Fleet insurance

Any business with more than two vehicles has a fleet and rather than having separate policies for each individual vehicle, which is administratively inefficient, it will also be costing you more. Having one single business fleet insurance policy will be a more efficient use of time and money as they are always cheaper. Having fleet insurance will ensure that your sales team or construction crew can keep working with the knowledge that a financial safety net is ready to help sort out any issues that might arise.

What is Fleet Insurance?

Fleet insurance is designed to cover a wide variety of vehicle types for motor trade businesses under one single policy. If your company has more than two vehicles used for business purposes, vehicle fleet insurance will simplify administration processes and be much more cost-effective than having separate policies.

Types of Vehicles Covered

Business fleet insurance can cover:

  • Cars
  • Vans
  • Trucks
  • Buses and coaches
  • Motorbikes and scooters
  • Emergency vehicles
  • Specialist vehicles – tow, refrigerated, agricultural

Types of Fleet Insurance

There are several different types and levels of business fleet insurance that can be tailored to a company’s risks of operations. The most common are:

  • Third-Party Only (TPO) – the minimum coverage required to legally drive your fleet.
  • Third-Party, Fire and Theft (TPFT) – covers damage from other road users as well as if your vehicles are stolen or damaged by fire.
  • Comprehensive – covers your fleet from events deemed outside of your control.
  • Mixed Fleet Insurance

    Designed to cover businesses with a mixture of vehicle types, such as cars, vans and trucks.

  • Named or Any Driver Policy

    Coverage for a specific named driver or several drivers for the vehicles owned by the company.

  • Commercial Auto Fleet Insurance

    Tailored for businesses operating multiple vehicles for commercial purposes.

  • Fleet Van Insurance

    Covers companies operating a fleet of vans, from those with 15 or fewer to businesses with over 500.

  • Hired Fleet Insurance

    Protecting vehicles a business doesn’t own but hires, rents or leases for a short term.

  • Cargo or Goods in Transit Insurance

    Insurance for the goods your fleet of vehicles may be transporting, such as tools or consumer goods.

As with all our policies here at Prime Cover, we pride ourselves on finding the right policy and add-ons to support your unique company fleet insurance needs at the most competitive prices on the market. This is just one of the reasons we are highly regarded motor trade insurance providers.

The Benefits of Fleet Insurance

There is a range of benefits Prime Cover can provide for those looking for vehicle fleet insurance:

Cost-savings

Rather than having several different policies and premiums for each company vehicle, combine them into one policy and premium – saving you money.

Legal compliance

You will be legally required to have employer’s liability if you employ others to drive your vehicles. A fleet insurance policy can tick all the boxes for legal requirements.

Coverage

Your fleet insurance policy can cover a range of risks for drivers and passengers involved in accidents, and your legal fees if a public liability case is brought against your company.

Flexibility

Fleet insurance can be tailored to the exact needs of a business and can be adjusted to grow with the company as the fleet expands.

Peace of Mind

Knowing that all potential risks, accidents or interruptions to business operations are covered while removing the headache of dealing with multiple policies.

Can’t Find What You’re Looking For?

Get in touch to see if we can help you.

Cost Factors of Fleet Insurance

Many different factors affect the price of a fleet insurance quote, with the main ones including:

  • Number and type of vehicles – the more vehicles a business has, the type of vehicle and their value will impact the premium price. Generally, the higher the number for each of these factors, the higher the policy price.
  • Vehicle use – specialist vehicles that are deemed more hazardous, such as tow or agricultural vehicles, compared to more standard commercial cars will cost more to insure.
  • Location – if your business operates in areas with high traffic density, and accident or crime rates, your fleet insurance policy will be more expensive.
  • Driving history – a fleet with drivers who have clean driving records will benefit from lower premiums than those with a history of accidents or previous claims. Age and driving experience also impact costs.
  • Coverage limits – the higher the coverage limits and lower the deductibles, the greater the premium is likely to be. If a company opts for higher deductibles this can reduce the premium.
  • Policy type – the level of insurance chosen – whether TPO, TPFT or Comprehensive – will impact the cost of the premiums. Prime Cover can advise on the right fleet insurance policy type.
  • Payment plan – sometimes insurers will offer a discount if the premium is paid in an annual lump sum rather than monthly.
  • Modifications or special features – vehicles that have been modified or fitted with specialist equipment might have a different risk profile which can impact the premium.

Other factors include the duration of the coverage, the number of drivers to be insured and even the safety and security measures businesses have in place. Each insurer will vary in their quotes for fleet insurance and the criteria that impact the premiums. Comparing quotes and coverage will help you get the perfect company fleet insurance policy.

Practical Tips to Reduce Fleet Insurance Costs

As a leading fleet insurance provider, Prime Cover aims to assist businesses with the best ways to find the best-priced policy possible. Consider these factors:

  • Combine policies – consider combining other types of motor trade insurance with your fleet policy. Options for combined motor trade insurance are a great way to save money.
  • Increase vehicle safety – Fit your vehicle fleet with alarms, GPS tracking systems and anti-theft devices and keep them parked in secure facilities to drastically reduce premium costs.
  • Incorporate driver training programs – frequent driver safety training is a green flag for insurance providers as they will see your drivers as lower risk, ultimately reducing prices.
  • Limit driver age and experience – insurers will charge higher premiums if your fleet is driven by those under 25 and will assess your employee’s overall driving experience.
  • Frequent vehicle maintenance – Keep records of inspections and maintenance for all your vehicles and ensure they are kept in top condition.

FAQs

When selecting the right coverage for a fleet, begin by assessing the specific needs of your business, considering the type, value and use of the vehicles. Contact specialised insurance agents who understand fleet risks and can offer tailored advice. Always collect and compare several quotes to ensure a balance of cost and coverage. Remember, the cheapest option isn't always the best—focus on value and comprehensiveness. Get in touch with an expert member of our team today for some knowledgeable advice and a free, no-obligation quote.

Common mistakes include underinsuring, misunderstanding policy exclusions and not regularly reviewing or updating coverage as your business needs change. Also, focusing only on price can lead to insufficient coverage. Avoid these pitfalls by seeking expert advice, reading policies thoroughly and conducting annual insurance reviews. Our team are ready to help you discuss your fleet insurance needs and guide you past common mistakes and pitfalls, so get in touch today.

In the UK, a minimum level of third-party (TPO) liability insurance is mandatory for all commercial vehicles to cover potential damages or injuries to others. If employees are driving the vehicles on behalf of the business, you will legally require employer’s liability insurance as well. You need to check the legal requirements and a fleet insurance specialist, such as Prime Cover, can offer you advice to make sure your business is legally compliant. Why not give an expert member of our team a call

The claims process for a fleet insurance vehicle is the same as for any other type of insurance claim. If an incident or accident occurs you need to immediately ensure the safety of all persons, vehicles and other equipment before making sure you have all the relevant document details, such as photos, witness statements and police reports. You then must inform the insurer quickly, providing all the necessary documentation. At Prime Cover, we have a dedicated 24/7 phone line to enable the claims process to be quick and stress-free. An insurance adjuster will most likely need to assess damages and determine compensation. You should stay in regular communication with your insurer during the process, making sure you fulfil their needs for evidence and paperwork. Once the compensation has been approved, repairs or payment will commence.

To reduce fleet insurance costs here are some tips:

  • Make a point of delivering driver training which emphasises safety.
  • Equip vehicles with safety and anti-theft devices.
  • Plan regular vehicle maintenance checks.
  • Consider higher deductibles for reduced premiums.
  • Monitor driving behaviours using telematics.
  • Maintain a clean driving and claim history.

Incorporating some, or all, of these strategies can lead to discounts with some insurers while still ensuring complete protection.

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