What is Motor Fleet Insurance?
Motor fleet insurance is simply just another term for fleet insurance. A motor fleet policy will be used to cover multiple drivers across multiple vehicles.
Motor fleet brokers write a single policy that can cover all your vehicles from cars and motorbikes to van and HGV’s.
Who needs motor fleet cover?
Motor fleet cover is typically bought by companies who need to insure 3 or more vehicles. Commonly these include companies such as courier companies, taxi companies, businesses with a number of vehicles, van fleets and haulage companies.
It is not essential to have a fleet policy, you can insure all your vehicles separately but this does mean a lot of admin work and renewal dates. Motor fleet insurance combines all of these leaving you with just one renewal date!
Combined Motor Fleet Insurance
It is quite common to combine multiple elements of your insurance needs into a fleet policy. For instance you may wish to include public liability into your policy. By including public liability, you and your drivers will be protected should they cause damage to a member of the publics property or even them themselves.
How does a motor fleet policy work?
When underwriting your policy, a fleet broker will calculate the cost based on a few factors. These are as follows:
Vehicles to be insured
First off they will look at what vehicles you need to insure whether it be car, vans or HGV’s etc.
Drivers to be added
If you are looking for a named driver only policy, the underwriter will want to know who each driver is and their driving history. Most importantly will be their age and the claims background. If a driver is over 25 with no claims then they will be considered low risk and good for your policy.
The value has an effect as well. A vehicle that is brand new is likely to be looked after better but will be more to replace if needed. Old vehicles on the other hand don’t cost much to replace BUT drivers can be more reckless.
The goods you carry
The broker will want to know what the average cost of the goods you carry are. If the average cost of the goods you carry is quite high then the cost of your premium will reflect.
Level of motor fleet cover
Fleet insurance like car insurance comes in multiple bands. Third Party being the most basic and covering the third party whilst comprehensive will cover more or your vehicle and driver.
Is motor fleet insurance expensive?
The cost of your policy will be determined by the factors above. If you have a clean set of drivers and vehicles of a sensible cost then it is quite likely that you will be able to get cheap motor fleet insurance. By the same token though, if you employ bad drivers, it could get quite expensive.