Fleet insurance: What you need to know

20/07/2020, 10:29 AM by Installsure
fleet insurance
Fleet insurance lets you insure multiple vehicles under one policy, with one renewal date. Here's what to consider when looking for the right policy for your business.


What is fleet insurance?

Fleet insurance enables any business with multiple vehicles to have them all insured under one policy, with one renewal date. It works very much in the same way as your normal car insurance, so you could choose one of three options:

  • Fully Comprehensive
  • Third Party Only
  • Third Party Fire & Theft

It also covers vans, cars, motorbikes, HGVs and anything else you have so it’s a very efficient way of managing your fleet.

> Installsure Corporate site: Fleet Insurance

Why would I need fleet insurance?

For the same reasons your business would require any insurance product, but it’s also very handy for anyone within your organisation that has a driving licence and meets eligibility criteria to be able to jump in and drive a vehicle without having to update your policy.

It also gives you the flexibility of keeping your costs down. For example, you could limit the age of people driving under the policy to a minimum of 25 which would see your monthly premiums lowered.

What should I consider when looking for fleet insurance?

The level of coverage you need. For example, Third Party coverage will only cover any claims made against you and won’t cover the costs of any damage to your vehicles in an accident.

When running a large fleet this could very quickly escalate to you paying out huge fees for repairs that you haven’t budgeted for. You might save money initially on your monthly payments but Fully Comprehensive will give you the peace of mind you’re covered in all scenarios.

Installsure Fleet Insurance

  • Wide range of schemes available for any size fleet
  • Cover available for car and/or commercial vehicles under a single policy
  • Dedicated fleet account handler
  • Dedicated fleet claims manager
  • Preferential rates on breakdown cover
  • Motor Insurance Database (MID) administration if required

> Learn more on the Installsure Corporate website

What about replacement vehicles or breakdown cover?

Have a think about including a policy that provides replacement vehicles in the event of an accident. If one of your vehicles was off the road for a period of time, how would it affect your business? You can have a like for like provided so the impact is minimised which we’d always recommend, especially if you’re a relatively small business that relies on a small number of vehicles to carry out the day to day.

You might also want to include breakdown cover within the policy and add private vehicles as well depending on the usage. Just something to think about.

Any other fleet insurance tips?

Driver training is a good place to start. Insurers offer courses and will also give upfront discounts when you participate in them. Use a camera as well if you can. Forward facing cameras could be invaluable when facing a claim or if you need to settle when it’s your fault. It’s an upfront cost but could be a long term saving.

How much does fleet insurance cost?

Not the answer you want, but it’s very hard to say. Every fleet differs in size, nature and numbers so every quote provided is tailored to the business in question and looks closely at the fleet’s claims history.

Talk to the Installsure Corporate team today about your fleet insurance needs. We’ll start by checking to see if your current cover levels are adequate, then we’ll find the right cover at the right price for your needs. 

Give us a call on  01708 606227 or email corporate@installsure.co.uk.