Our specialist transportation division is able to provide 8 tips to reduce your insurance costs, while keeping enough cover for you and excluding extensions you don’t need.
Motor fleet – Haulage Fleet
Motor Fleet – Courier Fleet
You can arrange for non-standard business placement, such as the carriage of hazardous goods, tankers, and refrigerated vehicles. You can also include cover extensions like drivers’ personal effects, uninsured loss recovery, and defense costs for driver prosecution.
Tips to reduce your insurance costs without ruining your cover?
The Drivers
Only add drivers to the policy who have a clean driving license or an only minor conviction like speeding. If someone has a previous drink driving conviction or something serious it could mean a significant increase in your premium.
Similarly, look at the age of your drivers. Younger drivers will increase the premium as they are seen as less experienced and therefore a greater risk. Some policies will even have a minimum driver age and if anyone is under this age, the policy is void. Even if they are able to be added to the policy, watch the excess as this might increase.
The Vehicles
Choosing a popular make of vehicle you can actually keep the cost of your insurance down. This is because insurers look at the cost and ease of finding replacement parts as a factor in rating different vehicles. So, by opting for a more common vehicle, the parts will be easier to find and often cheaper than a rare vehicle with few models in use across the country. Make sure the vehicle has the best anti-theft devices and ask your insurer if installing any additional security might reduce your premium. Insuring a safer vehicle costs less, and it also has the added benefit of being less likely to get stolen.
Where you keep the vehicle and the security at the location can also play a part to help reduce insurance costs. Off-road parking in a secure lot or building can be much better for your insurance than on-street or public parking. And like the security measures, it can also reduce the change of damage or theft of the vehicle.
The Cover
Depending on how many vehicles you have it might be best to opt for a fleet policy. This can reduce premiums and often administrations charges, too, as you are paying for one policy rather than a number of them.
Think hard before making a claim as your no claims discount is a big reduction on your policy. If the claim is for a small amount, it is often worth paying for the damage yourself rather than making a claim. Any claims will have an excess and most will reduce NCD or affect any protection you have.
Check the cover you have and ensure you require all of it. If you are paying for a European extension, for example, but almost never go to Europe, then take this off the policy and only add it if you do need to take any of the vehicles onto the continent.
Tips to reduce Insurance costs – Conclusion
In conclusion, these 8 tips to reduce your insurance costs for motor and haulage fleets provide practical and effective strategies. By carefully selecting drivers with clean records and considering their age, you can significantly lower your premiums.
Speak to our expert, Captain Haulage!
Email: Lawrence.fuller@ascendbroking.co.uk | Office: 01245 449066 | Mobile: 07736 956213
