7 Tips to cut the cost of fleet insurance
The rise in fleet Insurance premiums have continued, so knowing how to get the right insurance at the right cost is very important. However there are a number of actions that fleets owners can take to control costs.
Take in mind that there are two factors that control premiums. The first one is claims history and the other is a convincing package of measures which would make the insurer believe your future risk is low.
Insurers use actual accident statistics and information from claims filed during previous years to determine the probability of loss. Business practices present more risk since the vehicles are used more often and in riskier situations and settings. Annual premiums are set based on the policyholder’s risk level, which includes the types of vehicles, number of miles driven and contents conveyed inside each one.
Here are 7 tips for you to follow to reduce insurance cost
- Require clean driving records – Fleet insurance underwriting process require a list of employees that will be driving each class of vehicle. Hiring practices must include a check of the driving record for each person who will drive a car or truck for business reasons.
- Driver training– Insurers offer driver training programmes through partners. But not all insurers give upfront discounts.
- Risk management– work with your insurer to look at your claims history and see if any improvements need to be made.
- Manage young drivers– Aged 17-20, are twice as likely to make an insurance claim as any other driver.
- Combine insurances– Combined companies can offer more, like public liability, employee liability and fleet insurance.
- Use cameras– Forward facing cameras can provide invaluable data for defending claims or setting at fault claims.
- Renew policies in good time and after proper review– don’t pay unnecessary extras.
Comparison figures for commercial insurance are hard to come by, but consumer comprehensive insurance has gone up by a staggering 40% between March 2010 and March 2011.
Insure Fleet are confident we can provide cheap fleet insurance without having to compromise on the quality! So try Insure Fleet today for a quote on 0333 202 3173 or click here to fill in our short online form now.« Back to all news