Case Study - check your fleet renewal dates
Posted on 14th December 2020 at 17:19
Brokers who don't give business owners time to shop around when renewing their fleet insurance policy.
This means they have to renew their existing policy, without being able to check alternative quotes elsewhere.
Depending on the number of vehicles, it is usually cost effective to take out a Fleet Insurance policy, rather than insuring individually. But this can still be quite a costly exercise, especially with a large fleet on the road. There is always potential for a better quote, improving the price and conditions of the policy, but the sticky issue is that in order to provide a quote, insurers require some vital information.
Recently, we received a new enquiry on a Friday afternoon (just a couple of hours before the end of the working day for our insurance providers), they requested a quote for their motor fleet insurance which was due for renewal two days later, on the Sunday!
The frustrated business owner had only received the renewal invitation just after lunch that Friday and called us for an alternative quote, not realising we had no time to shop around for alternatives - this was completely beyond our control.
The current broker had also failed to provide their client with the most recent Confirmed Claims Experience (CCE), of which a minimum of three years is generally required. This works in a similar way to a No Claims Discount certificate, which shows the claims activity on the policy and the cost to the current insurance provider.
Unfortunately, the business owner was unable to obtain any alternative quotes from either HI Commercial or any another broker, as they all require the CCE in order to provide guaranteed quotes. Left with no alternative, this business had to renew the policy without further quotes, which could have been more competitive and/or comprehensive.
Having come across this situation previously, we wanted to remind you to request proof of fleet claims experience from your current broker/insurer, in good time ahead of your renewal date. Always make a note of the renewal date for fleet insurance to allow time to search for alternative quotes from other sources if you require them.
Also be mindful of approaching more than 2/3 brokers for quotes. If the insurers see the presentation from a number of brokers, they will not provide a quote and may even withdraw quotes previously offered.
The good news is that as a client of HI Commercial, you won’t need to remember your renewal date as we are proactive, sending the renewal terms well in advance, so that you can compare the costs and conditions of the policy to make an informed decision.
Purchasing insurance for your motor fleet is usually much easier and more cost effective than taking out separate policies for each individual vehicle. Covers include; vans, cars, minibuses, coaches, special vehicles, motorbikes or any other type of vehicle used within your commercial organisation.
For further information on our motor fleet policies, please visit HERE, or call us on 01482 247 477 or email [email protected].
If you are not sure about your commercial insurance policies, please call HI Commercial on 01482 247 477 for peace of mind that you will be protected at all costs. At your service, at your side – commercial insurance with a personal touch.
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