Motor Fleet Insurance - Is It Right For My Business?

Motor Fleet Insurance - Is It Right For My Business?

When you start-up in business, you usually only have a single car or van, but as your business grows managing multiple policies across vans, cars and trucks can be time-consuming to administer.

If this sounds like your company, it could be time to consider motor fleet insurance.

What is motor fleet Cover?

A fleet policy provides cover for multiple vehicles owned by a single business or holding company under a single policy.  

A single premium is paid for all vehicles, either annually or monthly, and administration is much simpler with one claims line and one set up policy terms and conditions.

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How many vehicles do I need to qualify for Fleet?

Business Insurance providers are now much more flexible, and cover can be arranged from as little as two vehicles.  

This can be ideal for a start-up or growing business whereby additional vehicles can be added to the policy quickly and efficiently as and when they are purchased.

What type of vehicles can I put on a motor fleet policy?

All types of road qualifying vehicles can be included under a fleet contract.  

You sometimes hear the term “car fleet” or “van fleet” insurance, but this is merely a reference to the fact that the business only has cars or vans, you can mix across all types including trucks, fork-lifts or special types of vehicle.

Who can drive my vehicles under a fleet?

One advantage of a fleet policy is that it usually is possible to arrange for all your employees to drive business vehicles covered under the policy.  

However, this is not compulsory, and you may choose to restrict cover to named drivers or impose varying age restrictions to reduce your premium levels.

Insurers may also look to impose restrictions for high risk or high-value vehicles, but your business insurance broker will be able to help you find the most appropriate policy.

What’s the difference between a fleet and a multi-vehicle policy?

Multi-vehicle policies are now becoming more common, particularly for personal households who operate more than one vehicle.  

Under a multi-vehicle policy, premiums are typically calculated and rated for each vehicle individually, and then a discount applied for multiple purchases.

In contrast, a fleet policy will look at the fleet as a sole risk, allowing you to plan cashflow much more effectively when budgeting for additional vehicles.

How do Fleet Insurers calculate their premiums?

A motor fleet policy is typically arranged on a rate per vehicle basis, i.e. every vehicle is charged at the same price.  

The premium is based on the historical claims performance of the individual fleet or the insurers’ historical data.  

If a new vehicle is added during a policy period, it will usually be charged on a pro-rata of the annual rate-per-vehicle.

On smaller end fleets of less than 10 vehicles (mini-fleets), some insurers will charge different rates depending on the vehicle type.

Can I transfer my no-claims discount to a fleet?

If you are buying fleet insurance for the first time, some insurers will allow a discount based on your no claims discount earned on either a private car or commercial vehicle policy.  

Your insurance advisor will be best placed to negotiate with fleet underwriters on your behalf.

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What are the advantages of fleet cover?

A fleet insurance policy could save your business time and money:

  • Simply and easy administration
  • Easier Health & Safety management as a company vehicle is a tool of your trade
  • Better control over premium payments
  • Economies of scale
  • Ability to add or remove vehicles in minutes
  • Single claims process for all vehicles

What details do I need to obtain a quote for a fleet?

Obtaining a fleet quote is now easier than ever, all you need are:

  • Details of vehicles to be insured
  • Details of required drivers (including any convictions and driving history)
  • Previous fleet history or no claims bonus information.

FREE Business Insurance Review

Insync provides a FREE Motor Fleet Insurance review service, where you will speak to an Insurance expert who will take the time to understand your individual requirements and compare quotes from up to 10 insurers in minutes.  

You can book a slot that suits YOUR diary via our website, or call one of our insurance gurus on 0330 1240730, we would love to hear from you!

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