What affects the cost of fleet insurance?
UK fleet underwriters rate the whole fleet as one risk. Confirmed claims experience, the trade, driver ages and licence history, telematics, overnight security, cover level and excesses all feed into the premium, along with each insurer's appetite for that type of fleet.
- Fleet insurance is rated per fleet, not per vehicle
- Insurer appetite varies significantly by trade
- Claims experience covers the last 3 to 5 years
- Quotes and advice come from FCA-authorised brokers, not from us
What fleet underwriters take into account
These are the factors UK fleet insurers most commonly rate against.
- Confirmed claims experience over the last three to five years
- The trade the business is in and what the vehicles carry
- Driver ages, licence history and the driving basis in place
- Telematics or camera systems fitted to the fleet
- Where vehicles are kept overnight and what security is in place
- The cover level and the excesses accepted
What tends to have less influence
Some commonly repeated ideas about fleet pricing carry far less weight in the underwriting than people expect.
- Changing a single vehicle model while the overall fleet profile stays the same
- The payment method, aside from any credit interest on instalments
- Security measures that are not declared on the proposal
- Reducing cover on financed vehicles, which finance agreements usually prohibit
Why fleet quotes vary between insurers
Fleet is a manually underwritten market. A small number of insurers write most UK fleet business, and each publishes its own appetite for particular trades, vehicle types and claims profiles.
That is why the same fleet can be quoted very differently depending on which insurers see it. The Broker Zone team can explore suitable fleet insurance options for your business.
Why choose Fleet Cover UK?
One policy, one renewal and a specialist who takes time to understand your business. The team at Broker Zone can discuss your vehicles, drivers and requirements, explain suitable options and help you decide on the next step.
Insurance services are provided by Broker Zone Ltd, an appointed representative of Gauntlet Risk Management Ltd. Cover is subject to insurer acceptance, terms, conditions and exclusions.