Fleet insurance

 

That's where fleet insurance comes in. Businesses can get an insurance policy to cover all their vehicles in case of collision. And this insurance exists for good reason - the roads can be chaotic.

So, are you responsible for a company's vehicles? Fleet insurance is your safest bet. In this article, we've got you covered. You can find out everything from your fleet insurance cost, to what fleet insurance policy to go for. Read on to learn more about the world of company vehicles' insurance.

What is fleet insurance?

Fleet insurance is a business vehicle insurance product. It is a type of coverage that insures multiple vehicles, starting with as little as two. Vehicle insurance is a legal requirement. So fleet insurance is a good choice when you have many vehicles to insure.

Your company can benefit from a multi-vehicle fleet insurance policy if you go with the right insurance provider. That means you can insure different types of vehicles through a single policy.

Your insurance broker can help you pick out the best policies for your circumstances. They will look into different insurance providers’ policies and find your premiums. They’ll also tailor your insurance to your budget and needs.

What types of vehicles can I cover with fleet insurance?

The types of vehicles you can insure depends on your insurance providers. Luckily, you can have access to a wide range of vehicle covers.

If you opt for vehicle fleet insurance, you can get cover for these vehicle types:

• Cars
• HGVs and trucks
• Minibuses
• Motorcycles
• Taxis
• Vans

How many vehicles make up a fleet?

Simply put, vehicle fleet insurance will cover all your vehicles regardless of how many your company has.

Depending on your businesses’ number of vehicles, you will register a small or a large fleet. But, it’s easy to tell which one you’ll have.

Small fleets have as little as two vehicles, also called ‘mini fleets’. They typically have a low number of vehicles that belong to businesses like local trades.

Large fleets have many vehicles, sometimes hundreds. Taxi companies, big trade companies, and other businesses that rely on high numbers of vehicles make up large fleets.

What exactly does fleet insurance cover?

Fleet insurance policies can cover anything from other vehicles and drivers to your own vehicles and employees. It can also cover vehicle theft and fire damage, but this will depend on your insurance provider’s limitations.

On top of that, different fleet insurance policies will cover some specific things. These include:

• breakdowns
• tools and equipment
• other transported goods and personal belongings

You can also cover lost vehicle keys, legal fees in the case of trial, and many more things.

What are the different levels of fleet insurance cover?

There are three different levels of fleet insurance cover. These are:

• Comprehensive cover
• Third party, fire, and theft cover (TPFT)
• Third party only (TPO)

Your insurance broker will help you pick the best one for you, along with the policies you want.

Comprehensive cover

If you go for a comprehensive policy, that’s the highest level of fleet insurance cover you can get. In the case of an accident, the comprehensive policy will have you fully covered.

This insurance policy includes coverage for:

• your vehicles
• employees
• >other people and vehicles involved in a collision

You can claim for damages even if your drivers are at fault for the accident.

Third party, fire, and theft cover (TPFT)

TPFT is a lower level cover policy. It protects your vehicles in the case of theft and fire damage. It also covers you if charged for damage to other vehicles and their users.

Yet, it won’t cover most damages to your vehicles. This type of insurance policy is best for vehicles of low value.

Third party only (TPO)

TPO is exactly what it says: any damages to a third party get cover in the case of an accident. It includes their vehicles and drivers. If your driver is the one who caused the collision, you won’t have to pay for damages to a third party.

Yet, it doesn’t cover your driver nor your company’s vehicles. You’ll find that this is the lowest level of fleet cover. Given this, it only covers the basics through its policy.

Should you get comprehensive cover or TPFT/TPO insurance policies?

When you’re insuring your company’s vehicle fleet, you need to set out your company’s needs. Its risk is the most important thing for you to consider. Then, you can easily choose between comprehensive, TPFT, and TPO cover.

Since vehicle insurance is legally required to drive in the UK, your primary choice will be TPO. But, you might wish to invest in your fleet insurance policy for some extra peace of mind. Then the comprehensive package is your best choice.

The comprehensive policy cover can save you money in the long run. Most often, your cover will cost you less than paying for the damage. Vehicle repair costs can add up quickly, and so can any extra bills. With a premium for comprehensive cover, you’ll have it all figured out.

What are the different fleet insurance policies?

Other than these general levels of fleet insurance cover, there are distinct policies.

Which ones you choose depends on your company’s specific circumstances and insurance needs. Since you are insuring multiple vehicles, it is essential to discuss your needs and preferences with your broker. They’ll refer you to the insurance policies best suited for your company.

So, insurance providers can supply the following fleet insurance policies:

• Breakdown cover
• Carriage of own goods
• Employers’ liability
• Goods in transit insurance (GIT)
• Hire and reward
• Legal expenses cover
• Personal effects cover
• Public liability
• Replacement locks

What do the different fleet insurance policies cover?

Your fleet insurance coverage typically pays for anything that can go wrong. You can rest assured your company’s vehicles are safe, and so are your employees. Your broker will direct you towards policies best fit for your company’s circumstances.

Sometimes, you’ll have to take separate policies out to address specific needs your company might have. Your broker is most helpful in helping you choose the right ones. You wouldn’t want to pay twice for the same type of cover mistakenly. So they can help you only get the cover you need.

We’ve put together more information on each type of cover to give you more insight into the policies you can get. Read on to find out more.

Breakdown cover

Breakdown covers can be helpful if your drivers find themselves stuck on the roadside. This policy will come in handy if:

• they need help fixing breakdowns
• want to remove vehicles from the road if they require in-depth repairs

A breakdown cover isn’t always included in your typical fleet cover. You might have to take out a separate policy to benefit from it. But, if you insure your vehicles with a breakdown cover, you can enjoy the complete package, from pick-up to fix-up.

Carriage of own goods

You or your driver’s goods need insuring too. If any accidents happen, you might be facing expensive losses. This policy insures any equipment or tools while your drivers are in transit.

This policy is especially helpful if your driver is transporting valuable cargo. Otherwise, you might end up paying for the goods’ damage yourself.

Employers’ liability

You are legally required to have an employer’s liability policy in the UK if you have any employees at all. It covers the costs if they become ill or get injured because of their work.

This policy covers you against any compensation claims made by your employees. If you don’t get this policy for any of your employees, you can face a fine. That is £2,500 for each day you let pass without this policy.

Goods in transit insurance (GIT)

Goods in transit insurance is a policy that covers most goods transported in your vehicles. But, sometimes, this doesn’t include specific items like tools and equipment.

You need to check that your GIT policy also covers the carriage of your goods. Otherwise, you might want to take out that policy separately. You can also find a GIT cover that does include own goods insurance.

Hire and reward

You must get a hire and reward policy if you are transporting other people or their belongings for a cost.

Hire and reward applies to services like those provided by taxi companies. It’s also something furniture removers, couriers, haulage, and other moving services will need.

Legal expenses cover

This fleet policy protects yourself and your drivers if you need to go to court. It’s an insurance service that will pay any legal fees and save you from having to pay for legal expenses.

Personal effects cover

Personal effects cover is helpful if you or your drivers get robbed. Personal possession theft will be covered, as well as any damage to items within the vehicle.

Public liability

If your company takes the blame for any damages to a member of the public, this policy protects you. It covers any fees and compensations this process implies.

Replacement locks

Odds are one of your employees might lose their keys or have them stolen. The replacement locks policy provides new locks for your vehicle free of charge.

Is fleet insurance the same as van insurance?

Fleet insurance and van insurance are different things. If you have fleet van insurance, you can cover multiple vans through one policy. You can renew their cover simultaneously, and they’ll all benefit from the same insurance.

This policy can save you the headache of insuring every single van your company has, even if that’s five or 50. Van insurance is great if you only have one vehicle. But, if you have many vehicles, you are better off treating them as a van fleet.

Since the minimum number of vehicles you need for fleet insurance is two, you don’t even need many vans. You might find that turning your van insurance into fleet van insurance is a better choice. It comes with a better price, and you can enjoy insurance premiums too.

What’s covered by fleet van insurance?

Fleet van insurance covers the same things as any vehicle fleet insurance. The only difference is that you are choosing a vehicle category to insure rather than multi-vehicle insurance.

So you get cover if your van is stolen or if any of your vans gets into an accident. The same applies to your vans’ contents during transit. If your van breaks down or if a driver loses the keys to their van, you’ll have cover too.

You need to check your insurance’s specific policies to make sure you can benefit from all these covers.

Are there any limitations to vehicle fleet insurance?

There are some limitations and exclusions when you get your vehicle fleet insurance. It’s common for insurance policies to have limitations.

When it comes to fleet insurance providers, typical exclusions include:

• Deception theft
• Theft from unguarded vehicle
• No claims discount

So, let’s go into more detail about each one.

Deception theft

If your company is deceived into leaving car keys with a thief, this is deception theft. Your insurance policy won’t cover you in such scenarios.

This limitation is typical across many different insurance covers. You are entirely liable if you or your driver are tricked into losing your property.

Theft from unguarded vehicle

If you leave your vehicle unattended, you’re liable for thefts. Anything stolen from your vehicle isn’t covered. That includes belongings, tools, and other things stored within the vehicle.

No claims discount

Typically, individually insured cars, vans, or motorbikes benefit from no claims discount. You could earn a no claims bonus for these vehicles.

Yet, when you choose to insure a fleet, you can’t benefit from the no claims bonus. It’s a common exclusion, but it doesn’t necessarily affect you. It’s something you should keep in mind and check with your insurance broker.

How can you get a better price for your fleet insurance quotes?

You should know there are some ways to get a better price for your fleet insurance quote:

• Use an insurance broker. They can get you a better fleet insurance quote. They have a lasting relationship with insurance providers that earn them discounts.
• Use surveillance technology. Dashboard cameras and telematics can prove your employees’ driving skills. They can earn your cheaper premiums.
• Use electric or hybrid vehicles. Environmentally friendly vehicles are viewed as better. So, they’re also more affordable to insure.
• Look after your vehicles. Scheduled checks and maintenance are great ways to prove your vehicles won’t break down. It would be best if you kept your fleet secure at night, with CCTV watching over it to deter theft.
• Limit mileage. If you plan routes better, you can get fewer miles with your vehicles. Limited mileage can mean lower premiums too.

Why should you get fleet insurance through a broker?

Business vehicles are essential assets. So, you should make sure you have the best fleet insurance policy for your company’s needs. Your budget is equally important. A broker can get you the best of both worlds.

A-plan takes the time to get to know you and your businesses’ needs. We offer you specialist policies tailored to your business at competitive prices. Our flexibility, expertise, and drive to help you come with the promise of high-quality service.

On top of that, here at A-plan, we give you the option to cover your entire fleet through a single insurance quote. We can save you time, money, and on top of it all, hassle. We’re connected to a vast network of insurance providers. So we can quickly get your premiums for your fleet policy.

We also promise to beat the renewal date. If that doesn’t happen, you get 10% of your premium as cashback.

Nobody should insure their company vehicles just because it’s a legal requirement. You’ll want to do it with care. The good news is you’ve got many options to make sure your employees and your goods are covered and well looked after. That’s where insurance brokers step in. From running through your options to choosing your policies, we can help.

Your business depends on your fleet of vans, so you need to know that should the worst happen, your fleet won’t be out of action for long. Making sure that all the vans in your fleet are protected with the right insurance policy is vital to ensuring that your business can keep going in the event of a claim. At the same time, we understand that you want to keep your business running costs as low as possible with the best deal on your fleet van insurance.

 

We’re one of the largest van insurance brokers in the UK, with a panel of hand-picked van insurers that can offer the right insurance policy for your fleet. And, with a fast and efficient claims service, you can be confident that the vans in your fleet will be back on the road in no time.

Types of fleet van insurance

It’s worth remembering that not every fleet van insurance policy will provide the cover you need. There are specialist kinds of van insurance tailored to different kinds of professional retail and trade business, so give us a call today and find out which policy is right for your business.

To make sure your fleet of vans has the right level of insurance cover, we also offer a number of optional add-ons. Breakdown cover will give you the reassurance that you can call for help if one of your vans breaks down while it’s out on a job. Goods in transit insurance will provide cover for anything being delivered to customers, and tools insurance means you’re covered if your tools are stolen.

Get the best value from your fleet van insurance

At A-Plan, our experience in van insurance means that we have access to fantastic deals that no-one else does. Not only that, but we do the hard work of comparing those deals so that you know you’re getting the best one. Get in touch today to talk to our expert advisors and find the right quote for your fleet van insurance.

Your Fleet Insurance package

You could save money on your commercial fleet insurance quote with a custom package - designed with you and your business in mind.

Here's how to get yours…

Click 'Get a Quote' and you'll be taken to a short contact form. From there, just fill in your details - and we'll call you.

By speaking with our fleet insurance expert, you'll have the chance to explain every relevant detail of your business. By using this information the expert will start to draft your custom policy.

By talking with A-Plan, you'll end up with the right cover and an affordable fleet insurance policy.

More Ways to Save Money on Fleet Insurance

When it comes to fleet insurance, A-Plan is your independent, impartial advice service.

As brokers, we want to save you money, while making sure your fleet is fully protected against every relevant risk. There are a number of ways to do this - most of which involve us working closely with you to provide the policy that's right for you - but you're also likely to reduce your costs just by keeping the following factors in mind:

Only buy the insurance you need to reduce your premium…

Would the majority of small damages and losses actually be met by your business? If yes, then you could push up your voluntary excess - meaning your premium will automatically come down in price.

Review your risk management strategy…

If your current insurer hasn't asked the following questions, it's almost certain you can save money - either by implementing changes or making sure your insurer knows what you already do:

• Do you carry out driver training (some insurers will help to fund this for you), as it inevitably leads to reduced claims and therefore benefits both of you).
• Are driver's licenses checked at least annually, and are they required to notify you of any motoring convictions they get. Your policy may be for any driver, but this will have conditions around driver history.
• Do you engage casual or agency drivers? Do you check their licenses?
• Do you make drivers responsible or their own excesses? If you have had a difficult claims history, this can give the insurer comfort that drivers are incentivised to drive carefully.
• Are incidents reported quickly? If the first notification you receive of an incident is a letter from a solicitor, it is already likely to be a significant claim (regardless of the damage caused). Immediate notification can enable your insurer to handle the claim swiftly and keep costs to a minimum. These measures can be cost free, and significantly reduce your insurance premium.

If you haven't implemented risk management plans, this could be a good time - we can help you. It doesn't take long to complete our contact form and a fleet insurance specialist will call you back within 24 hours.

 

*Terms and conditions: Cash back available when you take out insurance through A-Plan and we are unable to beat your existing original renewal quotation on a like for like basis. To qualify, appoint us as your broker at renewal on your existing policy, subject to us being able to deal with your existing insurer. Cashback is 10% of your fleet policy renewal premium, subject to a maximum of £500.