Truck fleet insurance is vital for businesses operating a fleet of vehicles. It provides cover for the vehicles and the drivers, protecting them against potential liabilities arising from their use.
There are a number of considerations to take into account when taking out truck fleet insurance. The size of the fleet, the type of vehicles covered and the business’ operating area all need to be taken into account.
The level of cover required will also vary depending on the business’ needs. For example, businesses transporting high-value goods will need a higher level of cover than those transporting lower-value items.
Taking out truck fleet insurance is a big decision for any business. But with the right level of cover in place, it can provide peace of mind and protection against potentially costly liabilities.
What levels of cover are there for truck fleet insurance?
There are three main levels of cover for truck fleet insurance:
- Third party only – This provides cover for damage caused to third parties (e.g. other vehicles, property, etc.) as a result of the use of the insured vehicles. It does not provide cover for the vehicles or drivers themselves.
- Third party, fire and theft – As well as cover for damage caused to third parties, this also provides cover for loss or damage to the insured vehicles as a result of fire or theft.
- Comprehensive – This is the highest level of cover available. As well as providing protection against third-party liabilities and fire and theft, it also covers accidental damage to the insured vehicles.
What features should you include as part of your policy?
When taking out truck fleet insurance, there are a number of features that can be included as part of the policy. These include:
- Protected no claims bonus – This ensures that your no claims bonus is not affected if you need to make a claim.
- Windscreen cover – This provides cover for any damage to the windscreen or windows of the insured vehicles.
- Breakdown cover – This provides cover for the cost of breakdown assistance if one of the insured vehicles breaks down.
- Liability cover – This provides cover for any legal liabilities arising from the use of the insured vehicles.
What are the benefits of taking out truck fleet insurance?
There are a number of benefits to taking out truck fleet insurance, including:
- Protection against potentially costly liabilities – If an accident occurs and third-party property is damaged, the business will be protected against the cost of repairs.
- Cover for the vehicles and drivers – In the event of an accident, the vehicles and drivers will be covered by the policy. This can help to reduce the cost of repairs or replacements.
- Peace of mind – Knowing that you have the right level of cover in place can provide peace of mind in case an accident does occur.
How many trucks can you insure under one policy?
There is no limit to the number of vehicles that can be insured under a truck fleet insurance policy. However, businesses with large fleets may find it more cost-effective to take out separate policies for each vehicle type (e.g. one for HGVs and one for LGVs).
What types of trucks can be covered?
Most truck fleet insurance policies will cover all types of trucks, including HGVs, LGVs and vans. Some insurers may also offer cover for other vehicles such as plant machinery or trailers.
Do you need different levels of cover for different truck types?
The level of cover required will depend on the type of trucks being insured and the business’ needs. For example, those transporting high-value goods will need a higher level of cover than those transporting lower-value items.
Do all drivers need to be named on the policy?
No, but businesses should check with their insurer to see if there are any restrictions on who can drive the vehicles covered by the policy. For example, some insurers may only cover drivers over the age of 25 or with a clean driving history.
How much does truck fleet insurance cost?
The cost of truck fleet insurance will vary depending on a number of factors, including the size of the fleet, the type of vehicles covered and the level of cover required. Businesses operating in high-risk areas or transporting high-value goods will typically pay more for their cover than those in low-risk areas or transporting lower-value items.
Can I get cover for my trucks if they’re based overseas?
Yes, most truck fleet insurance policies will provide cover for vehicles based overseas. However, businesses should check with their insurer to see if there are any restrictions on the countries in which the vehicles can be used.
What happens if I use my truck for something other than business purposes?
Most truck fleet insurance policies will only provide cover for vehicles used for business purposes. However, some insurers may offer cover for vehicles used for both business and personal use. businesses should check with their insurer to see if there are any restrictions on the use of the vehicles covered by the policy.
What factors affect the cost of truck fleet insurance?
There are a number of factors that can affect the cost of truck fleet insurance. These include:
- The size of the fleet – The larger the fleet, the higher the premium is likely to be.
- The type of vehicles – Vehicles that are more expensive to repair or replace (e.g. luxury vehicles) will usually incur higher premiums.
- The business’ operating area – Businesses operating in high-risk areas (e.g. inner-city areas) are likely to pay higher premiums than those based in low-risk areas.
- The level of cover required – As mentioned above, comprehensive cover is typically more expensive than third-party only cover.
How can I get the best deal on truck fleet insurance?
There are a number of things you can do to get the best deal on truck fleet insurance. These include
- Shop around – Compare quotes from a number of different insurers to find the best deal.
- Choose the right level of cover – Only take out the cover you need. Don’t be tempted to over-insure just to get a lower premium.
- Pay annually – If you can, pay your premium in one lump sum. This is usually cheaper than spreading the payments out over the year.
- Increase your excess – The higher your excess, the lower your premium will be. But make sure you can afford to pay the excess if you need to make a claim.