To keep the cost of insurance premiums down on a number of vans owned by the same business a flexible fleet insurance policy is the answer. Fleet insurance offers the opportunity for any driver to drive one or more of the vans as long as they meet the criteria set down by the van fleet insurance companies.
Typically the criteria includes the following:
1. That the van drivers are under 25 years old, however insurance cover is available for any aged driver if required, the premiums will be increased for younger drivers under 25 years old.
2. That drivers have the appropriate full UK driving license.
3. Some insurance companies will offer discounts if you restrict the number of drivers, with further discounts if all drivers are experienced and have held a UK license for over two years.
4. If you or one of your drivers have a poor claims record stricter terms are generally applied. Although insurance cover will be offered it will usually mean an increase in premium for that particular driver.
The majority of insurance companies will offer flexible policies for your fleet vehicles. The lowest premium insurance is Third Party Only. This option may be beneficial if your van or one of your vans is an older vehicle which has a low market value.
Third Party Fire and Theft offers the same as Third Party Only cover with added cover should the vehicles be involved in incidents of fire or theft. This type of insurance may be suitable for one or more vans which travel in higher risk areas such as cities and large towns.
Comprehensive insurance is suitable for vehicles which are new, under three years old or you prefer peace of mind that vans in your fleet have the most effective cover.
It may be possible for you to increase or decrease the amount of excess you pay should you make a claim. Increasing the excess will generally mean lower premiums, while decreasing the excess means that you will pay more in premiums as well as having to pay more up front if you make a claim.
When all of your vans are covered under one insurance policy the overall risk management of the fleet is easier to maintain. Importantly, a fleet policy ensures the correct insurance cover is given to each vehicle. If your vans are used for different purposes fleet insurance will ensure that each vehicle meets insurance Legislation correctly. Vans travelling to the continent will be required to meet each countries minimum insurance requirements. The minimum insurance requirements in most European Countries is Third Party.
The great thing about flexible fleet insurance is that you can mix the different types of cover depending on the needs of each vehicle. A fleet policy is based according to the vehicles on your schedule, their market values and the claims performance records for the past three years. It is advisable to discuss your needs with an insurance company or insurance broker who specialises in van fleet insurance to obtain the most competitive premiums which meet your business needs.
Author Resource:-
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
fleet insurance
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