The Insiders Guide to Motor Fleet Insurance & How to Secure the Best Deal for Your Business

motor fleet insurance

Vehicles are an important part of most SME Businesses and a major running expense of a fleet of vehicles is the Motor Fleet Insurance premium.

If you have 5 or more vehicles the chances are you have a motor fleet insurance policy which averages anywhere from £500 per vehicle potentially up to £2500 per vehicle dependent upon your location, vehicle and driver mix and most importantly claims experience.

As a commercial insurance broker I see a number of fleet clients and have been arranging motor fleet insurance since 1991. I have helped reduce premiums and worked with clients on risk management programmes to reduce claims costs and some of the results have been extraordinary.

I would like to share my experience with you and the secrets of getting the best deal on your motor fleet insurance.

The common perception is that to get the best business fleet insurance deal you must go out for quotes every year and use at least 2 brokers – this is actually the wrong way to go about it. With motor fleet insurance less is more!

My Insiders Guide to Motor Fleet Insurance:

  1. Only seek alternative quotes from the motor fleet insurance market every 2 or 3 years – this ensures that the insurance market is keen as they believe there is a genuine chance of getting your business
  2. Only ever use 1 other broker – more than 2 brokers turns insurers off as they see you as a “shopper” and therefore just as likely to move your motor fleet insurance away the following year
  3. When looking for an alternative broker look for one in a “network” such as Broker Network Ltd – they may have a special facility or agreement with a specific group of insurers or underwriters which your present broker may not have access to
  4. Ask to complete a risk management questionnaire – this can result in substantial premium discounts if your fleet is well managed

In my opinion this is the best procedure to follow and will over the long term secure your business the best possible quotes from the market – the next area to tackle is the untapped area of premium discounts within the motor fleet insurance market.

It is possible that you already undertake these risk management controls and your insurers just aren’t aware you do it. If you do make sure you tell them.

Here are 5 ideas that your business can follow to potentially get a reduced fleet insurance premium:

  1. Restrict driving to over 25’s or over 30’s
  2. Take copies of driving licences annually
  3. Issue a drivers handbook which includes an accident report form
  4. Undertake formal driver assessments
  5. Consider making employees responsible for the policy excess in the event of a fault claim.

For more advice on your motor fleet and how you can get the best insurance deal, give us a call at Greenfield Insurance, specialist business insurers, on 01489 579808 or contact us via our webform and we will call you back.

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