Insurance Management

How to go about the insurance renewal process

Fleet vehicle insurance renewal can have a significant impact on a business’s costs and, therefore, should be a major focus for fleet managers. In order to make sure that you’re getting the best possible deal, the following guide will walk you through the steps required to keep coverage high and costs low:

Looking at your options

The renewal process begins with examining your options. Many fleet managers make the mistake of assuming that they’ll always get the best deal from their existing provider and, while loyalty should equal rewards, this isn’t always the most cost-effective option. Knowledge is power and knowing exactly what is available to you will help you to make the most informed decision when it comes to renewal.   Insurance companies that offer the option of in-policy changes such as Rideshur should also be a priority. Similarly, insurance providers which reward loyalty should be top of your list.

In order to make sure that you’#re getting the very best price, pay close attention to details such as fleet information and claims information as this vital info goes into the mix when your quote is being prepared.

Time is money

Before you do anything else, you should always remain aware of your renewal date - and start the process well before this date. Leaving renewal until the date is almost upon you will mean that you may not have the necessary time to negotiate a good deal.

Securing your fleet and storage options

It may seem like stating the obvious but, making sure that your fleet is as safe and secure as possible will have a very real and positive impact on renewal costs.  As such, fleet managers need to ensure that vehicles are kept in a super-secure environment - particularly if the fleet is in a high-crime area.  Additionally, the use of security technology such as alarms and mobilisers for each vehicle is a great idea.  Insurers pay close attention to security details when preparing final quotes so this is vital for the forward-thinking fleet manager.

Vehicle tracking

Vehicle tracking software is an essential piece of kit for fleet vehicles. These clever tools use GPS technology to track the location of vehicles in real-time. Not only does this help should a vehicle be stolen, but it can also help to minimise fuel wastage and provide greater visibility and insight into your fleet.

Risk assessment

Any endeavour which involves keeping vehicles and drivers on the road involves a certain level of risk and, while this is normal, keeping this to a minimum is essential for keeping renewal costs down. Fleet risk managers should be conducting regular risk assessments for drivers and vehicles to identify any areas for improvement.  Once you have these assessments, you can contact your insurer to ask for an evaluation of your claims record and advice on making improvements. Fleet risk assessment is all about finding out where potential problems lie and fixing them - including driver issues.

Consider increasing your excess

The reward for running your fleet efficiently will often be a reduction in claims. When good management means that you’re making very infrequent claims then it may be worth speaking to your insurer about the possibility of paying a higher excess to lower your overall premiums. While this may not be a solution for every business, it can help to balance the books.  

Smart driver management

A fleet is only ever as good as its drivers and, therefore, smart management of your crew is essential. As a general rule of thumb, hiring experienced drivers over the age of 25 will help to drive up your safety standards and drive down insurance costs.  If you do need to hire younger drivers, you need to make sure that comprehensive, ongoing training is provided as well as ensuring that these drivers are not given the most expensive risk-rich vehicles in the fleet to drive. Fleet managers should constantly be monitoring and reviewing each driver and offering re-training where necessary to make sure that driving standards are consistent and excellent.


The simple fact is that insurance companies reward safe driving and outstanding fleet security.  By performing regular risk assessments, offering ongoing training and making sure that vehicles are maintained and stored securely can help you to keep premiums - and risks - to a minimum.

Verified writer