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6 Factors Insurance Companies Consider When Charging Premium Fleet Insurance
The definition of car fleet insurance purports to taking insurance for a minimum of five or more cars. Though this is not a compulsion and you have insurance service providers who might consider even two cars or more for fleet coverage, you may not be able to get the best deal from them.
While big companies do not face a problem getting very good deals on their car fleet insurance given the number of cars they bring to the table, it is the smaller ones that often struggle to make the numbers available and have to contend with higher premium rates for their insurance.
Having said the above, it is still better for companies to take fleet insurance as opposed to individual car policies as this will help them save some money on fixed premium costs year after year.
Let us now look at the factors car fleet insurance service companies look at when working out the premium.
a) High performance cars get the benefit of lower premium rates. That is because, the speed and fuel efficiency of these cars along with much lower maintenance or repair costs score are considered low risk by the companies.
b) The age of the drivers is another important consideration. Companies believe that middle aged drivers are disciplined and reliable. They are not likely to change jobs and stability is thus not an issue. Those in the group 21-25 are considered high risk due to the impetuosity associated with such an age group.
c) Previous driving history of the drivers recruited has a lot of relevance. Those with a no claims bonus record will get the benefit of lower premium rates for the cars they drive.
d) Those cars whose drivers have taken the effort to attend advanced driving courses will also be charged a much lower premium due to the safety and risk mitigation abilities that such drivers bring to the table.
e) Security related attachments and features that prevent theft along with parking sensors and other safety measures in cars also qualify for lower premium rates.
f) Cars that enjoy a no claims record will get to enjoy a discount on the premium in the current year.
Car fleet insurance service providers can extend benefits by way of cash discounts or by agreeing to certain extensions. These may include breakdown cover, roadside assistance, and windscreen cover, and glass cover and so on. The advantage with fleet insurance is that you can get coverage for a variety of cars that are put to use for different purposes, all under one policy.
Car fleet insurance is of different types. The recommendation of experts is that cars with high value should have the comprehensive coverage due to the much higher parts replacement costs. Similarly, those cars with an expensive market valuation should be covered under GAP insurance.
Car fleet insurance makes available the economies of scale that the insurance company can leverage out of providing cover to many cars enables them to offer you better rates of premium.
Companies too find it easier to manage such policies from an administrative perspective.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including Vehicle Fleet Insurance. Find out more by visiting his preferred website DNA Insurance.
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