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How to review and optimise your fleet insurance in 2021

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If vehicles and transport play an important part in your business, then looking at your Fleet Insurance and getting it reviewed could be a good move.

Motor Fleet Insurance, often just called Fleet Insurance, provides a combined insurance policy that gives coverage for all your business’ commercial motor vehicles. Fleet insurance enables you to insure them collectively, rather than having to insure each vehicle individually.

Tips to review and optimise your fleet insurance for 2021

Do you still need all your fleet of commercial vehicles?

Has the volume of your business changed due to the economic challenges of 2020? Are you using your vehicles as often as before or could there be an opportunity to reduce the size of your commercial fleet?

Do you store your fleet at one location?

Storing vehicles at one location may provide some cost savings to your business. However, storing vehicles at one location may bring increased insurance risks. For example, if all the fleet are stored together and a hail storm or fire passes through the location, then all vehicles may be damaged as a result.

Have you assessed the market value of your fleet?

With economic challenges, there may be an increase in the number of second-hand commercial vehicles coming onto the market in the next few years. You may want to investigate how the market value of your commercial vehicles has changed.

Consider Laid Up Cover for your fleet?

If you are to put your fleet into longer-term storage or reduce usage, then explore how laid up cover may be able to give you fleet insurance whilst your fleet is laid up.

Evaluate the downtime cost when your Fleet is off the road?

When one of your fleets is off the road, there can be a significant impact and cost on your business operations. Consider the value that each vehicle in your fleet can bring to your business.

Fleet insurance provides coverage for your commercial motor vehicles. Insurance Brokers can assist with a review of your fleet and commercial motor insurance to ensure your business is covered and your fleet can support and enable your business operations.

Fleet Insurance

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Channelle Ricketts, Urban Insurance, AFSL 233750