How to Save Money on Motor Fleet Insurance
By Paul Delaney
Businesses that own multiple vehicles can benefit from taking out a fleet insurance policy for their vehicles. When you opt for fleet insurance, the administrative workload is reduced as insurance coverage on all cars expire on the same day. The insurance company is also saved from the headache of managing separate insurance policies. This benefit is passed on to customers by insurance companies in the form of reduced per vehicle premiums.
Many people believe that when opting for fleet insurance, the cash flow of the organisation is affected as premiums for all the vehicles have to be given on the same day. However, you can overcome this disadvantage by opting to spread your premium payment over a period of time. People who opt for a spread of premium payments have to pay a small fee to the insurance company.
Many people are confused as to the covers available in a fleet insurance policy. They will be happy to know that all covers available in a standard car insurance policy are available in a fleet insurance policy. One main difference between an individual and fleet insurance policy is the rating of the fleet by the insurance company. When opting for a no claim discount in a fleet insurance policy, the insurance company will rate the claims on the basis on overall history of the company and not on each vehicle.
When making a claim, you need to pay policy excess on each vehicle on which the claim is made. Many people assume that they have to pay policy excess on only one car irrespective of the number of claims they make.
Insurance companies charge fleet insurance premiums depending on the number of vehicles insured, the model and make of the vehicles, the history of the person driving the vehicle, the safety systems installed in the vehicle and any other factors that could affect the safety and condition of the vehicle. Most insurance companies normally require at least four vehicles to qualify for a fleet insurance policy.
If you have businesses in various locations in the European Union, then get a fleet insurance policy, which provides coverage at various locations. Make sure you go through the insurance policy and find out the inclusions and the exclusions of the insurance policy. For example, not all fleet insurance policies will cover damage to electronic equipment. Also, some insurance companies exclude coverage for windscreens broken in an accident.
Finding insurance companies that deal with fleet insurance is not difficult. There are many companies that have their own websites, which give you all the required policy details. Try to approach as many insurance companies as possible and select a company that offers you the lowest quote. Most insurance companies offer good discounts on the stated fleet insurance premium, so make sure you ask them for the best possible discount. If you find it difficult to approach each company directly, you can approach specialised fleet insurance websites. These websites have policy details of most insurance companies, which make it easy to compare and analyse fleet insurance policies.
Choosing the right fleet insurance policy is important; therefore I suggest you invest considerable effort and time in getting the right insurance policy.
About The Author
For more information about Fleet Insurance visit the Flint Insurance website at http://www.flintinsurance.co.uk/motorfleet.htm