Fleet, commercial vehicle and truck insurance

Fleet, commercial vehicle and truck insurance

If you own a business that is reliant on vehicles, fleet, truck or commercial vehicle insurance could provide you with the simple, straightforward cover that you need.

We understand that as a business owner you have lots of pressures on your time, and you may think that getting insurance for your vehicles could be complicated – however, we’re pleased to say that it could actually be much easier than you think! Plus as you’ll only have one renewal date, you’ll save time on your yearly admin too.

If you would like to know more about fleet and commercial vehicle and truck insurance, read on to find out how you can protect your business with a policy today.

What is fleet and commercial vehicle insurance?

As with any individual vehicle, it is a legal requirement for business owners to insure vehicles that they own for business use. However, managing lots of separate policies can be confusing and time consuming, which is where fleet, truck and commercial vehicle insurance comes in.

Instead of insuring vehicles on separate policies, fleet commercial insurance covers a fleet of vehicles under one policy, providing cover for your whole business as a result.

What fleet and commercial vehicle insurance covers

The Yorkshire Broker can provide cover for individual vehicles and insurers will specify the minimum (usually two) and maximum amount of vehicles that they class as a fleet. They will also cover a variety of business uses, such as private hire, haulage, courier and other transportation purposes, and you may also be able to cover a mixture of vehicles under an ‘any vehicle’ policy.

In addition, you can also choose to cover things like vehicle recovery (in the event of a breakdown or accident), legal fees, replacement locks if your keys are lost or stolen, and damage to your vehicles’ windscreens and windows.

It is important to be aware of any exclusions, as some policies will not provide cover for vehicles such as motorbikes, forklift trucks and excavators, and taxi firms may also need public or private cover too.

These are just examples of some of the types of fleet, truck and commercial vehicle policies that we look after at The Yorkshire Broker. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.

Types of fleet, truck and commercial vehicle insurance

There are several different types of business insurance cover that you should consider for your business:

Third party: This is the minimum amount of cover that you should have legally and provides cover for other people if an accident is the fault of one of your drivers. However, it is important to be aware that damage to your vehicles or driver’s injuries will not be covered.

Third party, fire and theft: This type of policy will also replace a vehicle if it is stolen and covers damage due to attempted theft or a fire.

Comprehensive: This type of policy will also cover any damage to your vehicles.

Hauliers Liability: Provides for the loss and damage to goods in the care, custody and control of the haulier in accordance with standard trading conditions or under International Conventions such as CMR (Convention on the Contract for the International Carriage of Goods by Road) and also under Common Law.

Breakdown: Provides cover for vehicle breakdown, nationwide recovery and homestart including misfuelling cover and lost and stolen keys for vehicles up to 7.5T vehicles up to and including 8.5m in length, 2.5m in width and 3.5m in height. Cover can be provided to single vehicles and fleet.

Motor Legal: Provides cover for uninsured loss recovery (e.g., loss of earnings, policy excess, vehicle hire), personal Injury claims for both drivers and passengers, legal protection for your own defence against motoring prosecutions & contractual disputes relating to the sale or purchase of a motor vehicle.

Tools in transit: Provides cover for Cover for damage -in the event that tools are damaged whilst being loaded onto, housed upon or unloaded from the vehicle, cover for Theft -you may be covered in the event of your tools being stolen, even when your vehicle is unattended and overnight.

GAP Insurance: If a vehicle is ‘written off’, Motor insurance only covers to its value at the point it is declared a total loss. This can be substantially less than outstanding finance commitments and the price you paid for your vehicle. GAP Insurance can cover outstanding finance payments and the value of the vehicle when you bought it. Cover can be provided for single vehicles and fleets (including trucks).

Do I need fleet or commercial vehicle insurance?

If you are the owner of a business that uses either single or multiple vehicles as part of its operation (either cars or vans), then you need to have adequate vehicle insurance in place as a legal requirement.

The cost of fleet and commercial vehicle insurance

As a business owner with several vehicles to insure, it may be possible to get a discounted fleet insurance policy as you’re bulk buying from a single supplier.

In addition, there are also other ways that you can help to reduce the cost of the fleet insurance premium that you pay – all you need to do is reduce your risk:

  • Choose electric or hybrid vehicles: These are generally considered safer by insurers as their engines generally have less power than regular vehicles and their CO2 emissions are also lower.
  • Drivers: By only having drivers over the age of 25 with clean records, you are likely to pay less. If you can’t avoid having younger drivers, you can help to reduce costs by limiting their mileage and only letting them drive during the day.
  •  Training: Training courses will help to make your drivers aware of hazards and will help to improve other aspects of driving such as fuel efficiency and driving in bad weather.
  • Vehicle maintenance: Ensuring that your vehicle is maintained regularly will ensure it stays in good condition and could reduce costs in the long term. This includes checking tyre pressures, brake pads and oil on a daily basis.
  • Excess: By making your drivers pay for their own excess, this could encourage safer driver and make the chance of a claim less likely.
  • Overnight security: Reduce the risk of theft or damage to your vehicles by installing CCTV in your car park or consider lockable garages or immobilizers.
  • Security on the road: Installing a telematics device (also known as a black box) will assess how safely your drivers are driving, resulting in their premiums being adjusted accordingly. A dashboard camera (dashcam) will also help to provide evidence in the event of an accident and claim.

At The Yorkshire Broker we understand that cost is important to your business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

What else do I need to know about fleet and commercial vehicle insurance?

In order to take out a fleet and commercial vehicle insurance policy, the vehicles need to be registered in the name of a company or a partner or director of the company.

It is important to be aware that if one of your drivers is particularly accident prone, the premiums of all vehicles could be affected. For this reason, it may be worth putting this driver on a separate motor insurance insurance policy instead.

In addition, make sure you keep your commercial fleet insurance policy updated if you buy or sell a vehicle in your fleet, otherwise it could be invalid when you come to make a claim, and by having an ‘any driver’ policy (where you can insure all drivers on every vehicle), your drivers will be able to access any vehicle which will help your business to operate more efficiently.

How can I get fleet and commercial vehicle insurance?

The Yorkshire Broker have a team of specialist advisers ready to help you get the right protection in place for your business.  

We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact The Yorkshire Broker by calling: 01924 929070.

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