Tricks for Getting Cheap Van Insurance for Your Fleet

Fleet

Although van fleet insurance is essential for your company, it only makes sense that you’d want to bring down the cost of your premiums as much as possible. Insurance companies consider several factors when determining the cost of your insurance premiums. To get cheap fleet van insurance for your company, you must know what these factors are and implement them in your business so you can save money in the long run.

Be Wary of Packaged Deals

Insurance providers often come out with packaged deals with benefits and inclusions bundled into one policy. At first glance, it may look like a steal, but it’s a common trap that many businesses fall prey to. When looking at packaged deals, check every inclusion and benefit that’s been lumped into it and see if you need them.

Chances are, a lot of packaged deals don’t save you money. In most cases, it means you might be paying for something that you won’t even need. If you see a packaged deal and all inclusions are beneficial to you, then go for it! If not, you will save more money just purchasing other insurance tiers and just purchasing inclusions your need one by one.

Use Telematics in Your Company

You might be wondering, what’s the connection? Why would Telematics lower the cost of your insurance premiums? Insurance companies love fleets that implement technology for risk assessment and driver safety. If your company has Telematics, it means you have GPS, fleet tracking, asset tracking, and other technology that helps you oversee all assets in your business. This also decreases the workload of your insurance company every time you make a claim because you will always have the necessary documentation they need.

Invest in Safety Devices

Aside from Telematics, you must equip your fleet vehicles with safety devices such as cameras, alarms, seatbelts, braking systems, and a lot more. The safer your vehicles are, the lower your premiums will be. Remember your last loan or credit card application? Financial institutions will give you a lower credit limit or downright reject your application if they see you as a risk. The same applies to fleet insurance.

Refine Your Driver Safety Protocols

Vehicles are not the only things you need to keep safe. If you want lower insurance premiums, you need to overhaul your entire driver safety assessment, from hiring to training and education.

To save costs on insurance premiums, refine your hiring process. Insurance companies prefer younger drivers with a clean traffic record. Employing drivers with past offenses can increase your insurance premiums by around 10%.

Aside from hiring better drivers, you also need to prove that you conduct regular driver safety assessments and train your drivers regularly on road safety. This means evaluating your drivers regularly and re-training drivers who exhibit risky driving behaviors.

Check Your Insurance Payment Terms

Many fleet owners go for insurance policies with a low upfront fee and monthly premium payments. While this may seem like it’s easier on the pockets, you might be paying more for interest and processing fees. If you can afford it, go for insurance policies that charge higher upfront and renewal fees and those that allow you to make payments per year.

Safety is the Key to Lower Insurance Costs

As you may have already noticed, the key to a lower insurance premium is keeping your fleet safe. The more risk factors you have, the higher your premiums will be. So if you want cheaper van insurance, all you need to do is implement safety protocols for your drivers and vehicles, and you should be able to enjoy the benefits of a fully-protected fleet at a fraction of the price.

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