Young entrepreneurs need to get about and having the use of a company vehicle can be imperative to the success of any new business. One big expenditure young business owner tend to have is the insurance of their company vehicles.
We specialise in the arrangement of insurances for small, medium and large businesses, from 2 vehicle fleets to 200 vehicle fleets. It’s not cheap by any stretch of the imagination, but it doesn’t have to be extortionate – here are a few tips when looking to get a quotation from us.
If you’re looking to set up a fleet, whether it be a family business with your younger son, daughter, nephew, niece etc. or a you’re a young company director, what you need to be aware of is.
Prices for younger drivers are more competitive from 3 vehicles and above:
The majority of insurers who quote on 2 vehicle fleets only permit drivers over 25 to drive under the policy and any driver under 25 has to be named.
Even still, as uncomprehendable as it sounds, you could end up paying more on insuring two vehicles, than you would for insuring 3. Many insurers start their fleet policy’s from 3 vehicles and over, and tend to be more competitive than those insurers who start from 2 vehicles. The solution we tend to offer, is quoting on a cheaper 3rd vehicle than could be company branded and used as a run around or purely for advertising to ensure you obtain the cheapest terms.
Three options: Any Driver over 30, Any Driver over 25 and Any Driver over 21:
If you’re starting up a fleet, and are looking for cover for any Driver over 21, don’t assume that insurers will allow young drivers on high spec vehicles, although they tend to be very flexible on most vehicles, the high spec vehicles will tend to have endorsements for drivers over 25 only applicable to drive. This can be overcome in the second year, assuming the fleet runs well with minimal claims!
No Claims Bonus
Having built up any no claims bonus is going to help reduce the premium of your fleet insurance. No Claims bonus has to be built up in the name of the proposer, not in any other person’s name. If you’re insuring in a Ltd company name, then No Claims bonus can be earned in any registered director’s name.
No Drivers under 21
In most cases it is not possible to insure drivers under 21 in the first year of setting up your fleet insurance – we can accommodate them, but in most cases prices tend not to be financially viable, once you complete a full years cycle of fleet insurance, then restrictions can be a lot more flexible.
So if you’re looking to insure your young business under a fleet insurance, give our fleet team a call today.
