There are several ways to reduce the annual insurance premium for your fleet. Here are a few tips:
- Higher excess: Keeping a $500 insurance excess significantly increases the annual premium. The average cost of most accidents can be covered by the business so a $5,000 or $10,000 excess is the best way to reduce overall costs.
- Safety Measures: Taking safety measures to reduce the risk of accidents can help lower your fleet insurance premium. This can include driver training, safety equipment such as backup cameras or collision avoidance systems, and regular vehicle maintenance.
- Driver screening: Careful driver selection and screening can also help lower your insurance premium. Look for drivers with clean driving records, and consider running background checks to screen for any history of accidents or traffic offences.
- Vehicle Security: Making sure your vehicles are secure can also help reduce your insurance premium. Installing anti-theft devices or GPS tracking systems can make it easier to recover stolen vehicles, which can reduce the overall risk and cost of insuring your fleet.
- Compare the market: It is always good to shop around and compare insurance policies from different providers to see if you can get a better rate or better coverage. Look for insurance providers that specialise in commercial fleet insurance and ask about any discounts or incentives they may offer.
While reducing your insurance premium is important make sure the provider doesn’t have an onerous claim and repair process that will impact your business if an accident does happen.
