What questions should I ask to get the best fleet insurance?

Fleet insurance is not just about negotiating the lowest rate, you have to ensure your insurance covers your fleet’s specific needs.

Just like your vehicles, your insurance needs to be fit for purpose. Here are some questions to ask when reviewing your fleet’s cover:

• Ask for the details

Get a detailed claims report from your current insurance company. This will give you a good overview of where your fleet most needs cover. It all depends on the type of fleet your run, so some will be more susceptible to vehicle or goods theft, whilst others may claim more often for vehicle damage due to poor road conditions. By going over your fleet’s claims history, you’ll have a good ‘map’ of weak spots and where you need to bolster your fleet’s cover. This will then give you a better idea for how to proceed with renegotiating existing cover, or help you identify insurance companies that offer the best solutions for the type of cover required by your fleet.

• What is your fleet not using?

You may be paying for insurance services that you’re not using. Some fleets have their own back-up vehicles, so there is rarely a need for loan vehicles. In this case you don’t want to be paying for a loan vehicle option if it’s something you’re unlikely to use.

• Are any crucial services missing?

On the flip side (to the point above), your insurance plan may be lacking some critical elements. If your claims history shows numerous breakdowns or downtime due to tyre damage from bad road conditions, you need to make sure your policy has decent roadside assistance included, and possibly tyre cover as well. You need an insurance policy that’s tailored to keep your fleet running and reduce downtime as much as possible.

• Do driver profiles count?

Some fleet insurance companies take driver profiles into consideration when assessing risk. If you employ drivers with a good track record, and provide relevant training to new drivers, this could make a noticeable difference to the rates charged by some insurance companies. This is another reason why it’s important to partner with a good fleet management company, like EQSTRA Fleet Management, as they will keep track of driver records and recommend the correct training or incentives to keep your drivers operating at their best.

• What can we do from our side?

Ask what can be done from your side, as a fleet manager, to reduce insurance costs and get the most out of your policy. It’s possible that by investing in vehicle security (where they’re kept at night / tracking devices) could make a big difference in your policy costs. Making changes to routes in order to reduce hi-jack or accident risks is also an option. There are many details that could make a significant difference to the amount you pay, as well as the benefits you receive.

Our full suite of risk mitigation tools, which supports each solution, is designed to reduce the frequency and severity of accident claims. Our unique operation provides an unparalleled fleet management approach to risk, saving our customers time, costs and administration.

It’s important to remember that fleet insurance is not a ‘grudge’ expense, but rather a vital part of keeping your operation running smoothly. Finding the right insurance company, and negotiating the right cover, is an asset to your fleet and the business as a whole. Once you start looking at insurance companies as potential business partners rather than a must-have supplier, it is much easier to work alongside them to keep refining you’re your insurance policy to perfectly suit your fleet.