Few fleet managers are likely to be unaware of the need for cost containment.
Some though might not quite appreciate just how much scope they might have for saving money on their haulage insurance premiums by taking a few basic steps.
Some of those options are noted below.
Haulage insurance might offer “any driver” cover if required (providing all drivers have appropriate licences and meet specified terms and conditions). For some individual fleet managers, that might be convenient.
However, it might also be more cost-effective to opt for “named drivers” type cover.
That’s because some policies might be more cost-attractive if the provider knows that they’ve had some sight in advance of the ages and experience levels of the drivers being covered.
Note that your premium might increase if you have drivers covered who have more severe motoring convictions on their records. Some policies might also require higher premiums if a driver is under 25 years of age or has limited experience.
Similarly to the above, some policies might offer unlimited mileage cover.
If your business typically involves relatively modest annual mileages, you may be able to secure a lower premium by selecting a capped mileage option.
Take advantage of discounts
Insurance providers are typically keen to offer incentives for responsible behaviours.
Some might offer discounts for things such as:
- the use of telematics to provide behavioural data (as discussed in a report in the Daily Telegraph published 22nd August 2017);
- using enhanced security measures to protect your vehicles from theft and vandalism.
Protect your no-claims discount
In some situations, the amount of your “no-claims” discount is perhaps likely to become a very significant sum in the overall scheme of your premium.
Avoid putting that at risk. Rather than making small claims for modest sums of money, it might be more cost-effective to pay those from your own finances.
Discuss your excess
The excess on your policy is the amount your policy provider will require you to pay towards the cost of any future settled claims. This is sometimes described as the “first part” of a claim.
Typically a stated excess will be mandatory on haulage or car transporter insurance. If your insurer permits it though, it may be possible to increase that excess sum and in return see a reduction in your premium.
Secure your vehicles when not in use
Typically, insurance providers consider vehicles parked on the public road overnight as being at a greater risk than those parked in secure compounds.
If you’re able to find secure and patrolled overnight parking or garaging, you may be able to ask for a discount on your haulage insurance.
Avoid hazardous goods
While it is typically possible to arrange haulage insurance for hazardous cargos, it will typically add to the cost of your cover.
If hauling hazardous cargos is part of your business mainstream, such cover might be essential. However, if such cargos are a relatively rare event for your fleet, you might be able to reduce your premiums by not offering such a service.
A specialist provider of haulage insurance should be able to give you further advice on the above points and possibly also identify other opportunities for cost savings.