If you’ve looked to renew your fleet insurance or requested a fleet insurance quote in the past 12 months, you’ve probably noticed a rise in costs. According to Nextbase, average fleet insurance costs rose by 14% between 2022 and 2023, and with Ernst & Young predicting a 10% rise in motor insurance costs in 2024, now’s the time to find ways to save on your fleet insurance.
To help you do just that, here are our top ten tips for saving on fleet insurance.
Top 10 tips for saving on fleet insurance
- Review your renewal strategy – it’s worth getting an independent broker, such as Jensten Insurance Brokers, to review and support with your renewal strategy. With our specialist knowledge and insurer contacts, we can help arrange cover to meet your requirements.
- Build up your no-claims bonus – nothing will push up premiums like a claim, so avoid making smaller ones. Some insurers offer protected no claims cover. This means you can make a specified number of claims without losing your no-claims discount.
- Raising your excess – if you have a low claims record, raising your excess – the amount you pay in the event of a claim – can reduce your premiums.
- Get some independent advice – an independent, specialist fleet insurance broker can review your policy and see how you can save money by removing elements you don’t need or reducing policy limits where appropriate. Over time, fleets change, and if you’ve reduced the number of vehicles you have, improved your security, or have less risky drivers, these can all reduce the cost of cover if they are considered.
- Talk to your broker well in advance of your renewal date – that way, you’ll have the time to get your certificate of insurance from your current insurer and give your broker time to compare their markets. Again, this is particularly important in challenging insurance markets as a broker may need to look farther afield to find you suitable cover.
- Invest in a telematics system – being able to track your vehicles and demonstrate good driving can help reduce your premiums. Telematics systems also reduce the accident rate according to the Department of Transport, so reducing claims and disruption. Dashcams and vehicle trackers can also help as they can provide evidence in the event of an accident or help the recovery of a vehicle if it’s stolen.
- Avoid providing cover for younger drivers, i.e., those under the age of 25. Insurance is all about insurers judging the level of risk they are taking and the likelihood of you making a claim. According to the Royal Society for the Prevention of Accidents (RoSPA), young drivers (17-24) are four times more likely to be involved in an accident than those over 25, and globally, road accidents are the leading cause of death amongst young people. Insuring drivers under the age of 25 will almost certainly push up your quotes.
- Choose a named rather than any driver policy – choosing a ‘Named Driver’ policy rather than an ‘Any Driver’ can cut the cost of cover. While any driver policies are convenient, they can sometimes push up your premiums.
- Combine your fleet cover with related insurance policies – such as business and liability insurance on a commercial combined insurance policy.
- Secure your vehicles – vehicle thefts have rocketed in the past year, with the Office for National Statistics reporting a 24% increase in 2023. This means your fleet of vehicles could face significant risk and investing in security can not only help you get cheaper fleet insurance but can reduce the chance of business disruption through theft.
talk to your Jensten Advisor about strategy for your renewal, if we don’t do your fleet we want to.
Fleet insurance: Did you know…
Did you know that fleet insurance can cover more than just cars? Fleet insurance through Jensten Insurance Brokers can cover all manner of vehicles, including:
- Cars.
- Vans.
- Taxi fleets.
- Special types and plant fleets – everything from diggers and cranes to forklifts.
- Courier fleets.
- Mixed vehicle fleets – where you have a collection of different types of vehicles on one policy.
Why get fleet insurance through Jensten Insurance Brokers?
At Jensten Insurance Brokers, we’ve helped hundreds of fleet owners get the specialist cover they require. In doing so, we’ve developed a deep understanding of your needs, and working with us offers you the following advantages:
- Personalised advice from experienced insurance professionals.
- Fleet insurance that’s tailored to your business’s needs.
- Help should you need to make a claim.
- Enjoy greater flexibility by adding or removing vehicles and/or drivers as you need to.