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What Is Fleet Insurance?

What Is Fleet Insurance? And How Can It Help Your Organisation Save Money?

To many the term 'fleet insurance cover' conjures up visions of dozens of cars parked in the carpark of some huge multinational. Ask them if they think it can help their organisation and the answer's likely to be an emphatic, 'No'. This is a shame though, as with cover through Quick Fleet Insurance organisations with as few as 2 vehicles – be they cars, vans, trucks, motorbikes or even so-called 'special types fleet' vehicles such as cherry pickers or diggers – can save money and time with this type of policy. In our latest blog we look at this policy can benefit organisations both large and small.

What is Fleet Insurance?

Despite the slightly misleading name, a fleet policy is simply a multi-vehicle cover that can be taken out by any organisation that has 2 or more vehicles in need of insuring. There's no upper limit to the number of motors that can be protected, though many brokers specialise in certain sizes of fleets. At Quick Fleet, for example, we specialise in fleets with between 2 and 20 vehicles, be they cars, special types or a mixture.

What Are The Advantages?

There are numerous advantages to an organisation taking out this type of cover with the main ones being;

• Lower cost per vehicle premiums – because you'll be taking out cover for more than one car, van, motorbike or truck, insurers may be willing to offer lower overall premiums than if you insured them individually

• Lower administration time – if you insure your vehicles individually that's likely to mean you'll have multiple renewal dates and multiple policies to manage that may well be with multiple insurers. With a fleet policy as you have everything on one policy, your administration time is significantly reduced as you have one renewal date, one premium to pay and, in the unfortunate event of a claim, one policy to claim on. Time is the one thing that most organisations – especially small businesses – never have enough of, so having one less thing to worry about is a real bonus

• Greater cover flexibility – as your business grows you may need to add vehicles to your fleet, replace older ones or even buy something completely different; such as your own delivery van for your shop or your own digger for your building firm. If everything is insured on separate policies then you'll need to get a separate cover for these different/additional vehicles, which is a hassle you really don't need. With fleet cover you can simply add, remove or change what's covered by calling your brokers and informing them of them

• Great driver flexibility – your organisation may well need multiple people to be covered to drive your organisation's vehicles and this is something else that it can help with. A typical policy will allow you to either name multiple drivers or even give you the ultimate flexibility of any driver protection. It can also make it easier - possible even - to get cover for difficult to insure or high-risk drivers such as the young or those with driving convictions or poor claims histories. A fleet policy can insure drivers as young as 17 so long as they are only a part of the overall driver mix

Which Organisations Can Benefit From It?

The sort of organisations and businesses that can benefit from this flexible form of protection is surprisingly large. Any organisation, be it a courier, an educational establishment or even a charity can save money and time with a fleet policy. Below are just some of the types of set ups that it can benefit;

• Small and medium sized enterprises (SMEs) – as it can protect as few as 2 vehicles, it can be of use to even small firms

• Schools – as cover can be taken out for a wide range of vehicle types (see below) it can help schools protect everything from the minibus to the groundsman's tractor and gang mower

• Takeaways – with food deliveries becoming the norm these days as more and more consumers use apps such as Just Eat, so more and more takeaways have fleets of mopeds and cars to deliver their goods

• Couriers – the rise of ecommerce has meant that many people now prefer to have their goods delivered to them. This has meant boom times for the courier and delivery sector and a courier fleet insurance policy can help keep those all-important business costs down in what is a highly competitive market

• Taxi firms – taxi fleet insurance – a speciality of Quick Fleet Insurance – makes perfect sense for taxi firms with 2 or more cabs on the road

• Builders and construction firms – by being able to offer cover for more specialist vehicles such as diggers, mobile cranes, tractors and even steamrollers under what's known as 'special types insurance' builders, construction firms and plant hire contractors can all enjoy the benefits of these policies

What Type Of Vehicles Can It Cover?

It's another popular misconception that fleets have to mean fleet of cars, they don't. The range of eligible vehicles is extremely broad as you can see from the list below;

  • Cars
  • Trucks
  • Vans
  • Taxis
  • Motorbikes
  • Diggers, dump trucks, steamrollers, mobile cranes and other plant machinery
  • Tractors, sprayers, combine harvesters and other farm machinery

Can It Protect Electric Vehicles?

This is a question we're being asked more and more as electric cars become an increasingly common sight on our roads. The short answer is yes, they can, but it's worth speaking to your broker about electric vehicle insurance as it's a specialist area at present.

Like Some More Help?

Well we hope that's given you some useful insight into how fleet insurance can benefit your organisation. If you'd like to know more, then please feel to get in touch by calling us on 0208 534 7728, or if you'd like to get a cheap fleet insurance quote then please click here now.

Coversure (Leyton) Ltd T/A Coversure (Forest Gate) is authorised and regulated by the Financial Conduct Authority. Ref: 307715.

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