How to Save Money on Your Motor Fleet Insurance

If you have a fleet of vehicles, you can find a cheaper motor fleet insurance quote by shopping around. However, if you're a loyal customer, it's worth requesting a cheaper quote from your existing provider. They might even have suggestions that can cut your insurance costs. Saving money on your motor fleet insurance is easy when you know the simple steps to follow.  Specialist policies are available that offer cover for specific types of vehicles. Listed below are some tips to help you save money on your fleet insurance.

Limiting the number of drivers on your policy

Adding drivers to your motor fleet insurance policy will increase the cost of your coverage, but there are ways to cut costs by limiting the number. The number of vehicles in your fleet will affect the cost of the average cost per vehicle. Each of these factors will affect the risk profile of each driver, which is the basis of your premium. Limiting the number of drivers on your policy can reduce the total cost per vehicle by a significant amount.

Managing the risk profile of each driver on your motor fleet insurance policy is essential. Many drivers who have had an accident in the past will cause your premiums to rise. Try to limit the number of young drivers on your policy to around 25. Some employers will even insure young drivers as named drivers on the policy. Limiting the number of drivers on your motor fleet insurance policy to save money will also lower your premium. Insurers will not give NCDs if your drivers make a lot of small claims.

Adding GPS tracking, collision mitigation systems, and fleet dash cams can also lower your premiums. Other factors that may lower the cost of your motor fleet insurance policy include bundling your policies with other insurance products and hiring clean drivers. In addition, limiting the number of drivers on your motor fleet insurance policy will prevent your drivers from driving the company's vehicles for private purposes.

Protecting your no claims bonus

Protecting your no claims bonus on motor fleet cover can help you save money on insurance premiums. Most insurers will offer you a discount if you have had no claims for a number of years. This discount is called no claims bonus maintenance protection, and is an additional cover offered by car insurance companies. This add-on gives you assurance and guarantees that your no claims bonus will remain intact up to a specified limit.

It's crucial that you know that a no-claims bonus only applies to active insurance policies - you can't cancel your policy if you want to keep your no-claims bonus. In addition, no claims bonus protection only applies to one claim. This means that you should protect your no claims bonus as much as possible while still paying the cheapest price possible. After all, you can save money and time by paying for cheap insurance when you're ready to start driving again.

The easiest way to protect your no-claims discount on motor fleet insurance is to drive safely. Accidents happen, but you can minimize their impact by following these tips. Remember that accidents can happen even to the most careful drivers. Protecting your no-claims bonus is essential for your business and for your no-claims discount. So, what do you need to do? Read the small print of your policy carefully and take care of your vehicles.

If you own more than one car, you can mirror your NCB with a motor trade policy. By mirroring your no-claims bonus, you will keep your no-claims discount, and you won't have to pay for insurance for multiple vehicles. The good thing about this is that you'll save money on your motor fleet insurance policy as well. And, as it's based on your specific needs, protecting your NCB on motor fleet insurance is more affordable than you might think. So, be sure to get multiple quotes to find the best deal.

Generally, a no-claims bonus is valid for two years. If you stop driving and don't renew your policy, your NCB will be gone. Likewise, if you make a claim, insurers have to pay the majority of the costs from the other party, the at-fault driver. However, if a third party is at fault, you'll have to split the cost with them. This will damage your no claims bonus.

There are a number of ways to protect your no claims bonus on motor fleet insurance. Firstly, don't transfer the discount to a new vehicle. If you have more than one vehicle, you can move the main driver. It's also possible to transfer your no claims bonus from one car to another, but it's not as common as you might think. To protect your no claims bonus on motor fleet insurance, you should consider changing your main driver.

Conducting regular vehicle inspections

Conducting regular vehicle inspections can save your motor fleet insurance company money by increasing the life expectancy of fleet vehicles, increasing residual values and reducing replacement costs. Drivers, maintenance supervisors, and technicians are all critical players in an effective inspection program. Pre-trip inspections are a legal requirement for commercial vehicles, and a routine inspection program will help you reduce risk and avoid costly breakdowns.

In addition to ensuring your vehicles are roadworthy, annual inspections should also include a look at brakes. The brakes must work correctly at all times, as drivers must be able to slow down and stop as needed. Checking the brakes at 40 kmph or higher is an effective way to determine whether they are working properly. If the brakes pulse or don't stop at all, they should be replaced. Likewise, you should also check the thickness of the brake pads. If the thickness is less than 1/8 inch, it is time to replace the pads.

Performing a vehicle inspection doesn't take much time, but if done improperly, it can be costly. If a vehicle is unsafe, you may face penalties for non-compliance. Insurance agencies won't want to cover your vehicles if they are unreliable. Moreover, if the vehicle is not in good condition, you could be liable for a car accident and end up paying higher insurance premiums. So, do it properly to save money on your motor fleet insurance.

You can formalize your process by making it mandatory for all drivers to do it. This will help instill good habits and prevent accidents. It's vital to conduct regular vehicle inspections to reduce the risk of accidents and breakdowns, as they are a significant risk factor in the motoring world. Therefore, conducting regular vehicle inspections will also save you money. The World Health Organisation estimates that approximately 1.3 million people die in car accidents every year.

Conducting regular vehicle inspections will also help your company's finances. By conducting regular auto inspections, you'll be able to avoid costly engine trouble and repair bills by preventing costly problems before they become serious. By performing regular vehicle inspections, you'll also be able to increase the life expectancy of your vehicles and lower your motor fleet insurance costs. If you're a business owner, conduct regular vehicle inspections to improve your business's financial health and reduce your insurance costs.

As part of your motor fleet insurance strategy, it's essential to conduct periodic DOT inspections of your fleet's vehicles. These inspections can happen anytime during a 12-month period. Drivers may feel less pressured if the inspection happens once or twice a year. To help them feel prepared, quarterly sessions are recommended. You should consider implementing a fleet maintenance strategy.

Follow me

Thinking Thrifty


David Naylor is the editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
Thinking Thrifty
Follow me

Please follow and like us:
error





Leave a Reply

Your e-mail address will not be published. Required fields are marked *



CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.



error

Enjoy this blog? Please spread the word :)

Copyright © 2021 Thinking Thrifty