If you are responsible for fleet management, then your fleet insurance arrangements probably come under one of three categories:
- each vehicle has its own individual insurance policy;
- your fleet may have “bundles” of cover. Perhaps you have all your commercial vehicles on one policy and your cars on another. There might be many potential combinations of options here;
- you have a fleet insurance policy in place.
At GSI Insurance we believe that the third option may be the most suitable and cost-effective. Here’s why.
It’s sometimes mistakenly believed that fleet managers cannot include all of their vehicles on a single policy. That belief has its origin in the view that some vehicles are simply “too different” to others in order for them to be accommodated within a single policy.
While it might be true that some insurance providers don’t offer such flexibility, others may well do so. If you have a single policy with your entire fleet covered by it then you should expect to see some cost savings due to:
- economies of scale;
- your enhanced commercial negotiating position with your insurance provider, based upon the fact that you are putting far more business through them.
Most fleet managers will tell you about the pressures of work they are under.
By having a single fleet insurance provider and a single policy, you also have only the one administrative process to manage. There are no longer individual renewal dates for each vehicle and lots of different companies with whom you need to maintain a relationship.
As a by-product of the two points above, you should also be able to achieve a policy that is specifically crafted for your unique situation.
For example, you may be able to secure a single policy that offers any driver cover.
Unlike with some individual policies, fleet insurance might also be able to cover your vehicles should they be used by your employees in the evenings or over the weekend for their own purposes. That mixture of cover for both private and business use can be extremely useful.
Another point that comes under this heading relates to fleet sizes. It’s not uncommon to encounter fleet managers who believe that single fleet policies only apply to the vast fleets owned by the multinationals and larger national chains. In fact, it might be possible to secure such cover if you have as few as three vehicles.
Trying to manage down costs is also another main objective of today’s typical fleet manager.
The good news here in terms of fleet insurance is that it may be possible to find cover that allows payment by instalments. That can be a powerful ally in the constant battle of trying to manage cash flows etc.
Is it for you?
This type of policy can be hugely attractive to and beneficial for, a wide number of fleet managers.
Why not contact us for an initial and entirely non-committal discussion of your options in this area?