Fleet Insurance Guides
A Business Owners Guide to Fleet Insurance Brokers
Any business that uses vehicles will understand the importance of finding ways to minimise expenses.
As well as fuel, tax, and maintenance costs, companies that use vehicles will also have to make sure the vehicles are properly insured for their intended use.
One solution that can help save businesses money is exploring fleet insurance cover, and this will offer commercial insurance for all the company’s vehicles under one, easy to manage policy.
This article will provide you with all the information you need about fleet insurance brokers to ensure you find the best coverage and best price for your needs.
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What Do Fleet Insurance Brokers Do?
The time and effort it takes to find the most suitable policy at a price that suits your needs could often be better spent on your business. Nobody wants to spend more than they have to, but it is equally important to have the best coverage for your motor fleet when it is an essential part of your business.
Fleet insurance brokers use their experience and knowledge to ensure all business needs are met, finding the best deals on the market that help to save money.
Fleet brokers will find coverage for all business vehicles, including replacement costs, breakdown cover and assistance, damage, employer’s liability, public liability, goods in transit, tools cover, and legal costs.
Any company with more than two or more vehicles that are a part of the business can explore fleet insurance options. It will help to make keeping track of policies and expiration dates more manageable.
How can a fleet insurance broker help you?
Brokers intimately know the insurance market and are ideally placed to negotiate premiums with insurance providers. Some brokers will even build relationships with providers, giving you access to exclusive offers.
Understanding the market and being able to explore the best available options can be very time consuming, especially if there are a range of motor vehicles that would fall under the policy. The time and money saved when using a fleet insurance broker will help you to focus on running a profitable business.
The benefits of using fleet insurance brokers
Brokers will charge a fee, so many businesses will rightly ask why they should involve a middle-man when they could do this themselves. Here are the main reasons that companies use fleet insurance brokers.
Get the best deals
If the savings you make on your deal are more significant than the fee charged to find it, it will have been worth it. Fleet insurance brokers can find and negotiate the lowest premiums using their experience in the market, product knowledge, and relationships with providers.
Save money and time
As well as being able to find better deals that will help to save your business money. The time saved can also be seen as a valuable commodity. Searching for insurance providers, inputting information, and comparing with previous results can be complicated and time-consuming.
The time spent doing this could be better spent on other work, so employing an expert to get you the best deals has many positives.
Expert advice
Insurance brokers can also provide you with valuable information and advice that will help you secure the best policy for your business’s needs. The lowest price isn’t always the best option, and having an expert on board to look at all aspects of any deal will be a massive benefit.
What fees do fleet insurance brokers charge?
Insurance brokers can make their money in different ways, and understanding this can give you a better idea of the cost to your company.
The business may pay a fee that is agreed upon between the insured party and the broker. This will help to provide transparency, so you know what you will be paying from the start.
Brokers can also be paid a commission from the insured, usually a percentage of the premium paid by the insured. Recent reforms in the UK came about to protect the insured in this case from the conflict of interests posed by greater remuneration from some insurance companies.
The Financial Conduct Authority moved to update the UK regulations for remuneration paid to insurance brokers to ensure a level playing field. This was done by aligning the rules and regulations with the EU’s Insurance Distribution Directive.
Customers can now enjoy protection to ensure they will receive the best advice and insurance products to suit their needs without a conflict of interests.
How to choose the right fleet insurance broker?
Finding the right broker is essential in finding the right insurance policy for your needs. Here are the most important factors to consider when shopping for a fleet insurance broker:
- Are they FCA regulated? – The Financial Conduct Authority ensures that companies behave ethically and their dealings are transparent.
- Find a specified fleet insurance broker – There will be several brokers that can offer services across the board, including home, property, and vehicle insurance. A broker with one speciality will be able to offer expert advice on that topic and have specific experience in the field.
- Ask about claim services – If you have to claim your insurance, you want the process to be as easy as possible. Ask how your claim will be handled and by who, as having one person to follow up your claim from start to finish can be beneficial.
- Don’t be afraid to ask questions – As the customer, you will have questions, and you should fully understand every aspect of the policy. A good broker will be able to explain all their processes and advice thoroughly.
Why compare fleet insurance quotes with Utility Saving Expert
If you have been shopping around for fleet insurance quotes or have been advised of some by your broker, there is another excellent way to compare them against the best fleet insurance providers in the UK.
Here at Utility Saving Expert, we help thousands of UK customers find the best residential and commercial energy and insurance prices by comparing the best providers to find a deal that works for you.
Our Utility Saving Expert team also offers a service to compare the best fleet insurance providers around the UK to get you the best price.
You will have the option to browse policies and extras which include the following:
Fleet Insurance Policies
- Comprehensive cover – Comprehensive fleet insurance policies will cover most accidents or incidents for business vehicles, even if the driver is at fault.
- Third-party, fire and theft cover – This offers similar cover to fully comprehensive policies except for when the driver is to blame. This will significantly reduce the premium cost as the policy does not cover as much.
- Third-party cover – This offers the least amount of protection and is the legal minimum that you must have. Because of this, it is the cheapest option but will only cover damage or injury to a third party should an accident occur.
Fleet insurance extras
- Personal belongings cover
- Breakdown cover
- Good in transit cover
- Liability cover
- Legal expense cover
– This will protect the driver’s personal belongings in case of an accident, theft, or in some cases, loss.
– Breakdown cover can be added to insurance policies at competitive prices. This will offer peace of mind to drivers and businesses and a fast resolution should a vehicle break down.
– A lot of businesses that use vehicles in their day to day business will be transporting goods. Covering these items against accidental damage or theft with transit insurance will ensure you are covered for the value you are transporting.
– Protecting the company from accidents that occur n the workplace is essential. Most liability coverage policies will cover property or bodily damage and injury. You will be able to select from the public and employees to ensure you would not be liable should an accident happen.
– Covering yourself against all eventualities will be necessary for many businesses. Legal expense cover will protect you should you have to pay legal expenses as a result of an accident.
Frequently Asked Questions (FAQs)
What is the difference between insurance agents and insurance brokers?
An insurance agent works for the insurer, and while they may try to help you as best they can, their priorities are to sell you a policy. An Insurance broker works with the customers’ best interests as a priority and tries to find the most suitable policy by exploring all the available options.
Is it cheaper to get motor fleet insurance through a broker?
Saving money on a motor fleet insurance policy will be a priority for many, and using a broker is a great way to do this. You are not guaranteed a lower fleet insurance cost by using a broker, but you will ensure you are doing everything in your power to achieve this.
Speaking with specialist fleet insurance brokers should help you find the best deals on the market. To be sure, you can always use our quick and easy comparison tool to compare any offers against the top providers in the UK.
Is there a minimum vehicle requirement for fleet car insurance?
Businesses with more than two vehicles will usually be eligible for a fleet insurance policy. The insurer should also advise your specialist fleet insurance broker if there is a maximum number of vehicles that can be added, to ensure all your vehicles are covered.