04/09/2017
Premiums seem to be on the up and up. So what can you do to keep them at an acceptable level? We offer a few tips for fleet owners that may take the edge off.
Ways that may keep your insurance premiums down
As a fleet owner, you’re responsible for keeping your vehicles comprehensively insured. This can be a costly business, so any little ways that may help to flatten costs are certainly worth looking into.
Install vehicle trackers
They have a dual purpose. Not only can they determine the whereabouts of a stolen vehicle, they can also be used to monitor how well your employees are driving.
So rather than taking out a standard insurance policy, if you can show that your drivers are safe and considerate, then your premiums may come down in price.
Of course, their main use is vehicle security. Your chance of recovering a vehicle is significantly increased with a tracking device. A no-brainer, really.
Risk assessment
It is in the insurer’s best interests to give you a fair deal, and many have their own risk management and assessment team to provide you with the best solution.
You should carry out your own risk assessment procedure in-house as well. Encouragingly, 77 per cent of those questioned in TomTom’s Business Solutions vehicle survey said they operate regular risk assessments across their fleets.
Driver training programmes
Fact. Drivers that receive training are less of a risk on the road and are involved in fewer accidents. Your insurer will take this into consideration
You can offer training as part of your driver’s development programme – either in-house or through outsourcing courses.
Install camera technology
In-car cameras like dash cams are becoming increasingly popular and have numerous benefits for commercial vehicles.
No doubt, you’ve probably seen a few ‘funny’ videos online of near-miss collisions, but if you capture footage of an accident, it can be used as evidence when defending fraudulent claims.
Crash-for-cash collisions current cost the industry £350 million a year, which has a huge knock-on affect for insurance premiums. By eradicating this problem, quotes will inevitably come down.
Use vehicles that cost less to insure
Purchasing or leasing a new fleet can be expensive, but it could save you money on premiums. Why?
Because newer vehicles with up-to-date security systems are less likely to be stolen, while the latest safety features could safeguard against personal injury claims.
Newer vehicles also benefit from the latest fuel efficiency advances, reducing CO2 emissions and thus premiums. What’s more, you’ll probably save money on breakdowns, repairs and fuel too.
Secure storage
If vehicles are on the road during normal business hours, then you’re going to need somewhere safe to store them overnight. With so many expensive assets in one place, your premiums will increase.
If you can prove to your insurer that your vehicles are stored safe and securely, it could make a big difference in price.
Note. Garages are not the best option as many providers charge more. This is because falling objects from shelves or the ceiling can damage the exterior.
Employ drivers with a clean license
Drivers who have points or convictions on their license will undoubtedly incur higher premiums.
So look to employ drivers with clean licenses. Providers will often penalise you if any drivers have previously been convicted for drink driving, been caught speeding or claimed on their personal car insurance policies.
What do you think? Join in the discussion on LinkedIn and Twitter.
