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  • Fleet Insurance - What you need to know

    By Mark McKenna

    Fleet Insurance

    Many businesses own a number of cars, vans, lorries, or HGVs that they rely on each day. Managing a fleet of vehicles can be very expensive for a business and one of the expenses that sometimes seems harder to control is the cost of motor fleet insurance.

    In this guide you can find out what you need to know about fleet insurance and what policy terms will minimise your risk and overall costs.


    Firstly - What is Fleet Insurance?

    Fleet insurance is effectively bulk buying your insurance from a single supplier which is why in turn you can be rewarded with a discount. Fleet Insurance covers both small and large fleets of commercial vehicles and it might be a surprise to know that you can insure from three vehicles upwards on one fleet insurance policy. Your business fleet can be worth anything from millions to a few thousand pounds and you can still benefit from reduced premiums and hours of administration making the whole process much more manageable.

    These policies are designed to be more efficient and easier to manage than numerous different insurance policies for individual vehicles. Fortunately specialist insurance brokers limit the burden of fleet insurance by increasing the flexibility of the policy to cover an assortment of vehicles and drivers on one policy, providing you with just one renewal date and payment date to administer.  

    So what do you need to know before purchasing your fleet insurance and how can you minimise your risk as well as costs?


    Assess your fleet insurance needs

    In order to gain the best insurance for your needs you need to take into account your fleet size and assess the frequency of use of your vehicles. Each of these factors will influence your fleet insurance costs. Knowing this information will help you to understand your requirements and ensure you do not end up paying out for unnecessary components within your coverage and make sure you get the best out of your fleet vehicle insurance.


    Fleet insurance type depends on vehicle usage

    In order to get the correct fleet insurance policy you need to consider the usage of your vehicles. For example, if you run a taxi fleet you will need either public or private hire insurance. If your business carries goods then you will either need ‘carriage of own goods’ to cover tradesman’s tools or company products being transported. ‘Haulage insurance’ is needed for those businesses offering long distance hire and reward services, and ‘courier van insurance’ is the correct type of fleet insurance for local multi-drops of hire and reward services.

    This is where without the right knowledge choosing your policy can become a bit daunting, however, a specialist insurance broker can advise and offer their expertise to make sure you have the right fleet vehicle insurance in place when you need it most, as well as advising on how to keep your fleet car insurance premiums down amidst the hype on insurance premiums soaring due to compensation changes, whiplash claims and taxes.


    Ways to reduce fleet insurance premiums

    There are a number of ways Fleet Managers can actively help to reduce risk, reduce the number of annual claims and in turn reduce fleet premiums - watch our video guide below...




    Make sure your fleet insurance policy covers ‘any vehicle’

    When you are looking for your fleet insurance it can be best to cover ‘any vehicle’ which will offer you the maximum protection. This is particularly important for larger fleets where vehicles will come and go throughout the life of the policy. Should you forget or accidently miss updating your policy schedule information and a vehicle is involved in an accident but was not listed, your claim can be invalidated without this feature.


    Consider an ‘any driver’ policy

    An ‘any driver’ fleet insurance policy, opposed to a named policy, will allow each of your vehicles to be driven by any of your drivers. This will provide you with complete flexibility in managing your fleet. Many fleet insurance providers are only willing to insure drivers over the age of 25 with any driver policies, however a true any driver policy, which you can find with a specialist insurance broker, will insure anyone.


    Invest in public liability and breakdown assistance

    When your vehicles are critical to the running of your business survival then breakdown cover may be an essential requirement to add to your fleet insurance.

    Public liability insurance however is more critical. This protects you and your business against any claims for injury or accidental damage caused as a result of you or your driver’s negligence. Any business should consider this additional feature as a public liability claim could potentially put you out of business if you were left to settle a compensation claim.


    Keep your fleet insurance broker up to date

    Fleet insurance is perfect for a growing business where alterations can easily be made throughout the lifetime of the policy, but it is important to relay these changes to your provider to ensure your policy is up to date with new vehicles or drivers.


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