The Benefits of Fleet Van Insurance for SMEs

Most small and medium sized businesses that use vehicles for trade or deliveries will likely start thinking about growing their fleet at some point down the line. As your fleet grows, so will your insurance needs. 

Obtaining separate policies for each individual vehicle can often be complex and expensive. Managing these policies can take a lot of time out of your day. Instead, business owners can benefit from getting fleet van insurance under one policy. 

What are the advantages of fleet van insurance? 

1. Having all your vehicles under one policy removes the need for paperwork for each individual vehicle. It allows all of the information to be in one place, making it much easier to manage.

2. You’re also likely to save money by opting for one fleet insurance policy instead of multiple policies per vehicle. Often, insurance providers will provide you a discount if you’re insuring more than one vehicle. You can usually get even more money off the more vehicles you choose to insure with the same provider. 

3. When all vehicles are under one policy, your employees can drive any vehicle within that fleet. This means that you can utilize vans when they are free, rather than have to book out or rely on certain vehicles.

4. It also means that you only have one renewal date to worry about, allowing for more time to be spent concentrating on your business.

How many vehicles are required for fleet van insurance? 

The number of vehicles required to take out a fleet insurance policy can depend on the provider. However, in general any business that has 2 or more vehicles will be eligible to take out a policy. There’s no real maximum on the fleet numbers, but it’s always best to check with the provider before taking out insurance. 

What type of insurance do I need? 

Fleet van insurance is much like any other type of vehicle policy whereby you can opt for third party cover, third party fire and theft or a fully comprehensive policy. Whilst third party insurance is often cheaper, there’s not a huge amount of difference in price whereas the cover can help protect your business in very different ways. 

Purchasing a comprehensive policy can help protect your business against high repair costs in case of accidents or breakdowns. 

Do your research 

Fleet insurance can vary depending on the provider. Some policies will have restrictions or exclusions such as the age of the driver or the weight of the load. In addition to this, some companies may offer EU cover or breakdown cover included in the price. You may even be able to get different amounts of excess based on the vehicle insured under the policy. 

Therefore, it’s integral to do some research to make sure the policy is right for you. It also allows you to compare quotes.

Cutting costs 

When you’re researching which fleet van insurance policy might be right for you, there are some other ways you can get the cost of your premiums:

1. Investing in electric or hybrid vehicles can reduce your premiums, as well as having drivers on the policy that are over 25. 

2. Additionally, you could look at sending drivers on training courses to improve their driving performance. 

3. Telematics can be a good way to track driver behaviour and vehicle speed as well as make sure that your vehicles are being maintained regularly. This data can then be sent to your insurance provider which can help to reduce your premiums. 

4. Your fleet can also be fitted with immobilisers as well as dashcams to help record any accidents. 

5. Finally, parking your vehicles securely in locked areas or with security cameras can help to reduce the cost of your insurance. 

The cost of fleet van insurance can depend on your requirements. For example, the number of previous claims, the use and the amount of vans you have in your fleet. It’s always best to compare prices via a fleet insurance broker and read the policy documents clearly to ensure your business is protected. 

About the Author 

Mark McKenna is the National Sales Manager of Bluedrop Services, specialist insurance brokers with in-depth knowledge and expertise in business insurance. Mark specializes in Motor Fleet Insurance and offers advice and tailored fleet insurance support to customers managing Motor Fleets.