Can FNOL [First Notice of Loss] Reduce Fleet Claim Costs?

Submitting a First Notice of Loss promptly can help reduce fleet claim costs by enabling your insurer to step in early and ensure communication with involved parties.

GET A QUOTE

First notice of loss can impact fleet claim costs by allowing your claims team to intervene and communicate with all parties involved. Providing accurate information, evidence and witness details is the most effective way to reduce fleet claim costs for yourself and your insurer.

Find out more about the importance of first notice of loss today.

What does First Notice of Loss mean?

First notice of loss refers to the initial report made to your insurance company following an incident such as an accident, damage or theft.

FNOL is the first step in the claims process, and contains personal information from the policyholder, as well as details regarding the date, time and location of the incident for which you are claiming.

Accurate FNOL submitted in a timely manner is vital for the insurer to begin the claims procedure and prepare for the next steps. Learn more about how to work with your fleet insurer as a fleet manager.

Understanding the FNOL procedure

The usual FNOL procedure following an accident is as follows:

Secure Information - Full details of the third party, including name, contact number, address and vehicle registration. Collect the same details from any witnesses. After this, gather information about the scene/environment. What were the weather conditions? What time of day did the accident occur?
Gather Evidence - Use your phone or a camera to take photos of damage to the vehicle(s), the scene, the road layout and the surrounding area.
Immediately Notify Insurer - Report the incident to your fleet claims team or the FNOL number provided by the broker..
Complete the Report - Either the driver or the claims team must formally complete this report, including all evidence gathered and all details taken.
Follow Instructions - Your claims team will advise you from here, providing instructions regarding your next steps.

Get Your Free Fleet Insurance Quote

As the UK’s leading fleet insurance specialists, we work with the UK’s largest insurance providers for fleets to get you an instant, hassle-free policy.

Get in Touch

Why First Notice of Loss is important for your business and fleet

First notice of loss is crucial for the effective management of claims, saving time, money and stress for your business.

The earlier a claim is reported, the higher the chance of accurate evidence being collected including dashcam footage, photos, witness statements and more. It also makes exaggerated or inaccurate third-party claims less likely.

Also, first notice of loss can decrease the price of costs on both your end and the insurer's end, by allowing your insurer to intervene fast and solve the issue with any third parties before they find expensive repairs.

Can FNOL reduce fleet claim costs?

Effective FNOL use significantly reduces fleet claim costs in most cases. It facilitates quick intervention, more accurate claims management and even faster repairs:

Quicker response - Immediate FNOL reporting enables claims teams to act fast to solve the issue. This is crucial for managing repairs and meeting the needs of your business.
Reduced fraud risk - Reporting the accident immediately and accurately helps objectively assess the incident, thus reducing the likelihood of successful fraudulent claims.
Improves future premiums - Managing claims effectively and responsibly shows insurers you use the correct channels to report issues, making you a more reliable customer. It also helps ensure you qualify for future insurance.
Reduced third-party costs - Quickly notifying your claims team allows them to directly contact third parties. This could prevent them from organising their own repairs at increased costs.

Chat to Us

Rather get a policy created over the phone? Speak with our experts now:

0333 130 0485

Get a Quote

Get a quick quote from an insurance professional with our easy form and a few details:

Contact Form

How First Notice of Loss affects your fleet

FNOL affects your fleet in a number of ways. It prevents third-party claimants from seeking support from more expensive credit hire organisations and claims businesses, which would significantly increase claim costs and drive up your insurance premiums when renewing.

FNOL carried out as soon as possible puts your claims team in control of the claims process, so they can secure crucial evidence such as photos and witness details, preventing higher costs for your fleet.

Also, a quick notice of loss initiates all claims, communications and repair processes immediately, which mitigates the amount of time the vehicles in your fleet have to stay off the road for.

At FleetCover, we know that your fleet is vital to business operations, and fast repairs and recovery are one of the most important factors of fleet insurance. That’s why we’d recommend understanding the full importance and effect of first notice of loss, and making all fleet vehicle users aware of the importance of fast notice.