Member Article

How to get fleet insurance

Finding fleet insurance shouldn’t be much more difficult than finding traditional vehicle insurance. To get started, it’s necessary to prepare information about the vehicles in the fleet, the people who will be driving them and the level of coverage required (the guide to fleet insurance by NimbleFins explains these different options in detail).

There are a few different methods to use to find a great fleet insurance policy, each with benefits that are worth considering. Which is best will depend on what is required, but all of them can lead to an excellent result, and a well-rounded fleet policy that looks after all of the vehicles a business is responsible for.

Firstly, comparison websites and aggregators are a great option for anybody who wants to compare as many different prices, options and extras as possible in a short time. Even when online quotes are difficult to get for fleets, starting with a comparison site can be useful for getting connected with multiple providers, which can include both brokers and direct insurers.

Then, there are the insurance brokers. They’re ideal for anybody who isn’t certain what they require, who could use advice from a market expert to build a policy that works for them. They’ll be able to discuss what has worked well for other customers, make recommendations, and at the end of it provide guidance on which is a good deal. Brokers may have access to special offers as a result of their relationship with the insurance market, so the prices they’re able to offer may even be cheaper than expected in some cases.

Finally, a fleet owner can go directly to their insurer of choice, through their website, by email or over the phone. This is the best option for somebody who knows the insurer they’d like to cover them, perhaps based on previous experience or an excellent recommendation. Insurers may keep some of their best deals for customers who cut out the middleman (and their commission), so in some cases going direct can be cheaper.

What information will your insurer require to initiate a quote for fleet insurance? This will include details such as the number of vehicles being covered, the type of policy needed (business/commercial, family, etc.), the coverage level you required and who is going to be driving the vehicles.

Most insurers require fairly similar sets of information, so shopping around a bit (or trying different routes to see which yields the best results) shouldn’t require too much extra work, and can be well worth it to get the best deal possible.

Fleet insurance brokers

Fleet insurance brokers are market specialists who act as an intermediary between the customer and the insurance company. They can be beneficial to both customers and insurers, acting as a middleman to help both sides navigate the often complicated world of insurance. Fleet insurance can be tricky, especially with so many vehicles (and potential drivers) involved, so using a specialist broker can be helpful to ensure everything is correct in the application.

For insurance customers, brokers can act as an expert advisor to help create an insurance policy that will cover all eventualities. Many will have close relationships with their insurance partners too, so may have access to special deals and offers that might not be found otherwise.

For insurers, brokers help attract customers who might have otherwise gone elsewhere. As a result, insurance businesses are incentivized to offer good deals to brokers to encourage them to recommend the insurer to the broker’s customers.

How do I find cheap truck fleet insurance?

As with any form of insurance, the easiest way to save money is to make sure to compare as many prices as possible. It’s rarely a good idea to take the first price seen, so be sure to consider a few different insurers before making a final decision.

The final price of truck fleet insurance is driven by a few key factors, none of which are particularly surprising. Fleet size, vehicle type (truck, car, motorbike, etc.) and driver requirements (any driver, named driver, etc.) will all play a big part in the premium calculation. While understanding the things that drive cost might not help save money in the short run, it’s extremely useful to consider if the prices are a surprise.

Naturally, businesses with fewer, less powerful vehicles who operate in safer regions (e.g. away from busy city centres, harbours or airports) will probably pay less than a similar business with more vehicles in a riskier area. It isn’t always perfect math, and each insurer is different, so shop around to ensure a policy is an accurate representation of market pricing before committing to a policy.

Compare fleet insurance quotes

The best way to compare fleet insurance quotes can be to use a broker or a comparison website or an aggregator. While it can be difficult to receive quotes online for fleet insurance (insurers might have a few questions they need to ask before they can offer a price) aggregators can send the details out to multiple providers (e.g. brokers, insurance companies) at once, giving a wide selection of options when it comes to eventually making a choice.

Consider using a broker, too. Working with a broker can be a time-saver, by giving them details and requirements and letting them do the heavy lifting. Keep in mind that both aggregators and brokers do charge a commission to insurers, however, so costs for a given policy can be slightly higher when purchased this way.

This was posted in Bdaily's Members' News section by Erin Yurday .