6 Ways to Reduce Your Fleet Insurance Cost
The cost of vehicle insurance has shot up considerably in the last 12 months, and so has the fleet insurance. Commercial motor vehicle fleet managers have been bombarded with the rise in fleet insurance over the last four years. The following tips, if applied, can help reduce your fleet insurance premiums.
Choose the right fleet
It goes without saying that someone managing an old fleet of vehicles will spend more in insurance premiums than someone managing a new fleet. Newer vehicles are more fuel efficient, break down less and thus need fewer repairs. Moreover, most have up-to-date security systems and in-car navigation systems that are all invaluable in cost saving. It is also cheaper to install vehicle trackers, alarms and immobilisers all which are important in reducing your insurance premiums.
Pay for multiple policies
If an insurer is offering different covers as a package with your fleet insurance, you could take a run for it. Certain companies that offer fleet insurance services, for example, have public and employee liability cover with fleet insurance at a friendly cost. This will give you more value for your money.
Train and re-train your drivers
Drivers that are thoroughly trained will cause fewer accidents. There are many options for intensive causes that you could sign up your drivers on. Drivers who receive intensive driving courses or cyclist awareness causes make safer drivers. You could also get road safety scheme management tool to help you get real time reports that help manage your drivers CPD training. There are insurance providers that acknowledge particular CPD courses or providers and it’s important to talk to your insurance agents about this.
Employ drivers with clean licence
Drivers with a taint of driving convictions on their licence will jeopardise your premium costs. It’s critical to be honest with insurance providers about the driving history of your employees otherwise you risk being covered. Insurers always take notice of drivers with history of drunk driving, over speeding or other incidence resulting into large claims.
Don’t scare off Risk Management
Regular management of your occupational road risk might result in lower insurance premium rewards from particular insurers. Risk management may even cover some core areas in your company such as financial management and business management. Take a look at some practises like the How’s My Driving? Road safety badge scheme and evaluate in what ways it could benefit your company.
Make a claim as soon as possible
The longer you take to make your claim the more expensive your premium renewal quote will be. Insurers always take into consideration the amount of money they spent on your fleet in the previous year. Therefore when in the event of an accident, don’t waste time bargaining with the other vehicles’ owner or person. Chances are, when you are still negotiating with the other victim, your insurer is paying off heavily for a replacement vehicle for them. The more time you waste, the longer you will get back into business and it will still cost you your insurance renewal.