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Fleet Insurance: Tips To Lower The Cost Of Running A Fleet

maintaining A Fleet Of Cars Is No Doubt Not A Cheap Proposition. However, There Are Several Measures That You Can Adopt To Lower Your Total Cost, Including The Cost Of fleet Insurance Premiums, And Prevent An Upward Spiral. These Include:

Fuel Efficient Driving

If you think that the cost of fuel is not within your control, you are not entirely wrong. Sure you do not have anything to do with the price that diesel or gasoline is currently sold for. However, you have a say on how much fuel you buy. You can encourage your fleet drivers to drive in a more fuel-efficient way. Though your daily savings may seem insignificant, you will be surprised by how much money you will have saved by yearend. Likewise, you can instruct your drivers to find places to refuel where the cost of fuel is comparatively lower because of the location and local competition. This will require advanced planning, but will definitely bring some savings you will otherwise spend if you refuel at a more expensive area.

Fleet Insurance Cover

To lower the insurance cost for your fleet, you need to make sure that your incident rate is down to a bare minimum. It is a fact that the higher your incident rate goes, the more expensive your insurance premiums becomes. In order to keep your insurance expenses low, therefore, you must make sure that your drivers perform at optimum levels. This can be achieved by allowing them to take short breaks during long drives, and limiting their driving hours to something that is more manageable. Another important thing that insurers consider is regular vehicle inspection, so make sure that it is done. Also, training your drivers for all possible driving conditions can help.

Optimizing Your Fleet Size

You can also lower your fleet overhead by cutting down the size of your fleet. Of course, this is not advisable if your operations would be adversely affected. Thus, you must first determine the number of vehicles you need to maintain in your fleet, and decide if you need to reduce, and by how many. You have to consider that reducing your vehicles may result to additional workload for the remaining units, so you need to weigh the pros and cons of each of your options before coming up with a decision. The idea is to lower your cost without compromising smooth operations.

Setting Up a Tracking System

You can track and monitor the performance of each vehicle in your fleet by setting up a tracking system. Use the system to record data including driving behaviour, fuel consumption, and driving speed. Knowing that they are being monitored, your drivers will drive more cautiously and as a result, you will be able to lower your overall cost from wear and tear.

Conclusion These are only some of the many ways that can help you lower the cost of maintaining your fleet. Get in touch with your fleet insurance service provider form more information and saving tips.

How To Select The Best Traders Insurance

Under the UK law, those engaged in the motor trade business are required to obtain an insurance policy which covers every aspect of the business. The purpose of this is to protect the business from the effects of accidents and similar risks which, in turn, creates a positive impact on the countrys economy. And since there are several types of policies to choose from, there will always be one which perfectly matches the specific needs of certain businesses, be they big or small. However, traders are often lost as to where they should begin. They often have questions about which among the policies would best fit their type of business, insurance quotation issues, and other similar concerns. Fortunately, there are only three steps to help traders decide on their dilemma.

1. The first step is to make a careful assessment of the type of the business one is operating. For example, a trader engaged in a small-scale vehicle buy-and-sell business needs a different type of traders insurance policy from that of a person running a MOT centre. The trader must also assess if he has employees who should be covered by liability insurance so that they may be protected while driving.

2. The second step is for the trader to determine the coverage he wants based on the road risk level. There are three options to choose from, namely the Third Party insurance, Third Party Fire and Theft insurance, and the Comprehensive insurance. The first option offers basic damage coverage to third parties, and is usually the cheapest. The second option offers both damage coverage to third parties, as well as indemnity to fire and theft-related damages to vehicles which are within the custody of the trader. The last option offers the broadest coverage, and includes indemnity for accidental damage to vehicles these vehicles may either belong to third parties, those under the traders control, or even his own.

3. The third step is for the trader to determine the possible liabilities he may incur in the natural course of his business. Liability insurance is divided into public liability, product liability, and employers liability. Public liability insurance covers damages caused to the public, which also includes injuries sustained by customers within the business premises. The second type insures the use of quality products, and assures the customer against hazards related to faulty items. The employers liability insurance, on the other hand, is a legal requirement which aims to provide coverage to employees in case of untoward incidences while at work.

To conclude, searching for the best traders insurance policy requires a decent amount of time for appropriate research work. A trader must keep in mind that the purpose of these policies is to afford additional protection to his business and finances. And for that reason alone, he must make sure that he will be investing his money in something which meets his specific needs. With the help of these steps, traders can be guided in narrowing down their choices in order to select only the best.