Fleet Insurance

Fleet Insurance

If you are still at that stage where you have multiple vehicles trying to juggle each insurance renewal when it comes due, then it's time to stop and move to a Fleet Insurance Policy.

Already have Fleet Insurance? If so, you will understand the benefits of having a single renewal date that covers all of your business vehicles with one insurance company.

Whether you are still attempting to herd cats or your vehicles are on one policy, it's good to review what you have, insurers' attitudes change frequently, and an insurer might be out of the market last month but back this month.

We can review your fleet insurance quickly and efficiently at Sills, providing alternatives from the fleet market.

What is Fleet Insurance

Fleet insurance protects multiple vehicles on one policy against claims made against them for damage to a third party vehicle, for fire and Theft to own vehicles, and with comprehensive cover accidental damage to the vehicle itself.

Fleet insurance is an insurance policy that brings all your business vehicles together in one place; usually, fleet insurance is two or more vehicles and upwards into the hundreds. It allows you to manage many vehicles on one policy, so you don't need to have the administrative burdens of trying to manage single insurance policies.

Your business might have several different types; these might be cars, vans or even lorries and other commercial vehicles, and even plant if you need to drive it on the road.

What does Fleet insurance cover?

The cover provided on a Fleet Insurance Policy is the same as a single private car policy, probably like your own car you drive each day; the only difference is that you have multiple vehicles in one place on one easy-to-manage policy. The cover you get is the same, too, so you can choose how you want your vehicles covered.

Third-Party Only insurance covers you for any damage you might do to someone's vehicle or, even worse, cause injury. As an example, if you accidentally hit someone, then the damage to their vehicle will be insured, but any damage to your own vehicle won't have any cover at all.

Restricting cover to Third Party Only rather than Comprehensive Insurance generally doesn't offer substantial premium savings but is an ideal cover for items of plant or machinery that might need the minimum level of cover to drive on the road. A forklift truck used for loading that has to use the road, and telehandlers used on building sites that go from one site to the next.

Third Party Fire & Theft Insurance provides just the same cover as Third Party Only for use on the road but also covers against Fire damage to the vehicle and Theft.

Comprehensive Vehicle Insurance

This covers the damage or injury that you might do to another vehicle or person, the Fire or Theft to own vehicles, and if you cause damage to your own vehicle, that will be covered too. Many comprehensive insurance policies will also include damage to windscreens as standard.

Can I cover Electric Vehicles on my Fleet policy?

You can ensure Electric Vehicles on a Fleet policy. With Electric Vehicles (EVs) becoming increasingly popular due to government environmental targets and being tax efficient for businesses, insurers are becoming more accepting of these types of vehicles.

Electric Vehicle Fleets are becoming more popular; whilst electric cars are becoming common, the commercial market is growing. Short-distance delivery vehicles such as Electrified Vans, Public Service vehicles small electric Utility Vehicles such as Road Sweepers can all be insured on a fleet policy.

Contractors' plant goes on the road; do I need to cover them?

Yes, whilst the Road Traffic Act is a complicated piece of legislation, it's always prudent to ensure that if an item of plant is going to be driven on a Public Highway, a minimum of Third Party Only cover is in force.

Whilst an item of plant might come off better should a collision occur, if your vehicle is at fault in the accident, the other parties' insurance will be coming to you for the cost of their damage.

Does Fleet insurance have an excess?

Yes, Fleet insurance does have an Excess; an excess is the first part of a claim for own damage that you have to pay; this can be a few hundred pounds to many thousands, so it's essential to make sure that you understand these particularly if you have inexperienced or younger drivers on your policy.

Usually, Theft claims will also have an excess, as will Windscreen damage. However, sometimes the excess will be far lower if the windscreen can be repaired.

Can I manage my own MID on a Fleet Policy?

Motor Fleet Insurance is usually done on a declaration-based policy, mainly if there are many vehicles; a motor fleet declaration policy will allow you to update the insurer periodically; this can be three months, six months or sometimes only at the end of the insurance year. This means you can drive vehicles on your policy owned or leased by the business; you have to make sure you manage the Motor Insurers Database each time a vehicle is added or taken off.

Sometimes a Fleet policy can be on what's called an "as and when" basis; this does require more effort, though, as each time you change a vehicle, you need to advise your insurer.

Do I earn a No Claims Discount on a Fleet policy?

Usually, a No Claims Discount is earned on single-vehicle policies covering the individual; the driver earns it, not the vehicle. With a Fleet policy, the No Claims discount, referred to as Fleet Discount, is applied to the whole fleet, not per vehicle, so where you have a good year with few claims, you will benefit from a higher fleet discount. This can also work in the opposite direction; if you have many claims, your discount will be reduced.

What are other covers available alongside a fleet insurance policy?

Uninsured Loss Recovery will provide you with the necessary assistance to recover any uninsured losses in the event of a non-fault accident; this might be the recovery of an excess, for instance, or perhaps loss of earnings.

Roadside Assistance and Breakdown Cover. How inconvenient, driving along, warning lights come on, you roll to a stop; what then? Having breakdown cover on your vehicles keeps you moving, even if you are stranded at home, on the side of a motorway or recovery following an accident.

Talk Fleet Insurance to us

Motor Fleet Insurance is an essential policy for multi-vehicle businesses. At Sills Insurance Brokers, we have access to an extensive range of insurers, from well know household names to Lloyds of London Insurers.

We speak your language; talk to us about your Fleet Insurance requirements; wherever you are based in the UK or local to us, Lincoln Fleet Insurance can be arranged quickly by one of our experienced commercial motor specialists.