Steering Through the Surge: Navigating Rising Fleet Insurance Costs in 2024

February 14, 2024
Rising Fleet Insurance Costs

Let’s chat about the bumpy ride in fleet insurance – costs are zooming up, and it seems our social feeds are full of drivers and fleet operators in shock at their huge new renewal prices!

The impact of an increase in premium for a fleet operator can be extremely significant and it is a constant battle to keep premiums down.

There are many factors as to why insurance renewals increase and many are personal to the policyholder but thanks to tech-packed cars, (features like autonomous driving aids, sophisticated safety systems, and electric vehicle components, increasing the complexity of repairs and also the cost) and some unexpected geopolitical tensions creating disrupted supply chains, it means the economics have to, unfortunately, filter through somewhere.

But don’t stress, there’s a roadmap to smoother costs ahead.

  1. Keep Costs in Check: Think about increasing your excess a little or even self-insuring. Showing off a solid risk management plan can also charm those insurers into better deals.
  2. Accident Management is Key: Quick and smart handling of accidents can keep those extra costs like legal fees and credit hire at bay. Beef up your accident handling!
  3. Driver Led Saving: Offer targeted training based on driver behaviour and past incidents to reduce risk and potential claims. Investing in your driver’s skills and keeping an eagle eye with telematics means fewer bumps and scrapes.
  4. Check That Oil: Regularly checking the basics and giving your vehicles the TLC they need means fewer surprises on the road leading to potential incidents.
  5. Speed Up Your Reporting: By slashing the reporting time and sharpening data capture, contributes to swifter resolutions.

Navigating these insurance hikes is all about being proactive and strategic. With the right approach, and proactive data handling you can keep your fleet running smoothly and safely, with hopefully a little less of the financial speed bumps.

Sharpen your incident reporting and management. Get in touch with our team and we can show you how!

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I want to be in the know!

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