Finance

2022 Tips For Keeping Your Private Hire Fleet Insurance Costs Down

If you’re looking to get hold of private hire fleet insurance, you might be feeling like it costs too much already and that you can’t afford to pay anymore. However, this isn’t necessarily the case, as there are things you can do to keep your insurance policy affordable while making sure that your company is properly covered in the event of an accident or theft.

The rule with private hire fleet insurance is that your costs will go up each year. However, there are steps you can take to ensure you’re not losing money. With a few simple techniques and procedures in place, you can drastically reduce your insurance costs.

It All Starts With A Budget

It is vitally important to keep your business within budget. This means you can insure your fleet without any huge surprises at renewal time.

If you end up spending a significant amount more than what you budgeted, then make sure that money gets re-allocated to cover unforeseen problems with your car or vans. That’s easier said than done.

Of course, but do your best to stay on top of things throughout any given year. Always ask your broker if there are any changes from year to year, as it may be necessary for you to put some money aside for future business purposes. The last thing you want is for something major, such as one of your vehicles being stolen or written off by an uninsured driver, which could leave you with no choice but to replace it.

Regular Fleet Servicing Checks, Every Time

Proper maintenance is vital to a car’s safety. It’s no different with your fleet. Regular servicing checks mean that any potential issues can be identified and solved before escalating into something costly and harmful to your company.

By keeping up to date with routine vehicle maintenance, you’ll not only keep those in your fleet safe but will also help reduce insurance premiums in later years. Before taking on more cars or drivers in 2022, you might want to consider reviewing the level of service and maintenance carried out over the last five years.

Discuss whether there have been any significant claims within that time with your insurer. If so, it may be time for an increase in frequency or quality of servicing checks along with improved driver training if necessary.

Take Advantage Of Technological Advances

Technology has made many things more efficient when it comes to driving. GPS and car navigation systems have made our lives easier on road trips, but they’ve also allowed us to improve how we operate our fleets.

In particular, telematics systems—which provide real-time data about driving habits—can give you more information than ever before about how your drivers are using their vehicles and how they might be able to cut costs in areas like fuel consumption. Any new technology has a learning curve, so that it can be daunting at first, but if you have time to devote towards optimizing your fleet and making your business run more efficiently, then it’s worth exploring.

Companies like Rideshur have different package deals at favorable premiums. These deals feature innovative technology that will save you a buck in 2022.

Consider Limiting Your Cover To Part Of The Year

The insurance premium for your private hire vehicle is likely to rise with every additional mile you cover. So, consider limiting your drive to a certain area or time of year, if possible. If you’re only planning on operating in cities during summer months when people are traveling more for holidays, for example, then make sure you tell your insurer that.

If not, your costs could go up dramatically in winter as well as with increased distance driven on any given journey. You might be able to save yourself a considerable amount on both comprehensive and third-party insurance by targeting shorter periods of operation. So remember, it is cheaper to cover part of a year than it is an entire 12 months.

Consider A Flat-Rate Policy

The standard insurance model is also one of the most expensive. It works like a restaurant meal; you order a la carte and pay for every item separately. Instead, look into package insurance options that combine several vehicle types under one policy.

A package policy can save you up to 40 percent on your annual premium. To ensure you have protection when it matters most, look for an all-risk or comprehensive policy rather than an umbrella policy.

This will cover expenses if your business is sued for any reason other than fault-based liability, such as car accidents. These typically carry personal responsibility requirements that can cause coverage gaps in case of lawsuits by passengers or other drivers involved in an accident.

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