Lower insurance premiums | News & Insights

27 March


For many business owners, maintaining cover for company cars is a big expense.

Fleet insurance costs are rising across the board and managers are being placed under increased pressure to find ways to keep prices down.

If you’re serious about lowering fleet insurance premiums, you’ll need to be prepared to adopt a three-pronged approach; your vehicles, drivers and insurance providers must all be accounted for. Here, we take a closer look at what you can do to keep prices down.

Your fleet vehicles

It might be tempting to keep older vehicles on your books, but investing in new models is a sure-fire way to bring fleet insurance costs down. Newer vehicles are often cheaper to insure as they are far more fuel-efficient.

Equipping vehicles with the right types of equipment can also influence premium costs later down the line. Trackers, for example, can monitor driving habits, demonstrating the quality of your drivers and assisting police if the vehicle is ever considered stolen. 

Alarms and immobilisers function as deterrents for thieves and cut insurance quotes considerably. Dashboard cams also prove invaluable if you ever need to make a claim, recording all the evidence of any incident. 

Your fleet drivers

The person sitting behind the wheel will also play a considerable role in fleet insurance costs overall. If you have competent motorists on your books, there’ll be a much lower risk of them getting involved in an accident, and less chance of you being forced to make a claim.

Unfortunately, not all good employees make good drivers. That’s why it’s worth enrolling staff on driver training programmes – giving them the skills and confidence they need to stay safe on the road. If you can demonstrate to an insurer that you’ve sent drivers to a reputable training course, they may even give you a lower quote.

You’ll also get a better deal if you use drivers with clean licences with no points or previous offences. Motorists who are unconfident or accident-prone may best placed on their own policies.

Your fleet insurance company

Before you reach the end of the agreement with your current fleet insurer, the company will approach you with a fresh offer to extend the contract further. Whilst it’s effortless to simply let the contract rollover, it may bump up your fleet insurance costs. The chances are there’s a better deal out there somewhere, and your current insurer may be willing to match any rival quotes so they don’t lose your custom.

Always take some time to shop for fleet insurance deals and compare different companies against one another. A good look around may reveal an insurer who caters specifically for the vehicles in your fleet, offering you the opportunity to take advantage of a much lower rate.

Lastly, ask the insurance company what you can do to cut the quote. They may be willing to lower premiums if you begin storing your vehicles in safer places or fit them with alarm systems.

Managing your fleet involves considerable time and effort, but thanks to Allstar, you can simplify fuel usage with our company cards. These fuel cards put you in control of your vehicles, monitoring transactions and offering you the chance to save hundreds on fuel overall. 

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