Fleet insurance advice for transit vehicles
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We have some pertinent advice for fleet insurance
How to drive down the risk element, and help your business access lower-priced cover.
Several years ago, the lion’s share of fleet managers may have been oblivious to what was happening to insurance premiums. Through a combination of factors, however, such as Brexit-led uncertainty and changes to the Ogden Rate, there has been a spike in fleet insurance prices. Now, more than ever, is a time to reassess your drivers’ ability to avoid a claim, keeping your premium rates in check.
Don’t fall behind on driver training
Very few people are perfect on the road. We’re all at risk of an accident in one way or another, so do your utmost to grade how your employees use their vehicles. Annual refresher courses are valuable, including tests on road safety signs and manual diagnostics. The better you can prove that a driver is top of the class, the lower their insurance fees will be.
Detail where the vehicles are based
Insurers are likely to appropriate more risk to cars, vans and trucks that operate in a city. But that means you may be liable for cheaper packages if the converse is true. For instance, you might have an HQ in London, yet the majority of your fleet vehicles kept and used for both business and personal use in rural areas. Give the names and postcodes of your drivers so the full picture is clearer.
Use telematic software
We live in an age where the speed, performance and general health of a vehicle can be outlined with a telematics system. These take the form of in-car software such as cameras, coaching solutions, GPS and hazard detection. Demonstrating your affinity with telematics will push down fleet insurance costs.
Consider the impact of driver profiles
It’s a sad fact, but the insurance industry tends to discriminate certain kinds of people, in regards to the rates they carry. Drivers under 25, for instance, are assumed to be high-risk subjects – a stark contrast to those over 35, or women drivers in general.
Consult the provider to see whether you’re in line for a ‘blanket rate’ scheme, i.e. a smaller premium for a workforce that is exclusively made of those in their late 20s and beyond. If that isn’t the case, consider policies to educate and protect younger drivers.
Renew the policy as early as you can
The price of car insurance alone hit a record level in 2017; rates are continuing to rise annually by 14%. Thanks to Brexit, we don’t know the extent to which these demands will keep ascending. It’s wise to talk with your fleet insurance firm now before any more cost scaling occurs. That way, you can lock into an earlier deal, and take advantage of the current rates.
There is a final method for mitigating insurance pay-outs, of course – classifying them as a due business expense. The Allstar Plus card can track and store the payments made for fleet insurance. It’s all there in a single, manageable list, ready for submission to HMRC.
Call the Allstar team today for a route to offsetting your tax bill. Insurance is expensive enough; don’t pay excess tax if you don’t need to.