How Much Does Fleet Insurance Cost in the UK?

Vehicle type, level of cover, named driver vs any driver, and many other factors impact the cost of fleet insurance. Find out how much UK fleet cover costs.

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Fleet insurance protects all vehicle fleets regardless of size or vehicle type. It’s a logical alternative to insuring all of your cars separately, as it significantly saves money and time on administration.

To fully understand the cost of fleet insurance, you need to consider vehicle type, how different cover options might affect your price, and many other factors.

How insurers price fleets

Insurers price vehicle fleets primarily based on the number of vehicles, types of vehicles, and level of risk associated with your fleet.

Insurers will collect data regarding your claims history, vehicle usage, driver profile(s), technology, and much more. This data will be used to determine a price specific to your fleet and details.

Do vehicle types affect fleet insurance costs?

Vehicle types have a direct and significant impact on the cost of fleet insurance. For example, compact cars would generally be much cheaper to insure under one policy than a fleet of HGVs or lorries.

Equally, electric vehicle fleet insurance is likely to have higher premiums than traditional petrol cars.

This is because insurance costs are based on factors such as repair costs, specialised equipment involved, risks involved with each type of vehicle, and other similar factors.

Learn more about how your insurance premium is calculated.

What factors affect fleet insurance costs?

Fleet insurance costs depend on a variety of factors, including details about you and the other drivers in your fleet, as well as details regarding the vehicles themselves:

Claims history - Frequent or severe previous claims can drive the cost of premiums up.
Driver profile - Insuring less experienced or younger drivers for your fleet may increase premiums. This is also the case if attempting to insure drivers with many previous claims.
Vehicle type - As mentioned, there are different repair and upkeep costs associated with different types of vehicles. As a result, high-value or high-risk vehicles lead to higher fleet insurance costs.
Vehicle use - Heavily used vehicles, such as hire and reward type vehicles, are usually more expensive to insure.
Business use - If you’re insuring business vehicles, the industry or use is important. Construction and agricultural fleet insurance is likely to be more expensive because these vehicles operate in higher-risk conditions, and are typically highly expensive.
Operation location - Fleet insurance costs vary depending on whether vehicles are driven in rural, urban, or high traffic areas.

Fleet insurance costs in the UK

Fleet insurance in the UK varies drastically based on all of the above factors (claims history, driver profile, vehicle type, vehicle use, and more), but you can generally expect to pay anywhere from £500 annually per vehicle for standard use petrol cars, all the way to £5,000 for certain types of long-haul HGV with higher accident risks.

If you’re looking to insure a fleet of vans, you should expect insurance to cost roughly £700 - £1,400 per van per year, and for taxi fleet insurance, these figures are usually closer to £1,500 - £3.000, due to the higher risk associated with frequent urban driving and passenger transport.

These are rough estimates, and to get an accurate quote, we need more information. But don’t worry, getting a quote from us is so easy. You can either input details online, or just give us a ring!

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How different fleet cover options affect the price

Different fleet cover options affect the price mainly based on the level of coverage, and the perceived risk associated with this level.

Level of cover - Fleet insurance plans typically come as ‘third party only’, ‘third party, fire and theft’ or ‘comprehensive’ coverage. The choice you opt for here will have the biggest impact on price.
Any vs named driver cover - Choosing any driver coverage allows maximum flexibility, meaning that any authorised employee can drive the vehicle. However, this will be more expensive than naming a specific driver on the vehicle(s).
Policy Excess - Higher voluntary excess will lower initial premiums, and vice versa.

How does fleet insurance compare to the cost of individual policies?

Fleet insurance is typically always cheaper than the cost of individual policies, as insurers offer bulk discounts to insure multiple vehicles.

Even for businesses with just 2 vehicles, there are mini fleet insurance options which still work out much less expensive than individually insuring each car.

On top of these money savings, fleet insurance offers simplified administration because all vehicles are insured under one policy which can be managed and amended easily, and options such as ‘any driver cover’ provides peace of mind that any member of your team is insured to drive each vehicle.

Get in touch with FleetCover today to save money through fleet insurance.

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