Tips to reduce your fleet insurance premiums

Over recent years, motor insurance premiums have continued to rise with no sign of stopping. While this has mainly been concentrated in the private and single vehicle markets, some of these additional costs are making inroads into the fleet insurance market too. Our experts have suggested a number of tips to help keep your fleet insurance premiums cheap.

1. Risk management

Any insurer is going to analyse your claims history, as well as the risk of accidents occurring, in order to generate the cost of your premium. By working with your insurer to highlight and act upon areas of risk, the insurance company knows you are serious about risk assessments. Your premiums will be reflective of this. One of the best approaches is to take action in every case of fault accidents, such as retraining, change in practices or even the removal of company vehicles.

2. Official driver training

If you only have a few drivers who regularly drive your cars, it may be worth putting them through accredited driver training courses. By having this additional training and certification that is above and beyond the norm, insurers will look upon you favourably when working out your premium.

3. Consider your young drivers

Insurance premiums are always higher for young drivers, be that in the private or fleet insurance market. With a knowledge of accident statistics, you can generate a plan of action surrounding young drivers that insurance companies will approve of. For example, most young driver claims occur when the individual was driving in the dark at night, so it may be worth considering only allowing young drivers to operate your vehicles during the day.

4. Use renewal discounts

Most companies will be more flexible with their pricing if you know when your renewal is due, especially if you approach them directly instead of waiting for them to contact you. While this is not guaranteed, many companies would rather reduce their price a little than lose a customer to a competing firm.

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