Fleet Insurance - always check your renewal dates
Posted on 23rd October 2019 at 13:00
We have received a number of enquiries from concerned business owners, who’ve been given less than a couple of hours to decide on renewing their fleet insurance policy. Resulting in them having to renew their existing policy, without checking alternative quotes from 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. The sticky issue is that in order to provide a quote, insurers require some vital information.
There is always potential for a better quote, improving the price and conditions of the policy. However when a potential new client called us one 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). 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 and left no alternative, 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 at least 21 days before 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 don’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, call us on 01482 247 477 or email [email protected]
Share this post: