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Company car fleet insurance

Whether you run a small business or a much larger enterprise, if you provide your staff with company cars there’s a good chance insuring all of those vehicles under a single company car fleet insurance policy will save you both time and money.

However, in order to ensure your cover is as cost effective as possible it’s vital that you compare quotes from a wide range of providers…and that’s where we come in.

Quotezone.co.uk’s fleet insurance comparison service can help businesses large and small find a more competitive insurance quote for their fleet of company cars by comparing prices from a wider range of insurance providers.

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Do I have to take out fleet insurance for company cars?

No, you could opt to insure each company car individually, and if you only have two or three vehicles in your fleet this might be an option worth considering because it affords you a certain amount of flexibility.

The more vehicles in your corporate fleet, though, the more time and money you could potentially save by taking out a company car fleet insurance policy instead of opting for individual cover for each vehicle.

Why should I choose fleet insurance over individual insurance policies?

Fleet insurance is a great option for those who own multiple vehicles either for personal or commercial use. It can offer a lot of flexibility as well as well as reducing the stress of managing multiple policies. Fleet insurance doesn’t just save you time, it can make admin less of a chore. Having all your vehicles on a single policy means you only have one insurer to deal with, one renewal date to remember and one premium to pay.

As the old saying goes ‘time is money’ and businesses are not fond of spending money wastefully. With a fleet insurance policy you can consolidate the vehicles of your fleet into one policy. This means your business admin team will not have to spend time on managing individual vehicle insurance policies for your fleet, each with their own renewal dates and premiums. If you have a large number of vehicles in your fleet it’s easy to see how this can quickly become a headache to track and you might well end up missing payments. Due to this many businesses operating fleets will opt for a fleet insurance policy due to the convenience they offer as opposed to insuring each vehicle individually.

Many might assume that fleet insurance premiums will be more expensive than insuring each fleet vehicle individually due to the convenience.  Surprisingly to many however, fleet policies can ultimately end up saving you money as most insurers will offer a discount for each additional vehicle you add to the fleet insurance policy.

Bear in mind though, even if you’ve only got a small fleet it’s still worth comparing separate quotes for each vehicle, just to be sure that two or three individual insurance policies don’t work out cheaper than a single fleet insurance policy.

How much does car fleet insurance cost?

In short, the exact cost of your car fleet insurance is unique to you and your business requirements.  For example the more vehicles you have in your fleet the more you can expect to pay, as insuring all these vehicles will naturally be a greater risk. You can also insure other vehicle types besides cars in your fleet insurance policy, so the type of vehicles you are wishing to insure will also naturally impact the pricing of your premiums. For example a truck is a more expensive vehicle than a motorbike, so damages to a truck will cost your insurer more to cover should you be involved in an accident. This in turn raises your premiums.

Typical factors that influence your car fleet insurance include:

• The number of vehicles in your fleet
• The type of vehicles in your fleet
• The age and experience of your drivers/employees
• Your level of coverage
• Your chosen add-ons
• The location which your fleet will operate

Another important influence on the price of your car fleet insurance is the nature of your business operations and the area which your drivers will typically operate. Some industries and sectors are considered more high risk than others and so your premiums will be adjusted to reflect this.

The driving history of each driver in your car fleet will also be assessed, so hiring those with clean driving records is also recommended to keep premiums down. For businesses that do not primarily rely on drivers for their income this may be less appropriate, for example delivery companies etc. However, even if your car fleet is simply used by your employees to travel on and off site or to meet clients, ensuring your employees have clean driving records can help keep your premiums down.

Remember to always check all relevant documents of potential drivers as well as assessing their driving were possible so you can rest assured your employees will not risk your business making a claim. Claims on a car fleet insurance policy will lead to an increase in your premiums so minimising your risk factors is paramount.

Due to these unique factors, any average fleet insurance cost can be unrepresentative of what you may pay for your fleet insurance, as the average will most likely not reflect your unique risk profile.

The best way of getting an exact cost for how much you can expect to pay on your fleet insurance policy is by comparing multiple quotes from different providers. This will give you a strong indication of the range of prices at which you will be able to secure the cover you need.

How many vehicles can I cover with company car fleet insurance?

Insurers set their own rules about what counts as a fleet. With some insurers you’ll qualify for a fleet policy even if you only have two vehicles, while others might insist that you have a minimum of three or four cars.

Maximums also vary depending on the type of policy you have. For instance, small fleet policies usually have conditions that limit you to a set number of cars, such as 10 or 15.

On the other hand, many other fleet insurance policies will let you cover hundreds or even thousands of vehicles under a single policy.

What types of vehicles can I insure on fleet insurance?

In most cases fleet insurance lets you cover different vehicle types under a single policy.

So if your corporate fleet includes a combination of cars, vans and minibuses, for instance, you should be able to put them all on a single policy.

If you’ve only got one type of vehicle in your fleet, though, you can buy specific policies such as van fleet or motorbike fleet cover.

Will company car insurance save my business money?

Fleet insurance for company cars can save your business money because insurers will often give you a discount for each additional car you put on your policy. That said, if you’ve only got a mini fleet it’s worth comparing quotes for each car separately just to be sure. This can help ensure you aren’t caught out with a deal that isn’t offering you the best value for money.

It’s not just money you could save, though, but time and hassle too. Having a fleet policy means you only have one insurer to deal with, one renewal date to remember and one premium to pay.

What levels of cover are there?

There are three levels of cover to choose from when you’re insuring a fleet of company cars:

• Third party only (TPO) – pays for damage done to other people, their property and their vehicles. It won’t pay to fix damages to your company car or property. This is the minimum amount of cover you must have in the UK by law.
• Third party, fire and theft (TPFT) – includes TPO and will also cover any damage to your vehicles caused by fire or theft.
• Comprehensive – you get everything TPFT gives you and will also be covered for any damage done to your vehicles and your property even if an accident is your fault. This is usually the most expensive type of cover you can buy.

You can also add other types of insurance to your policy for even greater protection. Popular extras include:

• Breakdown cover For roadside help in a hurry.
• Employers’ liability – You’ll need this by law if you have any staff. This covers costs if an employee becomes ill or is injured because of work.
• Public liability – This covers legal fees and costs if a member of the public blames your business for damage or injury and takes you to court.
• Goods in transit (GIT) – This covers the goods you carry in your vehicles.
• Personal effects cover – This covers any personal possessions that are stolen or damaged from your vehicle.
• Legal expenses cover – This pays legal fees if you need to go to court.
• Replacement locks – In case vehicle keys are lost or stolen, this will cover the cost of installing replacement locks.
• Trailer cover – This covers you to tow trailers depending on what you have (like a horse box, boat trailer or a flatbed).

I run a car hire business, what fleet insurance do I need?

If you’ve got a fleet of hire cars and rent them out to the public, you’ll need specialist type of fleet insurance known as ‘self-drive hire insurance’.

Unlike regular company car fleet insurance, which covers your vehicles when they’re being driven by your own staff, self-drive hire insurance covers cars while they’re being driven by customers. However, if you do need this type of cover it’s a good idea to check that your policy also includes ‘off-hire’ cover, which will mean you and your employees can drive the cars when they aren’t being used by customers.

Are car fleet insurance policies just for businesses?

The short answer is no, although company car insurance is geared toward vehicles that are used for business and commercial purpose, car fleet policies can also benefit private owners. For example as families grow and children purchase their own vehicles, having a good fleet insurance policy in place can actually prove a better option than individually insuring each vehicle.

Fleet policies are typically flexible and can be adapted to your needs. For example, families or households with two or more vehicles can buy family fleet insurance. Like other fleet insurance policies, you can mix and match cars, vans and motorbikes, and some providers may even let you add campervans and horseboxes to your fleet insurance plan – just be sure to let your insurer know what you need. Car enthusiasts with collections of classic cars, or people who own a rental car business can also benefit from a fleet insurance policy.

Another important note is if you’ve got business fleet insurance but your drivers use vehicles for private use too, then make sure your policy includes domestic use as well.

In short if you have multiple vehicles within your family or under your ownership, a fleet insurance policy may be of great benefit and many insurers will offer you discounts for extra vehicles added to your policy.

Will opting for black box van insurance mean I’m offered cheaper company car insurance?

Some providers will offer black box  insurance, which could potentially reduce the premiums for any drivers in your company with less driving experience – provided they are safe drivers that obey the rules of the road, never speed and always comply with any curfews or other restrictions the policy imposes, of course.

That doesn’t mean that you’ll be offered a very cheap fleet insurance policy right off the bat, however when you opt for this type of telematics policy, it should mean your premium is a little cheaper.

Most commercial car drivers still tend to favour standard commercial car insurance policies over black box policies, though, possibly because of the curfews, restrictions and limitations that some telematics insurance policies impose.

How do I get car fleet insurance?

At Quotezone.co.uk, we are insurance comparison experts. We help motorists find cheaper insurance by connecting them to quotes from a large panel of UK based specialist providers. This increases your chances of finding the cheapest car fleet insurance policies, as you will have a greater selection of fleet insurance quotes to compare simply by filling in one quick form. By filling in a quick form with your fleet details we can offer you quotes from top UK based insurance providers so you can start comparing in moments.