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Fleet insurance

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What is fleet insurance?

Motor fleet insurance provides cover for all your business vehicles, saving you the stress and hassle of arranging cover for each vehicle individually. The vehicles can be registered in the company name, or the name of a partner or director of the company, allowing one policy to cover your whole business.

This saves you trying to keep track of a lot of individual insurance policies and could also mean you pay less overall for your fleet's car or van insurance policies.

How many vehicles count as a fleet?

A fleet of vehicles can start at just two and go up into the thousands.

The number of vehicles that can be included in a commercial fleet insurance policy will vary between providers, with most setting out minimum and maximum numbers.

For very small or very large fleets you may need specialist motor fleet insurance.

What vehicles are covered by fleet insurance?

Motor fleet insurance can cover a range of vehicles, including cars, vans, HGVs and plant vehicles. Your policy can cover a combination of vehicle types, but if it covers ‘any vehicle’, it’s worth checking the specifics. Occasionally, an insurer will exclude some vehicles from the policy, such as motorbikes, forklift trucks and excavators. 

Different types of businesses can also be covered, including haulage, private hire, courier and more.

What does fleet insurance cover?

Fully comprehensive fleet insurance provides cover for your vehicles and their drivers if a vehicle is stolen or involved in an accident. It will also cover the cost of damage to other cars when one of your vehicles is involved in an accident and your driver was at fault.

You can also buy cheaper fleet insurance on a third-party basis but you will only be covered for damage to other vehicles. Third-party fire and theft will go one step further and pay out if one of your vehicles is stolen or damaged as a result of fire.

You may also be able to include the following:

  • Employer liability cover
  • Trailer cover
  • Public liability
  • Courtesy car extension
  • Goods in transit cover
  • Tools cover
  • Breakdown

Visit our specialist partner Quote Me Today for a fleet insurance quote

Should I choose an ‘any driver’ or ‘named driver’ policy?

With an ‘any driver’ policy, any driver can drive any vehicle.

With a ‘named driver’ policy, each vehicle will have an assigned driver.

Any driver policies are more flexible and work best if your business requires your employees to be driving multiple vehicles. However, they are usually more expensive.

If your business is smaller or your drivers tend to drive the same vehicle, typically a named driver policy will be more cost-effective.

What are the pros & cons of fleet insurance?

Pros:

It’s easier to arrange insurance on multiple vehicles as there’s only one renewal date so you’ll save time on admin.

Insuring multiple vehicles is usually cheaper than insuring them individually.

You can insure all drivers on every vehicle with an ‘any driver’ policy. This means that drivers will have access to all vehicles, which saves them waiting around for a certain vehicle to be free.

You can add more vehicles as your business grows.

Cons:

One accident could affect the premiums of all vehicles on the policy, so if you do have a particularly accident-prone driver, you could put them on a separate policy.

If you don’t update your policy and you need to make a claim, it could be invalid as especially in larger fleets, vehicles can come and go regularly so be sure to stay on top of your details.

Cost savings will be less significant for smaller fleets.

Younger drivers can push up your costs so it could make sense to insure them separately.

There may be restrictions on how you use your vehicles, for example personal use may not be covered.

How much does fleet insurance cost?

Several factors will affect the premium you pay for motor fleet insurance. These include the number of vehicles, the type of vehicles you own and how they are used as well as the claims history of your fleet and your drivers. The age of your drivers is also important - usually younger drivers cost more.

Fleet insurance should work out cheaper than individual insurance, however the cost savings will be greatest on larger fleets.

How to get cheaper fleet insurance

When it comes to cutting the cost of fleet insurance, it’s all about reducing risk. You could do so by:

  • Using electric or hybrid vehicles
  • Employing drivers with clean records aged of 25 and over
  • Sending your drivers on a training course
  • Carrying out regular maintenance
  • Making drivers responsible for paying their own excess
  • Adding additional security

Electric or hybrid vehicles may reduce policy prices. The engines on these vehicles generally have less power than regular vehicles, so they’re considered safer by insurers. Their CO2 emissions are lower too.

Employ drivers with clean records that are over the age of 25 as premiums are lower. Having a younger driver is sometimes unavoidable but by limiting their mileage, and only allowing them to drive in the daytime or accompanied could help to reduce costs.

Sending your drivers on a training course will make them aware of hazards and will iron out any potentially unsafe habits. These courses can help improve aspects of driving like fuel efficiency, driving in bad weather conditions and hazard perception.

Regular maintenance is important for any vehicle. Encouraging daily checks on tyre pressures, oil, brake pads and keeping a regular service record will keep your vehicles in good condition.

Making drivers responsible for paying their own excess as this would hopefully encourage safe driving.

Providing security options for your vehicles overnight, like a CCTV monitored car park or locked garages, could decrease your insurance costs. Immobilizers inside the vehicle will also help, even if the initial cost is expensive.

Technology in the vehicle could be beneficial to reducing your premiums. A black box can assess each individual driver to see how safely they drive and adjust their premiums accordingly.

Dashboard cameras or dashcams are also a useful tool as they record everything that happens on the road. These can be fitted in the front and back of the vehicle and are great for providing evidence if there is an accident.

What our van insurance expert says

If you’ve got a variety of vehicles in your fleet, it’s worth checking that your insurer is offering you an “any vehicle” fleet insurance policy. This will mean your whole fleet is covered if you need to make claim.
Head of van insurance signature

Daniel McCulloch

Head of van insurance

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