit trade association for motor fleet operators