<iframe src="https://www.googletagmanager.com/ns.html?id=GTM-WCK3FXN" height="0" width="0" style="display:none;visibility:hidden" title="gtm-frame"></iframe>How much does fleet insurance cost? | Trade Direct Insurance
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How much does fleet insurance cost?

If you are running more than one vehicle as part of your business, the most cost-effective way to insure all the vehicles is often by taking out a fleet insurance policy.

What exactly is fleet insurance?

Fleet insurance is an insurance policy that covers more than one vehicle. The typical minimum requirement is two vehicles. However, depending on the insurer, you may potentially insure as many vehicles as your circumstances require.

Fleet insurance can be applied to a range of vehicle classes, including:

  • cars
  • vans
  • lorries
  • motorcycles
  • buses
  • coaches
  • taxis
  • construction vehicles

What type of cover does fleet insurance provide?

Fleet insurance is much the same as normal insurance; you can get:

  • third-party only
  • third party fire and theft
  • comprehensive cover

You can have an any driver policy which allows any employee with a full driving licence to drive your fleet vehicles. Fleet insurance will usually not name employees but have a driving restriction such as excluding drivers under a certain age.

How much does fleet insurance cost?

The starting point is how many vehicles you want insured. Fewer vehicles will mean a lower cost.

The number of drivers you want to insure and whether you want an any driver policy. Will also need to be considered. Younger drivers and drivers with poor driving records will be more expensive to insure. Named driver policies are usually cheaper too.

The type of policy you choose will also have an effect. Third-party only will be cheaper than comprehensive policies. However, you will need to decide whether third-party insurance provides sufficient cover for your fleet.

Are they any other factors that affect fleet insurance costs?

The age of the vehicles may affect your decision as to whether to get comprehensive cover. Vehicle storage and parking may also be relevant. Secure off-road parking where possible is always better.

Is it cost effective to get fleet insurance?

It’s nearly always more cost effective to get fleet insurance, not least because you will usually get a discount depending on how many vehicles you insure. This could be as much as 30 percent, depending on the number of vehicles and the insurer.

If you want to reduce the cost of your insurance, you may also be able to pay up front or agree to a greater excess.

From an administrative perspective, it’s also easier to manage vehicle insurance within a fleet policy rather than having individual polices for each vehicle.

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