Fleet Insurance for Young Drivers
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Fleet insurance for young drivers
If you own a fleet of company cars or motorcycles you might decide to opt for an ‘any driver’ policy, which will give you much more flexibility in terms of who is covered to drive your vehicles.
Many fleet insurance companies operate on an ‘any driver over 21’ or even an ‘any driver over 25’ basis, though. Where does that leave your younger team members?
Fortunately, there are some insurance providers that will allow you to add younger drivers to your fleet insurance policy, provided you’re willing to include them as named drivers.
What’s the minimum age for a fleet insurance policy?
Different insurance providers have different rules when it comes to minimum age restrictions on their fleet policies, but typically an employee must be either 21 or 25 (depending on the insurer) to be covered on a fleet insurance policy without being listed as a named driver.
Some providers will still allow you to insure drivers under the age of 21 if you add them to your fleet policy as a named driver, but it’s worth bearing in mind that some insurers may not let you add these younger drivers at all.
Some providers will also only insure young drivers who have held a licence for at least 12 months.
How much does it cost to insure a young driver?
Fleet policies are tailored to your specific needs so it’s difficult to pinpoint the average cost of insuring a young driver.
However, it’s fair to say that premiums for young drivers are pricier compared to other age groups, so your policy is likely to cost more if you add cover for younger drivers.
That’s because police data reveals that drivers under the age of 25 are considerably more likely to be involved in a road accident than older drivers, which means insurers are taking a bigger risk by covering them.
To calculate the premium for your fleet insurance policy insurers will consider a range of different factors about your fleet, including specific facts about the younger driver that you want to add as a named driver. For instance:
- How long that driver has held a full driving licence
- Whether the driver has ever been involved in an accident or claimed on their insurance
- How often the driver is likely to be behind the wheel
- The type of vehicle you want to insure a young driver to drive.
What levels of cover are available for fleet insurance for young drivers?
- Third party only (TPO) – covers the cost of injury and damage done to other people and their property (the ‘third party’). This is the minimum level of cover required under UK law.
- Third party, fire and theft (TPFT) – includes TPO cover but also pays out if one of your vehicles is stolen by a thief or damaged by a fire.
- Comprehensive – gives you everything TPFT offers and also covers the cost of damage to your vehicles if you’re in an accident. This is sometimes the most expensive level of cover you can buy, because it’s the most comprehensive.
What other policy features should I consider?
As well as choosing the level of cover you need, you’ll have the option of adding on extra features to give you all-round protection – for example:
- Breakdown cover – roadside recovery can be invaluable if a driver breaks down on their way to a job.
- Goods in transit (GIT) – covers you for theft or damage to any goods you have in your van.
- Hire and reward – protects goods that don’t belong to you from theft or damage while you’re out and about. It’s usually an extension of GIT cover but not always included. However, it’s worth bearing in mind that some insurers are strict and won’t cover young drivers for hire and reward.
- Carriage of own goods – covers your own tools and equipment while in transit. Like hire and reward, it’s often an extension of GIT cover but not automatically included so if in doubt, ask your insurer.
- Employers’ liability – you’ll need this by law if you employ anyone. It covers costs if an employee becomes sick or is injured because of work.
- Public liability – covers legal fees and compensation if a member of the public is injured or has property damaged and blames your business. You don’t need this by law but it’s strongly recommended – all it takes is someone tripping over tools left outside your van and breaking their ankle for a claim to be made.
How can I lower the cost of fleet insurance if I have employees under the age of 25?
Fleet insurance can save you money compared to having a separate policy for each vehicle you own but adding young drivers could erode some of those cost savings.
You can of course take practical steps to help lower your premiums, including:
- Paying for your cover annually rather than monthly
- Agreeing to a higher voluntary excess
- Avoiding vehicle modifications
- Building up your no claims bonus