Fleet Insurance

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What is Fleet Insurance?

Fleet insurance is a type of commercial vehicle insurance policy that provides coverage for a group of vehicles owned by a single entity or business. Unlike individual vehicle insurance, fleet insurance allows business owners to manage the coverage of multiple vehicles under one policy, simplifying the administration process. The fleet could be made up of cars, vans, lorries, or any type of vehicles that the business uses. Coverage typically includes protection against damage to vehicles, liability for passenger injuries, and third-party liability for accidents caused by fleet vehicles.

Do you need Fleet Insurance?

Fleet insurance is not legally required in the UK, but it is highly recommended for businesses that operate multiple vehicles. It provides comprehensive coverage and can potentially save businesses money compared to insuring each vehicle separately. Additionally, having fleet insurance shows responsible and initiative-taking risk management by the business, which can reflect well on its reputation. If you operate multiple vehicles within your business and do not have fleet insurance you will need to secure individual policies, which can be time-consuming and costly. Fleet insurance allows you to streamline the process by having a single policy that covers all your vehicles.

How Is Fleet Insurance Beneficial?

Apart from simplifying the insurance process and potentially saving money, fleet insurance offers several other benefits for businesses. These include:

What types of vehicles can be covered by Fleet Insurance?

Some insurance providers may have restrictions on the types of vehicles that can be covered under a fleet insurance policy. However, common types of vehicles that can usually be included vary between company cars, vans, lorries, trucks, buses, and even specialised vehicles like forklifts. 

The key requirement is that the vehicles are owned by the same business or organisation and used for its operations. Certain specialist insurers may restrict their fleet insurance coverage to specific types of vehicles, such as taxis or vans. This is why it is crucial to carefully review all exclusions and the wording of the policy before finalising your purchase. These exclusions could potentially leave your business unprotected in the event of an accident involving a vehicle that is not covered. Therefore, a thorough understanding of the policy’s terms and conditions helps ensure that all the vehicles within your fleet are adequately insured, providing peace of mind and robust financial protection for your business operations.

 Additionally, some insurers may have specific criteria for eligibility such as minimum number of vehicles or driver age restrictions.

How many vehicles count as a Fleet?

The exact number of vehicles required to be considered a fleet may vary between insurance providers. However, it is accepted that any business or organisation with five or more vehicles can qualify for fleet insurance. Some insurers may have a higher minimum requirement, such as ten vehicles. It is always best to check with your chosen insurance provider to determine their specific definition of a fleet and if your business qualifies.

What is the maximum number of vehicles that Fleet Insurance Cover?

The maximum number of vehicles that a fleet insurance policy can cover will vary between insurance providers. Some may have a limit of 30 or 50 vehicles, while others may offer coverage for larger fleets with hundreds of vehicles. It is essential to communicate with your insurer and discuss the size of your fleet to ensure that you are adequately covered.

What Types of Fleet Insurance are Available?

There are several different types of fleet insurance available to cater to the diverse needs of businesses.

Third Party Only – the most basic type of fleet insurance that provides coverage for third-party liability. It covers the cost of damages or injuries caused to others by your fleet vehicles. However, this type of insurance does not cover damages to your vehicles.

Private Vehicle – designed for businesses that use private vehicles for work purposes. This type of insurance covers private cars, vans, or other types of vehicles that are used for business operations. It can be useful for businesses where employees use their private vehicles for work-related travel.

Comprehensive – the most inclusive type of fleet insurance. It not only covers third-party liabilities but also provides coverage for damages to your vehicles, whether these damages are a result of an accident, theft, or vandalism. This type of fleet insurance offers the most peace of mind, as it ensures that you are covered in almost any scenario.

Telematics Fleet Insurance – uses GPS technology to monitor the driving behaviour of fleet drivers. This data is used to personalise the insurance premium, with safer driving resulting in lower premiums. It encourages safe driving and can help businesses to reduce their overall insurance costs. This type of insurance is especially useful for larger fleets where tracking individual driver behaviour can be challenging.

What Additional Coverage Does Fleet Insurance Provide?

Apart from the standard coverage provided by fleet insurance, businesses can opt for additional coverage to further protect their fleets. Some of these include:

  •  Breakdown and roadside assistance: This covers the cost of any breakdowns or accidents that occur while on the road, providing peace of mind and ensuring quick response times in case of emergencies. 
  • Windscreen cover: In case of any damage to the windscreens of your fleet vehicles, this cover will take care of the costs of repair or replacement.
  •  Legal expenses: This provides coverage for legal fees in case of a claim or dispute involving your fleet vehicles. 
  • Goods in transit: If your business involves transporting goods, this cover can protect against any damages or losses that may occur during transit.

 Overall, fleet insurance offers comprehensive coverage and protection for businesses with multiple vehicles. It is crucial to carefully review your options and choose the right type of insurance that best suits your business needs. With the right coverage in place, you can ensure the smooth operation of your business and have peace of mind knowing that unexpected costs are covered.

Lower the cost of your

Fleet Insurance

Insurance premiums for fleet insurance can vary significantly between providers. To get the best possible price, businesses can consider the following tips:

Pay Annually

Opting for annual payments instead of monthly can often result in lower overall costs.

Invest in safety

Insurance companies often offer lower premiums to businesses that have implemented safety measures such as GPS trackers, dash cams, and other safety devices in their fleet vehicles.

Consider Telematics

As mentioned earlier, telematics insurance can help businesses save on costs by incentivising safe driving behaviour.

Shop around

It is always recommended to compare quotes from multiple insurance providers to find the best deal. We have made this easy with our online comparison service, try it today!

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Frequently Asked Questions

Yes, many insurance providers offer no-claims discounts for fleet insurance policies. These discounts can be applied if your business has not made any claims throughout the policy. Some insurers may also allow you to transfer any existing no-claims discount from individual vehicle policies to a fleet insurance policy.

Yes, you can amend your fleet insurance policy. If your business expands and requires additional vehicles to be added to the policy, or if there are any changes in the type of vehicles used, it is crucial to inform your insurer so that they can update the policy accordingly. Failure to do so may result in inadequate coverage or potential claim rejections.

To ensure that your fleet insurance policy remains valid, it is essential to comply with the terms and conditions set by your insurer. This may include regular vehicle maintenance checks, driver background checks, and properly recording any accidents or incidents involving your fleet vehicles. It is also crucial to keep all necessary documentation up-to-date and readily available, including driver's licenses and vehicle registration details. Keeping clear records can help avoid any disputes or issues with your insurer in case of a claim.

Most fleet insurance policies cover vehicles used for both business and personal use, but it is always important to check the specifics of your policy.

Yes, most insurers allow you to add or remove vehicles from your fleet policy. However, you should notify your insurer as soon as these changes occur to ensure your coverage remains adequate.

The cost of fleet insurance is influenced by numerous factors, including the number and type of vehicles, the driving history of drivers, the level of coverage needed, and the industry in which your business operates.

Typically, a fleet insurance policy covers all drivers that the business authorises to drive its vehicles. However, the specifics can vary by policy, so it is important to check the terms and conditions.

Yes, fleet insurance can cover a range of vehicle types, including cars, vans, trucks, and special types of vehicles like forklifts or tractors.

If a claim is made, your fleet insurance provider should support you during the entire process, from consulting with the third party to arranging repairs for the vehicle. Always notify your insurer immediately after an accident or incident.

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