As a business owner, if you have three or more vehicles in business use and under your ownership, then you should consider motor fleet insurance. Fleet quotes can vary depending on your business requirements. Speak to a broker at Bollington Motortrade for advice, as you need to tailor the policy to your unique needs.
When should I look for motor fleet insurance for my business?
When dealing with multiple vehicles within your business, motor fleet insurance is a more cost effective path than simply taking out several single vehicle policies. These are often more hassle, confusing to keep track of and more expensive. There is also a higher risk of the wrong driver mistakenly getting behind the wheel of a vehicle they are not insured for.
What about my ‘No Claims Bonus’?
If you have single policies, then your no-claims bonus is probably being used up by another vehicle on its own policy. A new vehicle on another separate policy will mean a very expensive first year’s premium. On a motor fleet insurance policy, the no claims are rated differently, incorporating the fact that you have more than one trade vehicle under your cover.
You may simply have one type of vehicle, or at least very similar vehicles, to cover in your fleet. However, as a building firm or a wide-ranging delivery service owner, for example, you will likely have a variety of vehicles to cover:diggers, cherry pickers, dippers, vans, lorries, motorcycles and so on. These can be very expensive to insure individually, while fleet cover is more adaptable when it comes to a mixture of vehicles under one quote.
Many people confuse motor fleet insurance with motor trade insurance. If you are not a motor trader, then do not attempt to take out motor trade insurance simply because you have a fleet of vehicles under your control. Fleet insurance is different. Insurance companies, as well as the police, are coming down hard on businesses taking out the wrong cover, so don’t take the risk.
How do I go about getting quotes for my fleet?
To get a quote, your broker will require a copy of your claims history for the last 3 years, as well as a list of your vehicles. They will need to get this from your existing broker or directly from your current insurers, who sometimes may not be particularly quick to turn around the information, as they obviously do not want to lose your custom. It can take a bit of chasing up, but don’t be tempted to stay with a company simply because they make it difficult for you to move insurer.
Contact Bollington Motortrade directly for advice on a tailor-made quote if you are seeking motor fleet insurance.
The Motor Insurance Database and Fleet Insurance
The Motor Insurance Bureau is launching a site which will enable fleet managers and drivers to ensure their vehicle details are on the MID.
It is your responsibility to update details regarding your vehicles to the database. The police are constantly using ANPR on the roadside to rid the roads of uninsured vehicles. A vehicle will be stopped if it is not taxed or insured, reported stolen or lost, or if the policyholder is wanted by the police for any reason.
If the driver is unable to produce valid documentation, and if ownership or insurance cannot be sufficiently proved within fourteen days of the vehicle’s seizure, the police can destroy the vehicle. The vehicle is at risk of seizure if you have failed to register and update details on the MID, regardless of whether you have the correct insurance.