7 Tips For Getting Lower Fleet Insurance Premiums
Business fleet insurance tends to be quite expensive and these tips aim to solve that and cut prices down.
- Use Vehicles That Cost Less To Insure
Opting to buy a new fleet of company cars or leasing updated ones can be a costly investment, but one that can lead to significant savings on insurance premiums. Upgrading the security system on the old fleet or purchase new vehicles with the latest security features will minimize the risk of being stolen and safeguard the company against personal injury claims.
The new cars cost less to insure because they meet the current fuel efficiency standards thus have very few CO2 emissions. Moreover, the company is bound to save more from the few expenses associated with high fuel consumption and regular breakdowns and repairs.
However, the nature of the business influences the type of vehicles required for operations, and this leaves very little room for maneuver. Even the, reducing overall risks aids in getting cheaper insurance premiums.
- Employ Drivers With A Clean License
Having loyal drivers dedicated to their work and success of the company is beneficial to the business. However, the insurance premiums may go higher if the insurance provider discovers that some of the drivers have convictions or issues with their licenses.
The insurers will investigate to find out if the drivers have been caught speeding, have DUI charges, or have claimed personal car insurance policies. It is therefore prudent to furnish the insurance providers with all the necessary details of your company drivers.
- Increase Your Excess
Inquire from the insurance about the possibility of having the excess increased. With this, the insurance payments may drop, but the business will spend more in the event of a claim.
If a claim has not been filled for a while, then inquiring about the increase of the excess is an excellent option. However, the company is bound to spend more than it could save from the higher excess if an accident does happen. It, therefore, is a matter worth some lengthy thought before making the final decision.
- Put Accident-Prone Drivers On Their Policy
While regular driver training is vital, a few of the drivers are individuals deemed as prone to accidents or other negative road incidents. It is a factor worth considering because, based on how fleet premiums are calculated, it can negatively impact the overlook of the drivers for the entire fleet even if they have never caused or being involved in road accidents and related incidents.
- Store Vehicles In A Secure Environment Overnight
Overnight stops are a legal requirement for fleets that cover extensive mileage where the drivers are on the road for hours well into the night. It is a requirement that, nonetheless, places a business’ assets in one place and this is a matter that insurers consider resulting in increased premiums.
The ability to guarantee the safety of the vehicles and the transit goods can convince the insurance provider of adequate safety measures that warrant the consideration of affair pricing on the premiums.
Most insurers will charge more for fleets vehicles kept in car lots and garages because of the risk of damage form objecting fall from the ceiling. As such, it is wise to consult with the insurance provider to know which places they consider prime locations.
- Don’t Waste Time Making A Claim
If an incident does occur, the best course of action is to make a claim as soon as possible to have the process over and done within the short time possible advise http://www.moneyexpert.com/car-insurance/. The insurer will pay for the costs of having the vehicles repaired or replaced as the accident is being investigated or a settlement reached. The insurance provider will also have to deal with any false claim appraisals. Keep in mind that any past adversely negative experiences may be reflected in a quote when renewing the insurance policy.
- Compare Insurance Quotes
Avoid settling for the same quote you did for the expired policy when renewing the insurance for the company’s vehicles. Shop around because you may land a better deal elsewhere. If it a matter of loyalty to build robust and beneficial business relations with the insurance provider, then make the bold move of asking for a cheaper quote or as on what can be done to lower the price. Otherwise, compare providers to see who offer the best insurance prices.
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