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Fleet insurance is a great way to insure a group of vehicles, whether they're all the same kind of vehicle (e.g. six cars) or various types (e.g. four lorries, two vans and one car). As you will know, to drive a vehicle on British roads you need to have valid motor insurance. This is a legal requirement -- the simplest motor insurance offers you third party protection. This means that in the case of an accident, your insurance company will pay out for any damage to third party property, including bodily injuries. Standard fleet cover will offer this level of protection across all vehicles that you own. Of course, there is more extensive cover options and we will discuss additional fleet insurance options below. But firstly ...
What are the benefits of Fleet insurance?
Why choose fleet cover over individual policies for your various vehicles. Often insurance firms allow for discounts when someone is purchasing cover for a number of vehicles, whether that's for private or commercial use. Not only is it often cheaper to purchase fleet insurance rather than the individual policies, but it also makes admin much easier. Why waste time and effort peering over numerous documents when you can have all the information you need in one? Whilst each individual broker is different, many share the same exclusion for fleet cover, which is requesting the minimum number of vehicles to be five. However, if you have less than five vehicles, don't despair as many brokers can still help find you fleet cover for two vehicles or more.
What kind of vehicles can I cover?
If you're looking to insure a fleet, most brokers will expect you have various types of vehicles. Whilst it's fine to cover a car fleet, van fleet or hgv fleet, most brokers can also cover various lorries including flatbeds, curtain-sides, tail lifts, tippers, as well as pick ups and buses/coaches.
If you're looking specifically for taxi fleet insurance we have a specific page for hire and reward fleet cover.
What kind of features should I look in a motor fleet insurance policy?
If you have a car fleet for private use, it's likely you'll just want social, domestic and pleasure cover. However, for many businesses that use fleets for commercial purposes, there are various cover options that may appeal to them:
- Unlimited Mileage
Own a courier or haulage fleet? If you're vehicles are going to be on the road day in day out, look for a policy that does not include mileage restrictions.
- Replacement Vehicles
Equally, if your fleet vehicles are essential to business, you'll want a replacement vehicle should one of your vans or lorries experience a breakdown.
- Goods in Transit Cover
Goods in transit insurance protects the goods that you carry in your vehicle from theft and damage whilst on the go. Essential for those that carry goods for reward!
- Public Liability Insurance
If you work with the public then PL cover can really help should an accident cause an injury or damage the property of a third party. This insurance protects you from third party claims.
- GAP cover
GAP insurance is becoming increasingly popular. If you've purchased vehicles on finance and experience a total loss, GAP cover will protect you from the loss caused by vehicle value depreciation by covering the difference between the insurance pay out (in which depreciation has been taken into account) and amount of finance left to pay.
Is there a way to find cheaper motor fleet insurance?
Motor vehicle fleet insurance is, like standard vehicle cover, priced on experience. By this, we mean that the more experience you have, coupled with a lack of claims the cheaper your cover should be. In the case of fleet, if you have been previously fleet rated you're likely to get some kind of discount as it shows fleet experience. However, you can also talk to your broker about any no claims bonus or discount that you've built up on your fleet too.
Please remember to be accurate and detailed when discussing your cover with a fleet insurance broker. If you carry hazardous goods ensure to let your broker know in case this is excluded on your policy. If you are a member of any road haulage associations and you own a haulage fleet, you may also be able to find discounts in your policy.