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Truck Fleet Insurance

Running a fleet of trucks is expensive and the paperwork involved can sometimes be a headache. But whether you own HGVs, flatbeds, horseboxes or tow trucks, insuring all those vehicles under a single fleet insurance policy could simplify that paperwork quite significantly, while also saving you money.

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Why should I buy truck fleet insurance?

Fleet insurance saves you time because you only have one insurer to deal with. You’ll only have one renewal date to remember and one premium to pay.

Fleet cover can also save you money as insurers will sometimes offer discounts for each truck you add to your policy.

How many vehicles can I put on a single fleet truck insurance policy?

Insures set their own rules about how many trucks count as a fleet.

Some providers class two vehicles as a fleet, while others will need you to have more to qualify for a fleet policy.

In most cases there aren’t any strict maximums, so you should be able to insure dozens (or even hundreds) of trucks under a single fleet insurance policy.

Can I add other vehicles to my commercial fleet truck insurance?

Yes, most fleet insurers are flexible when it comes to combining vehicles under one policy. So, if you’ve got a couple of trucks, plus vans, motorcycles or company cars, you should be able to put them all on the same policy.

But if you’re covering different types of vehicles that are used for different things, check that your policy takes this into account.

For example, if you’ve got a small business fleet that’s used for both work and private use you should ensure that your policy covers commercial as well as social, domestic and pleasure use too.

And if your fleet includes heavy goods vehicles you may need specialist HGV fleet insurance.

What levels of cover are there?

Like other types of fleet insurance, there are three levels of cover to choose from:

• Third party only (TPO) – pays for damage done to other vehicles, people and their property. TPO won’t pay to repair your own vehicle or pay out for any injuries you suffer. This is the minimum amount of cover you must have by law.
• Third party, fire and theft (TPFT) – includes everything that’s covered by a TPO policy, but will also pay out if your vehicle is stolen or damaged by fire.
• Comprehensive – includes TPFT and will also pay for damage and injury done to you and your vehicles, even if an accident is your own fault.

What extras can I add to fleet insurance for trucking companies?

You can also add other types of insurance to your policy to give your trucking business the exact level of protection it needs. Options include:

• Breakdown Cover – roadside recovery to help get your trucks back on the road quickly.
• Goods in Transit (GIT) – insures any goods you carry in your truck.
• Employers’ liability – covers costs if a member of staff becomes sick or is injured because of work. You’ll need this by law even if you only employ part-time or casual workers.
• Public liability – covers legal fees and compensation costs if a member of the public sues your business for damage to their property or injury to themselves.
• European cover – covers your trucks if they’re driven on the continent. Always check that the country you’re driving in is covered, though, because some policies may only cover the EU rather than the whole of Europe.
• Personal effects – covers any possessions that belong to the driver.

How much does truck fleet insurance cost?

Your fleet insurance will be tailored to your specific needs, which makes it tricky to pinpoint an average cost. To work out your premium, insurers will take into account a number of things:

• The level of cover you choose – TPO is sometimes the cheapest level of cover you can buy, while comprehensive cover is sometimes the most expensive.
• Any extras you add – the more you add, the higher your premium.
• How big your fleet is – the more trucks you have, the higher your premium is likely to be even though insurers often give you discounts for each additional vehicle.
• The types of truck you have – if your fleet includes specialist trucks (side loaders, for instance) these may cost you more to insure.

How can I lower the cost of insuring a fleet of trucks?

You can help lower premiums without comprising on protection by:

• Paying for your policy annually instead of monthly.
• Agreeing to a higher voluntary excess.
• Making sure drivers are older than 25.
• Installing telematics devices to monitor driving.
• Installing additional security features in your vehicles (eg immobilisers) and at your business premises (eg CCTV, burglar alarms).