It’s a legal requirement to have insurance for any road vehicle in the UK. Keeping track of the renewal dates and policy features of a high number of company-owned vehicles can be an administrative nightmare, particularly when you factor in all the employees who could be driving them. This is where a fleet insurance policy can protect your vehicles/drivers and save on administration, this guide will get you up to speed on fleet insurance in the following sections:
If you own multiple vehicles, you may opt for a fleet insurance policy to save time and money. Most providers consider a fleet to be two or more vehicles owned by the same person or business and offer discounted rates for each car or van added to the policy. Opting for a fleet plan can reduce a firm’s administration time and ensure that all company-owned vehicles remain legally compliant, as the policy has just one renewal date for all the insured motors.
It’s especially helpful for businesses using hundreds, or even thousands, of vehicles for their daily operations. By ensuring that the level of coverage is consistent across the fleet, drivers can chop and change vehicles more freely without risking a lapse in cover.
Often, fleet insurance is taken out by companies dealing in deliveries or businesses that send out employees to carry out physical work, such as electricity companies and plumbing firms. However, many companies offer company cars to their senior management team, which can also come under a fleet policy. Many insurers can cover several vehicle types under the same plan, facilitating the provision of employee vans as well as directors’ cars.
Many kinds of companies rely on sending employers out in company-owned vehicles to visit clients, generate new business, carry out jobs or transport goods and materials. If your company has more than one car, van or other vehicles that are used primarily for business use, fleet insurance can protect them all together under one policy.
DVLA Fleet Scheme
The DVLA fleet scheme is a government-backed initiative aimed to help companies deal with the administrative burden of operating a fleet of vehicles. Companies with a fleet of 50 or more vehicles can join the scheme for free, where they can benefit from a range of services designed to ease the management of a larger fleet. To join the programme, you can contact the Commercial Vehicles Team by phone or email through the government website.
Scheme participants have access to a dedicated helpdesk via phone and email for support and guidance for fleet-related queries and access to View Vehicle Record where companies can easily access information relating to a vehicle in their fleet online. Other perks include bulk despatch, bulk processing and bulk taxing so that fleet managers can deal with the registration certificates and tax of multiple vehicles in one transaction.
Finding a Provider
Many providers detail their fleet insurance products on their website, though it may be best to call for an accurate quote, owing to the complicated nature of a fleet insurance product. For this reason, many providers only offer fleet insurance policies through a broker.
Even after taking their cut of commission, you may find yourself with a cheaper deal than had you organised cover yourself. Going through a broker also offers the added security of having an intermediary on your side, who has the expertise, knowledge and experience to support you when dealing with your insurer in the event of a claim dispute.
