Having the right fleet insurance cover is crucial for big organisations that maintain a big fleet of vehicles, such as a taxi business. However, finding a cheap fleet insurance cover that will address all your needs and preferences can be a bit tricky. If this is your first time to purchase fleet insurance, then it is imperative that you carefully check each of the available options to make sure that you do not spend more money than necessary in getting the right insurance.
The internet offers a massive amount of information that you can use to find a reliable insurance company to work with. However, the sheer volume of data as well as the complexity of the insurance buying process can be quite daunting. Although many people would prefer to do the research on their own, others would opt to get help and use the services of specialist brokers to assist them in finding the most cost-effective insurance package for their fleet.
Ideally, the fleet insurance policy must not be selected purely based on the rate. You must be able to compare various quotes from a number of insurance providers. This will result to savings both in terms of time and money in the long run. Having sufficient coverage for your fleet will make sure that you will not be left hanging with an empty bag when you need to file a claim in the future.
There are a few things that you need to consider when searching for an affordable fleet insurance package. These include:
* The Insurance History of Your Drivers
A pool of reliable and experienced drivers with no or few recent claims will typically be insured at a lower cost compared to drivers who have had multiple claims and/or those who have been convicted. In particular, a driver with a history of poor driving can potentially increase your premiums significantly. Thus, it may be a wise move to have them insured separate from the rest.
* The Required Coverage Level
Similar to standard car insurance, fleet cover comes in three levels, namely full comprehensive, third party fire & theft, and third party only. While a third party option is cheaper than a full comprehensive policy, it would not pay for the cost to replace or repair your vehicle in case of fault claims.
It is therefore up to you to decide whether or not the amount you stand to save from a cheaper premium would be sufficient to cover the cost to repair or replace the car if anything happens to it. In most cases, it would not be enough.
There are various approaches that you can choose from to make sure that you land a cheap fleet insurance that can address all your needs and preferences.
An experienced insurance broker can help you find what you need. Because they buy insurance in bulk, they are able to negotiate for better rates and discounts which you may not otherwise get if you buy directly from the insurance company.