How Insurance Companies Work With Fleet Managers

Fleet insurance is an essential part of any business that relies on their vehicles. However, for many businesses who are just starting to grow their fleet, it can be difficult knowing which insurance provider is right for you. 

At FleetCover, we can do all of the hard work for you and find the perfect insurance provider to suit your business’s specific needs.

The role of a fleet manager and insurance

Fleet managers, no matter what kind of business they own or work for, ensure that their company’s vehicles are safe and compliant with industry standard regulations. 

This usually means ensuring that the right level of insurance is in place and that every vehicle in their fleet is covered by it. Having the correct insurance in place can also help to simply fleet management, save time and reduce administration costs. 

Creating a fleet insurance policy as a fleet manager

Starting from scratch with a fleet insurance policy can seem daunting, however, when you break down the process into manageable steps, it becomes much easier.

• Define your objectives The first step in building your fleet policy is to clearly define what you want to achieve with your fleet. For example, do you want to streamline processes, reduce costs, improve your driver safety or help to lower your fleet’s carbon emissions?
• Agree on the scope of your fleet You will next need to consider what vehicles you wish to include in your fleet. Many businesses will have a fleet that only contains one type of vehicle, such as cars or vans, whereas others may have multiple different types of vehicles under one fleet.
• Establish your driver criteria Once you’ve decided what vehicles are going to be included in your fleet, you will need to establish a criteria that your drivers must meet. This should include making sure all your drivers have their full driving or operating licence for specific vehicles. However, you can also include some terms and conditions, such as meeting certain driving goals and training courses.
• Set vehicle and driver standards You should provide clear guidance on how a company vehicle should be used, as well as the expectations you have for your drivers. This can cover everything from obeying traffic rules to not using a mobile phone while the engine is running.
• Identify potential risks You should identify potential risks that may occur in your fleet, such as accidents or vehicle breakdowns. After you have defined these risks, you can then move onto creating a procedure for addressing these risks.

Once you have gone through all of the steps above, you can next move onto finding an insurance provider that will help to find the perfect fleet insurance policy for you.

You can find out more useful tips on fleet insurance eligibility by reading our dedicated guide on how to qualify for fleet insurance. 

How an insurance broker can support fleet managers

Finding a fleet insurance policy to fit all of your needs is easier said than done. However, this is where an insurance broker can help you find the perfect policy for your business. 

Here at FleetCover, our fleet insurance experts have a deep understanding of the fleet insurance industry and the factors that need to be considered when creating a fleet insurance policy for specific businesses. 

We will take into consideration all of the special requirements you have outlined for your fleet and find the best insurance provider for you. Finding an affordable yet comprehensive insurance policy can be tricky, which is why we’re here to help.

What happens when a fleet manager claims on a fleet policy?

When a fleet manager claims on their fleet insurance policy, just like any other insurance claim, it means they are submitting a request for the insurance company to cover the costs of damage or incident that involved one of the vehicles in their fleet. 

The claim will then be processed according to the terms of the fleet policy and potentially lead to repairs, replacement or compensation for third-party damage depending on what happened.  

Fleet insurance claims will typically follow the same process as standard vehicle claims:

1. Once an incident occurs, the fleet manager must promptly report it to their insurance provider. This can usually be completed through a dedicated claims process online.
2. The insurance company will investigate the incident, gather details and assess the damage.
3. Based on the investigation, your insurance provider will determine if the claim falls under the coverage of your fleet policy, calculate the amount to be paid and inform you how much excess you will need to pay.
4. If your claim is approved, your insurance company will arrange for repairs to the damaged vehicle or provide compensation. They will also arrange collection of the vehicle for repairs if necessary and may provide a like-for-like hire car while your vehicle is being repaired.
   

Depending on the size of your claim and how many claims you submit in the policy period, it can lead to increased insurance premiums for your business in the future. 

Speak with our team of expert fleet insurance brokers to find the right fit for you and your fleet.