5 Ways to Reduce Your Fleet Insurance Premium

Car Insurance1

Fleet insurance provides your organization the opportunity to cover all your vehicles under one policy, even if you operate different models. Two main factors affect the insurance premiums of fleets especially commercial ones – the driving records of your individual drivers and your history of claims. The advantage of having a fleet insurance is that you do not need to pull figures for every vehicle in your fleet.

Conduct annual review on your fleet

There is a huge possibility that your organisation will change every year. As your organization keeps changing, so does your insurance needs. Your insurance policy has to be adjusted to fit your current organizational needs. Therefore you need to conduct annual reviews to ascertain whether your current insurance policy is meeting your needs. These reviews will particularly help you to identify claims and come up with steps to minimize cost. Look for trends or types of claims that can be prevented with additional training or equipment. 

Embrace Software and Technology

A whole range of technology such as onboard camera, vehicle alarms, collision warning devices, vehicle telematics GPS tracking and rear facing cameras are becoming affordable by day and can help your organization improve its accident rate, help provide evidence in case of accident or theft. These technologies can help drive down your insurance cost drastically. Many insurance companies offer discounts to organisations whose fleet uses fleet management software and enhanced security measures. 

Ensure you have the right insurance cover

The best insurance cover for small to medium fleets is full comprehensive as opposed to third party. You can speak to your insurance provider or shop around to see if you combined insurance policies are available. This can help reduce the cost of your insurance as well.

Choose vehicles that a relatively cheaper to insure

Purchasing or leasing updated vehicles are usually expensive, however, if the vehicles are cheaper to insure, the organization can save some money. New vehicles with current security features are less likely to be stolen. These new vehicles also come with advancements in fuel efficiency which have lesser CO2 emissions. These types of vehicles tend to cost less to insure. 

Provide supplementary training programmes for your drivers

Offering supplementary training opportunities to drivers have a lot of advantages. They keep drivers up to date with industry news and trends as well as revised company protocols. If you do not have the capacity to offer training to your fleet drivers, you can outsource the service to an approved institution. Combining ongoing on-road training initiatives ensures that drivers operate safely and effectively which will lead to lesser road incidents and lesser insurance premiums.

It is important to make sure that the fleet insurance you acquire is flexible enough to account for any fluctuations that may occur over the course of the year.

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