Fleet insurance can be a complex and very expensive business, especially if you’re not informed properly. That’s why I’m giving you some basic information to think about. If you use this information well, you can save good money on your fleet insurance.

There are three factors that determine the cost of your fleet insurance:

• Number of vehicles. The more vehicles on your policy, the higher the discount you can negotiate with your insurer. The minimum number of cars you need to qualify for fleet insurance is three vehicles. This is simply because up to three vehicles you will be off cheaper getting them insured separately.
• Age brackets. Statistically, younger drivers are involved in more accidents than older drivers. To offset the cost for the insurer, it is common policy to charge higher rates for younger drivers.

The age brackets for fleet insurance are:

• Licensed Driver Over 21
• Licensed Driver Over 25
• Licensed Driver Over 30

That means you should consider which employees you will provide with a car. The younger they are, the more you pay.

• Type of vehicle. Maybe a high end car is necessary for your business, but keep in mind that they are insured at higher rates. The same goes for sportscars. If you do have these types of car in your fleet, it can save you a lot of money if you tell your insurance company that you will voluntarily restrict the driving age.
• Type of coverage. The more comprehensive the policy, the higher the price. These are the types of cover:

• Third Party
• Fully comprehensive
• Third party, fire and theft
• Windscreen cover
• Breakdown cover
• Legal expenses insurances
• Courtesy cars

• Fleet insurance policy extensions. Some of these can be very useful, others will only be helpful occasionally, but they will all raise the total on your policy

Final Fleet Insurance Thoughts

So before you go ahead and get yourself a fleet insurance, sit down and have a careful think about the best way to set it up so as to save you the most money.