Understanding Motor Fleet Insurance

motor fleet insurance

WHAT IS FLEET INSURANCE?

Insuring your vehicle is a legal requirement. If you are a business owner, you may often own a number of cars, vans, lorries or HGVs that you rely on each day for business survival. Balancing all the different insurance policies and keeping track of their renewal date can be made easier by taking up just one policy: fleet insurance.

Being policy savy can be challenging, so that is why our expert insurance brokers have compiled their best advice into this handy guide to understand what is fleet insurance. You will find all you need to know about motor fleet insurance, as well as how to get a quote and cover your fleet today!

HOW DOES FLEET INSURANCE WORK?

Fleet insurance covers both small and large fleets of commercial vehicles. If your company runs a number of cars and/or commercial vehicles it can often be cheaper and easier to arrange them as all under one fleet insurance policy, rather than a policy for each individual vehicle.

Fleet policies are designed to be efficient and easier to manage, compared to numerous different insurance policies for individual vehicles. Starting from only 2 vehicles your fleet can be of any size, and with the advantage of reduced paperwork and administrative work with only one premium to pay and one renewal date, you will save time and money with a multi-vehicle insurance policy.

You can insure different types of vehicle on the one policy, including vans, car and heavy good vehicles. You do not need to take out a policy specifically for fleet van insurance or fleet insurance for cars. Occasionally vehicles such as motorbikes, forklift trucks and excavators can be excluded. It’s worthwhile talking to an insurance broker to understand exactly what vehicles you need covered.

A fleet policy is highly beneficial in business with a large number of vehicles on the road. One main reason being that it significantly reduces admin time and the confusion over multiple vehicle policy renewal dates.

motor fleet insurance

HOW MANY VEHICLES ARE CONSIDERED A FLEET?

This will vary between companies, although there is usually a minimum and a maximum. A fleet, at a minimum, is considered two or more vehicles. These policies will usually be written by specialist fleet insurers such as Todd & Cue. The maximum number of vehicles for fleet motor insurance again can differ across companies, these can be in the hundreds or thousands.

WHAT VEHICLES CAN I INSURE ON FLEET INSURANCE?

Any vehicle that is registered to the business. You can also include hire and courtesy cars in the policy. The personal vehicle of the company owner can also usually be included in the company fleet insurance as long as registered to the owner personally.

You cannot insure vehicles that are insured elsewhere under a different, privacy policy or any vehicles not registered in the UK.

WHAT DOES FLEET INSURANCE COVER?

There are three main types of fleet insurance…

#1 THIRD PARTY

Third party motor insurance is the minimum cover required by law. This covers you against costs that arise as a result of injuries to other people and damage to their vehicle.

#2 THIRD PARTY FIRE AND THEFT COVER

Third party fire and theft covers you against everything third party insurance does, but with the added protection against your fleet vehicle being stolen or destroyed in a fire.

#3 COMPREHENSIVE

Comprehensive cover is the highest level of cover available and it protects you against…

  • Injuries to other people and damage to their vehicles
  • Your fleet vehicles being stolen or destroyed in a fire
  • Medical expenses and accidental damage
  • The cost of replacing your fleet vehicle’s contents

PROFESSIONAL CAR FLEET INSURANCE

You can be eligible for professional fleet insurance as long as you are a UK business and have more than 2 vehicles for the purposes of the insurance policy.

However, if you are running a company with more specific needs you may require a specialist motor insurance policy. A specialist policy may be required if motor vehicles form a core part of your business, for instance, if you run a taxi company or courier service.

Alternatively, if your core business is buying and selling motor vehicles then you would require a specialist motor trade policy.

WHY DO YOU NEED FLEET INSURANCE?

If you use motor vehicles for your business you are legally obliged to have motor insurance. Furthermore, if your employees drive company vehicles it is your responsibility to purchase motor insurance for your entire fleet.

If your employees are using their own private vehicles for work purposes you are not obliged to pay for their motor insurance, but you are required to ensure that they have the minimum cover required by law. Your employees should disclose the fact that they are using their personal vehicles for work purposes to their motor insurance provider.

IS FLEET INSURANCE CHEAPER?

Fleet insurance typically will work out cheaper than insuring each car in your fleet individually. Taking out one policy as opposed to multiple, you will see cost savings across your entire fleet. One fleet policy will differ from another. Some fleet insurance policies will offer value-added benefits and cover extensions.

There are different levels of cover options available and as fleet insurance specialists, we can help you find the best policy to suit your insurance fleet requirements.

HOW MUCH DOES FLEET INSURANCE COST?

If you are looking to obtain a motor insurance quote for your business then look no further than Todd & Cue. Our knowledgeable broking staff would be more than happy to assist you in offering you a reliable and cost-effective insurance cover quote for your vehicles.

Major savings in insurance premiums and additional operational expenses can be made through Todd & Cue, we can offer reduced insurance costs for companies operating or prepared to launch a risk management programme or driver guidance courses to instruct and train staff consequently making safer drivers and fewer claims.

Fleet insurance is also available for taxi fleets, bus and coach fleets, commercial vehicle fleets, van fleets and motorcycle couriers, in fact, most types of business requiring a fleet of vehicles. We guarantee to offer one of the best available fleet insurance policy covers currently on the insurance market.

What’s more, if you take out motor insurance cover with us, our in-house claims team are dedicated to arranging a swift settlement should you ever need to make a claim. We have also worked hard to make the claims process easier by developing our insurance claims app. Our app is designed to remove delays in reporting a motor claim and makes the process almost instant to act upon by enabling our clients to utilise their smartphone technology as soon as an incident arises.

CONTACT US TODAY

We hope that you have enjoyed this informative article on leet insurance. Todd and Cue strongly recommend that you obtain fleet insurance to give you peace of mind over your business and vehicles. If you have any other questions and queries regarding this form of insurance or wish to get a free quotation for this premium please do not hesitate to contact us online, call us on 0191 482 0050 or email info@toddcue.com.

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