Company Directors and Partners could save thousands each year if they switch from personal car insurance to a fleet policy.
Chris Fitzgerald, commercial insurance specialist at Astbury Wren said: “Personal car insurance premiums are currently at a record high, after a 40% increase in car insurance rates. Company fleet insurance has seen much smaller rate increases of just 5-6%.”
Fleet policies normally offer greater flexibility too. By choosing a broker who has experience in negotiating motor fleet policies with insurers an organisation can arrange for their fleet policy be extended to include family members, even if all vehicles are not owned and registered to the individual Directors or Partners of the business.
Chris Fitzgerald, said: “Insuring a car as part of a fleet provides economies of scale. The flat rate per vehicle is generally much lower than what you get per vehicle for personal car insurance. Young and inexperienced drivers can often be insured under the fleet policy without any additional premiums.
“If a company Director wanted to add a son or daughter who recently passed their driving test to a fleet policy, the broker should be able to negotiate for just an excess for that driver, without any increase in the flat rate per vehicle across the fleet. This could save hundreds of pounds a year when compared to a personal car insurance quote for a new driver.”
Directors and Partners of organisations can typically set up a fleet policy with as little as five vehicles.
It is important to use an experienced broker when setting up a company fleet, as they are better placed to negotiate superior deals with insurers.
Chris says: “There has been a significant rise in the use of online sites over the past few years when arranging private car insurance policies. These sites are `price driven `, offer limited flexibility and have `built-in` higher premium rates for young or inexperienced drivers.
“Such sites use rating engines which are pre-programmed to provide an insurance quote without human intervention. It would be nearly impossible to get the flexibility needed to add high risk drivers like new drivers or drivers with drink driving convictions to your fleet policy without going through an experienced broker who will have much better success at negotiating an attractive deal for you with insurers”.
Astbury Wren are a leading independent commercial insurance broker in the North West and they have extensive experience of providing Motor Fleet insurance. For more information please visit www.astbury-wren.co.uk or call 01244 310 574.
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