Anyone who has been tasked with finding fleet insurance at a competitive price for their business will know that it isn’t as straightforward as standard car policy. It takes a lot more effort and thought to ensure your business has the most appropriate level of cover. This will give you the necessary reassurances that your valuable assets are protected and safeguarded should an incident arise.
You won’t want to pay over the odds for your next policy either. Even though prices have gradually increased over the past 24 months, you can still find smart ways to save money. If you know what to look for, it’s relatively easy to get cheap fleet insurance online. With this in mind, here are some of the most popular ways to reduce your fleet insurance premiums.
Ensure your fleet is fitted with alarms and immobilizers
The first thing you should have on your list to getting cheaper fleet cover for your business is improving vehicle security. This is where alarms and immobilizers come in. This will deter thieves and reduce the likelihood of your vehicles being stolen, in addition to keeping the contents on the inside safe. There’s a high probability that most businesses will need to protect the assets on the inside round the clock too.
Thieves will be discouraged from driving away with your vehicle and its contents if you have a good alarm and immobilizer installed. Whether your vehicle is parked on the street or in a secure overnight location, security will be a top priority.
Use fleet vehicle tracking technology
With security in mind, a vehicle tracker can help you locate a vehicle that has been stolen or gone missing, this information can be passed on to local law enforcement to help recover your valuable asset. Tracking technology also has the added benefit of monitoring your employees’ driving behavior. Rather than selecting a standard policy, a telematics policy will be able to provide more useful data about your employees’ driving behavior. If your workforce is able to demonstrate that they are responsible behind the wheel by adhering to road safety rules, your insurer may reduce your annual premiums, saving you a lot of money.
Aside from the monetary reward, your workers will also be much less likely to be involved in an accident causing injury or harm to themselves, a third party, or your fleet of vehicles. Telematics sometimes referred to as black box cover, also includes GPS functionality, helping you increase the chances of recovering a vehicle that has been stolen.
Select vehicles that reduce your fleet insurance
Buying a whole new fleet of vehicles or leasing newly updated models can be an expensive endeavor. Although, this approach may actually save you money in the long run.
How you might ask. Newer vehicles for the most part are fitted with the latest safety and security features as standard. This means that they are less likely to be stolen as they will likely include a top alarm, immobilizer, or even a tracker. The latest safety features could also protect your business from personal injury claims. There are other ways these newer vehicles will save you on fleet insurance too. As more and more firms make the shift towards sustainable initiatives, improving fuel efficiency, and reducing carbon emissions will be a top priority in the years to come. This will all be beneficial as you will save money on fuel, breakdowns, and repair costs.
Ultimately, the type of vehicle you select will depend on the nature of your business. Not all companies have the luxury of picking any vehicle as only certain types are fit for purpose. However, reducing your overall risk where possible will move you towards cheaper fleet insurance online.
Remove any unnecessary optional insurance add-ons
Like most forms of business cover, insurers will offer you a wide variety of optional add-ons to supplement your cover. These aren’t always essential so think carefully before you include these. The last thing you want is to pay for extra cover that you know you have no use for.
Windscreen cover is a popular example, as it can sometimes increase your quoted price. You may even find that the cost of repair or replacement may be cheaper if you were to go through a third party rather than pursuing a claim. Furthermore, breakdown cover is another common example, you can often purchase this separately at a much cheaper price, rather than including it as an extra within your fleet insurance policy.
Combine your fleet insurance with other business covers
Many companies will be purchasing other forms of business cover, in addition to their fleet insurance policy. You could save a lot of money by combining these policies, as some insurers offer this option.
Fleet managers will be able to combine public and employee liability cover with their fleet insurance. Larger firms can benefit from the biggest discounts as a number of insurers will want to retain them as a high-value customer for the long term.
To conclude, by following the above practical tips, your business could save hundreds or even thousands of pounds on its next fleet insurance policy. Aside from the reduced costs, in most cases, you will also be reducing your level of risk which means less time with admin duties and more time being productive.
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