Motor Fleet Insurance
Insurance for Motor Fleets
For businesses with over multiple vehicles, Motor Fleet Insurance can provide the financial cover you need, all under one policy. Motor fleet insurance can help to reduce costs, save time and minimise the risks associated with fleets of vehicles, especially compared to seeking individual insurance policies for each of the vehicles. The vehicles within your motor fleet can usually either be registered in the company name, or in the name of a company director or partner. By having a motor fleet insurance policy instead of individual policies for every vehicle, you can seek to benefit from the reduced administration required to keep track of multiple renewal dates and contracts
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How many vehicles are needed for fleet motor insurance?
A motor fleet can start with as little as two vehicles. There are specialist policies for small motor fleets, as well as dedicated policies for fleets with many vehicles. Every policy and provider will have their own minimum and maximum number of vehicles that will be covered under their standard terms and conditions. If your fleet is either extremely small or large, you might need to find a more specialised motor fleet insurance policy.
What types of vehicles are covered under motor fleet insurance?
It is worth checking the terms and conditions of a policy, as the range of vehicles covered under a motor fleet insurance policy can vary. Your policy might cover a combination of multiple vehicle types, such as cars, vans, HGVs and plant machinery vehicles. However, some policies exclude specific types of vehicles or require extra cover for vehicles such as motorbikes or forklifts, so ensure that you fully understand the policy that you choose.
Types of motor fleet insurance
As with many types of car insurance, you can take out either third party, third party fire and theft or comprehensive insurance. Whilst third party motor fleet insurance will be cheaper, it will only provide financial cover for the damage to other vehicles. It is also important to note that there is a difference between any driver and named driver policies. With any driver policies, any driver can drive any of the vehicles covered on the fleet insurance, whereas named drivers will designate assigned drivers to specific vehicles. Any driver policies do offer greater flexibility, but are often comparatively more expensive than named driver policies.
Whilst motor fleet insurance does offer reduced admin and often greater flexibility compared to multiple individual policies, it is worth bearing in mind that one accident or claim could affect the premium on all vehicles on the policy. A policy will also need to be updated whenever there is a change, such as a change of driver or vehicle. Failure to do so could invalidate the whole policy. It is also worth noting that there might be blanket restrictions placed on usage of the vehicles.
How much is motor fleet insurance?
The variables that dictate the cost of a motor fleet insurance policy are similar to those that determine the cost of a conventional car insurance policy. These being, but not limited to the type of vehicles, the use of the vehicles, the claim history and the age and driving record of the drivers. One notable difference is the number of vehicles in the motor fleet. Whilst fleet insurance typically is cheaper than multiple individual policies, the cost savings are usually greater for larger fleets.