Fleet insurance is a great relief when you operate with a series of vehicles. It puts all your vehicles under one single policy which is way better than having individual policies for every car. When you take to fleet insurance, you just have one insurance date to keep in mind and one insurance premium to pay either monthly or annually. The streamlined structure assures a simpler process and good savings on time. Do you too own a fleet and are about to renew your fleet insurance? That’s great and here are some great tips that will help you to keep your insurance renewal price down.
Look for options
The common practice here is to stick to your previous fleet insurance provider but it won’t harm to look for other alternatives as well. Insurers differ in terms of premium rates and comparative study on 4-5 options would reveal the most competitive deal for you. It could be that you still find your old insurer as the most compatible one and it could also be that some insurance provider provides better rates. Unless you study the market and take chances, you will never know. So, don’t just stay stuck to one provider.
Secure your fleet
This is certainly one of the most vital points when it comes to saving costs on any car insurance and same goes with your fleet option. Cars secured with latest technologies like theft alarms and immobilizers are more difficult to steal and hence there would be lesser chances of claims from your side. The insurers view these security-backed cars as safer options and would be happy to reduce the fleet insurance price. The point is even more valid if your cars are stored in a theft-prone area. Remember, your insurer will be checking your zip code while determining the insurance rate.
Safe storage
How you store your fleet also plays a crucial role when it comes to deciding the insurance rate. The theft alarms and immobilizers would be of little help in lowering the insurance rate if the cars are not stored in a safe location. When you leave your fleet overnight right on the road, you only end up making your car more insecure both for you and your insurance provider. Added to the theft risks, you would be subjecting your car to damage from external weather elements. All these in turn would only hike up your fleet insurance rate. Thus, it’s suggested that you should store your cars under enclosed and properly locked garages.
Vehicle tracking
It would do good to power your car with GPS trackers that can inform about real-time location of the car. This would be especially beneficial if the car gets stolen as you will have complete information on the location of the vehicle which would help to trace & recover it fast. When your vehicle shows chances of recovery even after being stolen, the insurance providers would be flexible to offer you lower quotes. The GPS systems will also notify about the speed limit and the routes travelled by your drivers so that you get to know whether they have been wasting fuel for personal pleasures while on office duty.
Risk assessment
This is a really important point to consider when you are about to renew your fleet insurance policy and are looking to save on premiums. Request your insurance provides to evaluate your claims record over the period & ask him for ways to improve the claims history. This way, you will be able to come up with ways that can reduce the cost in the renewed term. Tell your drivers that you would keep a close watch on their speed limit & on-road collision & would take immediate actions if needed. It might mean further training for drivers or suspending them in dire situations.
Voluntary excess
Ask your chosen insurer whether you can pay voluntary excess, especially if you don’t claim frequently. Some insurers would be ready to lower your fleet insurance premium by hiking your excess in case you need to claim ever.
Be careful with drivers you hire
The drivers manning your fleet play an important role in deciding your fleet insurance premium. Try to hire seasoned drivers with clean driving records. Make sure they are well trained in defense driving. Experienced matured drivers (above 25 years) guarantee safe driving which implies lesser chance of accidents and lesser claims. If you can assure your insurance providers that your fleet is under matured & sensible hands, he will readily lower your premiums.
Know smart driver management
Although you would be looking for matured drivers yet it’s natural that you will be having some young drivers in your circle as well. In such situations, you have to know smart driver management to ensure low fleet insurance premium. So, don’t give your flashy cars to the young drivers as they are prone to speedy driving which would be further accelerated by the higher powered cars famous for jet pace. Also, save your nigh duties for the matured drivers- reports have shown that young drivers are more prone to accidents while driving at night.
Don’t pay for unnecessary extras
Many insurance providers would be looking to sell you unnecessary extras that immediately hike up the fleet insurance premium. You definitely don’t need an insurance coverage for your windshield- it costs lesser to repair a windshield than to insure it. So, be careful about the policy you choose and read the terms and conditions carefully before you sign.
Don’t bother much about spare cars
A lot of fleet owners generally lease some extra cars as spares to compensate when there is a large order that their regular fleet can’t accommodate. It’s smart to have such a backup during emergencies but insuring them would be ridiculous and would only hike up the premium. If there is any such emergency, you can always rent from another fleet. Always, limit your insurance to your regular cars which are used on daily basis.
Hope these tips would be helpful for you.
