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Fleet Insurance Policies: Compare Cheap Fleet Insurance Quotes Now
Whether you’re a small business, a larger enterprise or just a family of motorists, if you’re responsible for insuring a number of different vehicles, you might want to consider opting for a fleet insurance policy instead of insuring each one individually.
Not only does this type of policy have the potential to save you or your business a lot of valuable time spent on paperwork and admin, but economies of scale mean it could save you money also!
What is fleet insurance?
Fleet insurance, sometimes referred to as fleet motor insurance, is essentially for anyone who has to insure more than one vehicle. This can be for business or private reasons, such as insuring a group of cars belonging to the same family. It is more common however for people who choose fleet insurance to typically manage multiple vehicles for commercial purposes.
The number of vehicles you can have on a single fleet policy will also depend on the insurer you decide to take out a policy with, as they all set their own limits. With some insurers you’ll only need a minimum of two vehicles in your fleet in order to qualify for fleet insurance, while others will need you to have at least three or even four.
Fleet insurance providers will also usually offer an “Any Driver” option. This means you can insure your vehicles for any drivers that have the permission of the company or directors to operate. This can save on the headache of additional admin as well as less disruption to your business operations should certain drivers be unavailable.
When it comes to the maximum number of vehicles you can have under a fleet insurance policy, this is usually more flexible than the minimum number. Some insurers allow for hundreds or even thousands of cars or vans covered to be covered by a single fleet insurance policy.
Different names for fleet insurance:
Fleet insurance can be referred to in a number of different ways, you may have come across some of the following terms:
- Mini fleet insurance
- Fleet business insurance
- Family fleet insurance
- Multi vehicle insurance
- Fleet policy
- HGV fleet insurance
Although there may be multiple names for a fleet insurance policy, these will all usually be referring largely to the same type of coverage. If you are wanting to insure multiple vehicles whether they be cars, vans, bikes or trucks, a fleet insurance policy is likely the best move.
What our experts say:
“With a recession looming it’s more important than ever for logistics businesses to tighten their belts and shop around for the best deals. Fortunately that’s something we can help with – our price comparison site is designed to help these van and HGV drivers find better deals on their insurance.” – Greg Wilson, Founder of Quotezone.co.uk
What vehicles can I cover on a fleet insurance policy?
In most cases, you’ll be able to insure a diverse range of different vehicles under a standard fleet insurance policy, provided they aren’t modified in a disqualifying way. For example, cars, vans and motorbikes can all be covered under a single policy (sometimes known as a ‘multi-vehicle’ fleet policy). The obvious benefits of such a policy are that you can cover varying vehicle types from your fleet under one insurance plan for convenience.
How much does fleet insurance cost?
This is a common question on the minds of many potential policy holders and understandably so. In short the exact cost of your fleet insurance is unique to you and your business. The more vehicles you have in your fleet the more you can expect to pay, as insuring all these vehicles will naturally be a greater risk. The type of vehicles you are wishing to insure will also naturally impact the pricing of your premiums. For example a truck is a more expensive vehicle than a motorbike, so damages to a truck will cost your insurer more to cover should you be involved in an accident.
Another important influence on the price of your fleet insurance is the nature of your business operations. Some industries are considered more high risk than others and so your premiums will be adjusted to reflect this. The driving history of each driver in your fleet will also be assessed, so hiring those with clean driving records is also recommended. Remember to check all relevant documents of potential drivers as well as assessing their driving were possible so you can rest assured your employees will not risk your business making a claim. Claims on a fleet insurance policy will lead to an increase in your premiums so minimising your risk factors is paramount.
Due to these unique factors, any average fleet insurance cost can be unrepresentative of what you may pay for your fleet insurance, as the average will most likely not reflect your unique risk profile.
The best way of getting an exact cost for how much you can expect to pay on your fleet insurance policy is by comparing multiple quotes from different providers. This will give you a strong indication of the range of prices at which you will be able to secure the cover you need.
Can Quotezone.co.uk help me get cheaper fleet insurance?
At Quotezone.co.uk, we are insurance comparison experts. We help motorists find cheaper insurance by connecting them to quotes from a large panel of UK based specialist providers. This increases your chances of finding the cheapest fleet insurance policies, as you will have a greater selection of fleet insurance quotes to compare simply by filling in one quick form. By filling in a quick form with your fleet details we can offer you quotes from top UK based insurance providers so you can start comparing in moments.
Why should I choose fleet vehicle insurance?
Fleet insurance doesn’t just save you time, it can make admin less of a chore. Having all your vehicles on a single policy means you only have one insurer to deal with, one renewal date to remember and one premium to pay.
As the old saying goes ‘time is money’ and businesses are not fond of spending money wastefully. With a fleet insurance policy you can consolidate the vehicles of your fleet into one policy. This means your business admin team will not have to spend time on managing individual vehicle insurance policies for your fleet, each with their own renewal dates and premiums. If you have a large number of vehicles in your fleet it’s easy to see how this can quickly become a headache to track and you might well end up missing payments. Due to this many businesses operating fleets will opt for a fleet insurance policy due to the convenience they offer as opposed to insuring each vehicle individually.
Many might assume that fleet insurance premiums will be more expensive than insuring each fleet vehicle individually due to the convenience. Surprisingly to many however, fleet policies can ultimately end up saving you money as most insurers will offer a discount for each additional vehicle you add to the fleet insurance policy.
Bear in mind though, even if you’ve only got a small fleet it’s still worth comparing separate quotes for each vehicle, just to be sure that two or three individual insurance policies don’t work out cheaper than a single fleet insurance policy.
Who needs fleet insurance in the UK?
If you’ve got specialist vehicles in your fleet you’re likely to need a more tailored policy though. For example, if you’re a haulier you’ll need HGV fleet cover because standard fleet insurance doesn’t usually extend to HGVs.
Is car fleet insurance just for businesses?
The short answer is no. Despite being traditionally associated with businesses only, this type of insurance can be purchased by both businesses and private vehicle owners alike. As families grow and children purchase their own vehicles, having a good fleet insurance policy in place can actually prove a better option than individually insuring each vehicle.
Fleet policies are typically flexible and can be adapted to your needs. For example, families or households with two or more vehicles can buy family fleet insurance. Like other fleet insurance policies, you can mix and match cars, vans and motorbikes, and some providers may even let you add campervans and horseboxes to your fleet insurance plan – just be sure to let your insurer know what you need. Car enthusiasts with collections of classic cars, or people who own a rental car business can also benefit from a fleet insurance policy.
Another important note is if you’ve got business fleet insurance but your drivers use vehicles for private use too, then make sure your policy includes domestic use as well.
In short if you have multiple vehicles within your family or under your ownership, a fleet insurance policy may be of great benefit and many insurers will offer you discounts for extra vehicles added to your policy.
What levels of cover are available for motor fleet insurance?
You can choose from three levels of cover when you’re taking out a fleet insurance policy:
- Third party only (TPO) – This is the minimum level of cover you must have by law in the UK if you drive vehicles on public roads. It covers the cost of damage done to other vehicles, people and their property in the event of an accident but won’t pay to fix any damage to your vehicles or your property.
- Third party, fire and theft (TPFT) – This includes TPO and also covers the cost if your vehicles are damaged by fire or are stolen.
- Comprehensive – This gives you TPFT and also pays for damage done to your vehicles if they’re in an accident. Some policies will also include windscreen cover and pay to replace your belongings. This is usually the most expensive type of fleet insurance policy you can buy due to its superior coverage.
Does vehicle fleet insurance come with exclusions?
Insurance policies almost always come with some limitations and exclusions, although exactly what’s included and excluded can vary from one provider to the next. However there are some standard exclusions which exist across most insurance types covering vehicles, not just fleet insurance. These include typical wear and tear of the vehicles as they age and are continuously used, illegal use of vehicles, intentional damages and driving under the influence of drugs or alcohol. These exclusions are fairly common sense and more or less universal regardless of your type of insurance.
Some of the more specific, yet common, fleet insurance exclusions include:
- No claims discount (NCD) – Unlike individual car insurance, motorbike insurance or van insurance policies, if you insure a fleet of vehicles under a single fleet policy you usually won’t earn a no claims bonus for those vehicles.
- Theft from unattended vehicles – if a van or car in your fleet is left unattended you could find that your insurer won’t pay to replace tools, goods or belongings stolen from that vehicle.
- Theft by deception – this is a typical exclusion for many insurance policies, not just fleet insurance. It includes situations like handing over your keys to a valeter who later turns out to be a car thief.
It’s also worth bearing in mind that some insurers don’t offer a ‘third party only’ option on their fleet insurance policies. In some instances, comprehensive cover may be the standard option. This again varies depending on the insurance provider you decide to take out a policy with.
Can all my employees drive any fleet vehicle under my fleet insurance policy?
Many fleet insurance policies operate on a any authorised driver basis, this means that if a driver has the permission of the company or its directors they are insured under the policy. This can be more expensive than insuring individual drivers for certain vehicles however but can allow for greater flexibility with your business operations. Many businesses opt for a ‘any driver’ as this can help to simplify the process of managing a fleet. It eliminates the need to update your policy each time a driver changes or a new driver is added to the fleet. This naturally reduces the admin time your business will spend trying to organise your fleet insurance policy.
What type of add-ons can I include with my fleet insurance policy?
You’ll be able to add on other types of insurance coverage to your policy to give your fleet the extra protection it needs, for example common add-ons include:
- Breakdown cover – Not typically included as standard on fleet policies but can prove invaluable if one of your drivers needs roadside assistance.
- Goods in transit insurance (GIT) – This covers any goods you’re transporting that meet your insurers criteria.
- Carriage of own goods – This Insures tools or equipment you own while in transit. This sometimes falls under GIT insurance but isn’t always automatically included. If you need it, it’s vital to check that it’s part of your GIT policy before making a purchase.
- Hire and reward – If you transport other people for money then you’ll need this type of insurance.
- Employers’ liability – In the UK, you’ll need this by law if you have any employees. It pays the costs if a member of staff becomes ill or is injured because of work. If you employ staff without this type of insurance you could be fined £2,500 for every day you go without it. Employers liability insurance is usually set up when you start operating your business, however if your fleet is new you can have this added to your policy.
- Public liability – This pays legal fees and compensation if a member of the public has an accident or has their property damaged and blames your business.
- Personal effects cover – This covers any personal possessions that are stolen or damaged from your vehicle.
- Legal expenses cover – This pays legal fees if you need to go to court.
- Replacement locks – In case vehicle keys are lost or stolen, this will cover the cost of installing replacement locks.
- Trailer cover – This covers you to tow trailers depending on what you have (like a horse box, boat trailer or a flatbed).
What should I think about when I compare fleet insurance?
The policy you choose for your fleet should tick all the boxes when it comes to essentials (for instance employers’ liability or goods in transit).
You’ll need to weigh up cost vs convenience too. For instance, ‘any driver, any vehicle’ means any employee (assuming they meet the conditions in your policy, of course) can drive any vehicle you have covered by your fleet policy. These policies give you a lot of flexibility by helping avoid juggling cars and drivers, but they’re also likely to be much pricier.
You can also find policies that let you add or remove vehicles as and when you need to, which can prove invaluable if you’re a growing business.
How can I find cheap fleet insurance?
Finding cheap fleet insurance is a major concern for small businesses, and needless to say the cost of your policy is only likely to rise as your fleet grows.
Still, there are a few things small businesses (or large businesses, for that matter) can do to cut the cost of their fleet insurance. For instance:
- Insuring named drivers rather than opting for an ‘any driver’ policy – ‘Any driver’ fleet insurance policies offer a lot more flexibility, but they’re also riskier from an insurer’s point of view which means the premium will be higher.
- Only insuring drivers that are over the age of 25 – Younger drivers on a fleet insurance policy will almost certainly push the premium up. This is due to younger drivers being viewed as a greater risk as a result of less driving experience. Data from Brake, the road safety charity, has revealed that drivers under the age of 20 are 33% more likely to be killed in a car accident than someone in their 40s or 50s.
- Paying for your fleet insurance annually rather than monthly – Monthly payment plans tend to incur interest and admin fees, which means you’ll pay more for your fleet insurance if you opt to pay month
- Employ experienced drivers that have a clean driving history – Insurers can raise premiums if they believe the employees operating your insured fleet vehicles are higher risk. This will be reflected in previous driving convictions and penalty points.
- Avoid modifications – Quotezone.co.uk has found that modifying your fleet vehicles can push up your premiums considerably.
- Avoid branding – Branding on your fleet vehicles can be classed as a modification by some insurers and may even void your insurance if not properly declared. Data from Quotezone.co.uk has revealed that vehicles with additional signage and branding can change a vehicles risk profile in the eyes of insurers. To find out more follow our article on how branding could void insurance.
- Don’t let your policy auto-renew – Although it may be convenient, our data shows there is virtually no additional benefit to letting your fleet insurance simply auto-renew. Even though a new law passed in January 2022 forces insurers to offer all eligible customers the same deals, we found that your chances of finding cheaper policies almost always increase when comparing multiple providers.
- Keep your vehicles in a secure location – This may seem obvious, but the more secure your fleet is when not in use the cheaper your premiums will be. Having the vehicles of your fleet behind closed fencing or even better with enclosed hangar installations can dramatically reduce instances of theft and break in.
This list is not exhaustive and lenders will naturally vary in price, however the factors which constitute risk are largely universal and so reducing these factors as much as possible is always advisable.
Written by Lee Evans