Getting the right level of cover is absolutely essential when looking for a fleet insurance policy. You want peace of mind that should anything happen, your vehicles are protected. There are a number of additions that many businesses may require, but at the same time, costs need to be kept as low as possible, especially when you consider that premiums have steadily increased over the last few years.

Here are 12 effective ways to lower your fleet insurance costs:

1: Install a vehicle tracker

A vehicle tracker can help you find the location of a stolen vehicle, and are also used to see how well an employee drives. Instead of purchasing a standard fleet policy, telematics (commonly referred to as a black box) could offer more suitable protection for your business needs. Drivers that take road safety more seriously could help you reduce your premium.

2: Install an alarm and immobiliser

You can increase a vehicle’s security level by installing an alarm or immobiliser. Depending on the nature of your business, you may be carrying expensive items, which could increase the likelihood of theft. Because of this, you will want to ensure your contents are covered at all times, whether on or away from the business premises.

An alarm and immobiliser will deter and potentially stop thieves from stealing both your vehicle and the valuable contents locked inside.

3: Carry out a risk assessment

If your business has a large fleet of vehicles, it will be in both yours and the insurer’s interest to complete a comprehensive risk assessment. Their risk assessment and management team will help you find the right solution that suits your business’ needs.

Have a direct conversation which covers the previous claim history, areas that can be improved upon and what your employees should be doing if they are involved in an incident. Risk assessments also need to be carried out periodically for drivers and vehicles.

4: Training programmes for drivers

Training programmes for drivers can help you improve road safety. Employees that receive regular training will become better drivers and pose less of a risk and ultimately be involved in less accidents.

It doesn’t matter if you don’t have the necessary resources to carry out training. Training can be outsourced through a trusted institution. Courses can be short and intensive or even be a long-term training solution. There are a wide variety of options to choose from, remember to ensure your provider recognises these courses before registering.

5: Combine fleet insurance policies

Contact your fleet insurance provider to see if a combined option is available, as this could help cut the costs of cover.

Some companies will allow you to include employee liability and public liability insurance with your fleet cover. Combining additional policies can make it easier to manage multiple forms of cover as it will be set up and managed through one company, in addition to helping you save money.

6: Install cameras

Cameras installed within vehicles are rising in popularity with everyday drivers, unquestionably, these will offer a range of benefits for commercial vehicles too.

You may have viewed some online videos of near-miss collisions and accidents that were recorded by a dashboard camera. If you’re involved in an accident and your cameras are recording, this can help you provide vital evidence to both the police and the insurance company.

7: Avoid unnecessary optional extras

Most of the time, fleet insurance providers will offer you a wide variety of optional extras, these are usually unnecessary.

Extras such as windscreen cover can increase the cost of your insurance policy, however, this could be cheaper to repair or replace through an independent third party.

It’s also worth looking for the best breakdown cover elsewhere to see how this compares with what your current provider is offering.

8: Use vehicles that cost less to insure

Buying a new fleet or leasing some updated models is going to be expensive, but it could help you reduce your overall premium.

Newer vehicles will often already include up-to-date security systems as standard, and will often be less prone to theft because of this. You could also save money through fuel efficiency while reducing CO2 emissions and your road tax at the same time. Newer vehicles also come with the added benefit of a manufacturer warranty, saving you money on repairs and servicing. It’s important to consider that the type of vehicle you make use of will ultimately depend on the nature of your business, this could mean that this option won’t be suitable for everyone.

9: Vehicles should be kept in a secure environment when not in use

During business hours, your fleet of vehicles will be on the move. When they’re not in use, they will need to be locked and stored in a secure environment. With multiple expensive vehicles in one location, insurers have the opportunity to increase policy costs.

It isn’t always possible to find a suitable location to store your fleet. However, if you are able to do so and provide evidence that there is very little chance of any vehicles being damaged or stolen, this could help you save a lot of money. Ask your insurer what the most suitable location would be, as this could differ from each provider.

10: Increase your voluntary excess

Similar to a standard car insurance policy, you will have the option to increase the voluntary excess on your fleet insurance. Increasing the voluntary excess will help you lower your overall premium, but it will mean that you will have to pay more if you do make a claim.

Check your previous claims history, if you don’t often make claims, this could be a suitable option. However, it’s important to note that in the event of an incident, you could end up spending more than what you have actually saved with a larger excess. Think carefully before making a decision on this.

11: Employ drivers with a clean license

Drivers with points or convictions on their license will undoubtedly have an effect on your premium. This is why it’s highly desirable for any business to employ drivers who have a clean license. Fleet insurance providers will look to see if a driver has been convicted for speeding, drink driving or claimed on their personal car insurance policy.

If your drivers do have any convictions or penalties on their license, make sure your insurance provider is aware of this. Omission or failure to disclose this information could mean that you’re not covered, and any claims made will not be processed.

12: Compare fleet insurance quotes

If you’re looking to renew your fleet insurance policy, don’t automatically agree to your current provider’s renewal quote. This is because it is highly likely that you will be able to find a more competitive quote elsewhere.

If you are extremely happy with your current provider, you can ask them for a cheaper quotation. They may suggest a few changes that you need to make to bring down the price.

Comparing fleet insurance cover using an online comparison website will help you find the most competitive price from a whole range of leading providers. You could even use this information and ask your existing provider if they’re able to price match like-for-like cover.

In some instances, there may even be specialist companies that exclusively provide fleet insurance for the type of vehicles your business uses. Compare prices and see what’s available.

In summary

No matter how you look at it, fleet insurance is essential and will be expensive. It is an important requirement for any business which operates multiple vehicles, and these valuable assets have to be protected.

There are a number of things that can be done to reduce a renewal quote for business owners and managers. Not all of the 12 points listed above will be applicable to your business, but hopefully some of these suggestions will help you to save money.

Remember not to automatically agree to the first quote you’re given, compare multiple quotes from leading fleet insurance providers to help you get the best deal.

Source: Utility Saving Expert

You will know when it is time for you to get yourself a nice vintage car to add to your classic car collection. While you are at it, you will get several opinions from your family and friends about what could possibly be the right choice for you. But, in the end, your heart will know better than anyone for which car to pick. Before you treat yourself with an old classic and make a significant investment for your unique hobby, we would recommend these measures so that you do not become a victim of fake history and know what to look for to find a true gem.

Research your preferences

There is a huge cache for old as well as new cars. While we are familiar with the latest models as they can be enquired at any car showroom, it is not the same in case of old cars. You will need thorough research about the car you have your eye on. Try to find out as much as you can about the in and out of the car before you take any steps towards purchasing it. Make use of the internet and specialist magazines and spend time reading forums from the owners’ clubs to get the right tips and advice. You might also find a better seller in one of the clubs if you are lucky.

Compare different cars

Before you plan to take out your cash, make sure that you have seen enough cars to get bored of looking out anymore. This will not only save you from the dealer’s trying to sell their worst cases but will also give you a wide choice to compare. The factors you can consider while surfing through cars can be the built quality, restored parts, bodywork condition, and how well it can run.

Get the car inspected

While you are at the car garage or vintage showroom, ask for the car’s provenance and check for its servicing and maintenance history. You can easily figure out a well-maintained car from its service book piled with receipts for work done. If you do not have much knowledge about the mechanics of a car, you can take your engineering friend or a professional with you to give you the right advice.

Take a test drive

Never judge a book by its cover. The performance is also important while looking for a classic. Unless you find a reliable seller, insist on taking a test drive before you make any deals. Testdrive is an important part of purchasing a car, and it is valid for classic old models as well. You will know how the car sounds and runs on the roads.

Budget the right amount

Purchasing or bidding for a classic car can be an exciting hobby, but you should know your highest bids and minimum bids. Choosing a vintage car requires smart decision making, and if you are getting a car for prices lower than what you imagined, you need to think why. Make sure that you are getting what you are paying for so that in the future, your dream car does not become a burden for your garage.