If you own a Motor Fleet policy and want to reduce the costs please consider the following points, but also make sure you have the necessary checks in place:
1: Do you have any drivers under 25 years old if so, do you know the amount of excess on top of the policy excess you pay in the event of any claims?
A 17-20 year old driver can attract either a excess which can be double or more than the standard and the insurer may have also increased the premium as well.
2: Do you have a any driver policy?
By increasing the policy to any driver over 25 you may save money
3: Have you any drivers that have convictions? When did you last check all the drivers licences?
By doing a annual check on all drivers licences you can save the problems with non-disclosures of convictions, and its recommended that you write into all employment contracts that these must be available for checking when required and you keep a copy of them on a file. Both copies maybe required by the insurer in the event of an accident.
4: How regularly do you check the vehicles for damage?
By having a schedule to check the vehicles you will save time and know what condition the vehicle is in prior to any claims happening.
5: Do you know how many vehicles you have? Have you sold one recently? Or forgotten to take it off the schedule? Have you added a new van, car or lorry to the policy?
Insurers in most cases charge a rate per vehicle, or rate per type such as one rate per car and another for a Commercial vehicle. They may also charge extra for high performance cars that are added to a fleet. By keeping records you can check that the insurer has added or taken off a vehicle on the correct day if not, did you email the broker or fax them? Transactions involving fleets need to have records and most brokers, insurers will always require something in writing.
Remember, if you don't advise them you have sold a vehicle how do they know! Plus, try to do this as soon as possible as motor insurance can not be back dated just because you forgot. When adding a vehicle make sure you have full details of the make, model, cc and value, also a registration number, as without it you can not be placed on cover.
Certain makes of van's such as Ford Transits have so many variants that unless the full model name and number is known insurers may not cover you until they receive it.
New Models of cars may not appear on the insurers lists for a few days, therefore, having the correct information for your Motor Fleet ensures that it can be insured. This applies to all brand new commercial vehicles as well.
6: Uninsured Loss Recovery do you have any included in the Motor Fleet Policy?
This is a separate policy used for recovery of excesses from third parties that have damaged your vehicles, plus in some cases supply a courtesy vehicle, whilst yours is in repair, that is unless your insurer supplies one.
7: If you have a existing Motor Fleet insurance policy did the broker/insurer send you the Motor Fleet claims experience prior to renewal ?
You have a right to see this when the policy is due for renewal, if your broker/insurer does not send it to you then request it as it shows the number of incidents within the last 3 years, claims amounts paid and what is outstanding.
This will be needed should you wish to find alternative insurers at renewal. If its not sent with the renewal notice consider this, is your broker bothering to look for cheaper rates?
Or are they deliberately stopping you from looking elsewhere, for alternative insurers. Without it no other insurers are able to offer a quote. Insurers that don't supply this in time are they looking to hold the business or just stopping you finding better rates for your business?
Do you wish to deal with brokers and insurers that stop you from obtaining cheaper rates, obviously you don't so demand that its sent to you in good time.
These are only guidelines but its up to you to check with your insurer or broker.
Source: Dave Burn - Equity & General Insurance Services Ltd.
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