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Fleet insurance – Money saving tips

Fleet insurance is an important aspect to consider, as many a business relies upon its vehicle fleet – of lorries, trucks, vans and cars or a combination of all of these. They are the means by which the wheels of the business, quite literally, keep turning.

It may be a matter of some concern, therefore, that registrations of new fleet vehicles dropped by 14.4% from the beginning to the end of last year, according to a report by Fleet News published on the 5th of December 2017. The decline is even higher than the underlying trend of a 12.2% fall in all new vehicle registrations for the year.

Staying in business may, therefore, depend upon a reliance on your existing, older vehicle fleet, instead of renewing it as you may have intended. What is even more certain is that you are likely to want to save money on fleet insurance – whether you have been able to invest in new rolling stock or are making do with older vehicles for the time being.

Here are some tips and suggestions on how you might do that:


  • whether vehicles in your fleet are new or used, it is essential to have an accurate and up to date valuation of each of them;
  • accurate valuations help to avoid the twin dangers of underinsurance (which leaves insufficient cover for their repair or replacement in the event of loss or damage) or over insurance (when you are likely to be paying more than is necessary in premiums);
  • thanks to the expertise and experience we have developed here at GSI Insurance, we may help you in valuations of individual vehicles, new and used fleets and mixed vehicle fleets;

Save money and time

  • at GSI Insurance, we are able to arrange insurance for any fleet of more than three vehicles;
  • not only does fleet insurance earn you an immediate discount on premiums (on a vehicle for vehicle basis), but also provides considerable convenience and savings of valuable administrative time in monitoring and renewing a host of different, single-vehicle insurance policies;
  • instead, you have a single renewal date for one fleet policy, which covers all your vehicles and helps avoid the potentially costly oversight of renewing any one vehicle when renewal falls due;

Named drivers

  • if you employ a regular team of drivers, you may save money on fleet insurance by limiting the policy to named drivers only – though remember to make sure that all your current drivers are named and that the list is pruned from time to time of drivers who no longer work for you;
  • if you employ drivers on an occasional or seasonal basis, of course, it is not possible to restrict driving to named drivers only, and you need to ensure that cover is granted to any driver;


  • just as with any other kind of motor insurance, fleet insurance incorporates excesses – for which you are financially responsible – on any claim you make;
  • by agreeing to a voluntary excess, in addition to any compulsory excess that might apply, you may save money on fleet insurance – but remember you must make a greater financial contribution in support of any subsequent claim.

If you are one of the businesses which has been unable to afford to replace vehicles this year and continue to operate an older fleet, or whether you have invested in new rolling stock, these tips and suggestions may still help you save money on your fleet insurance.

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