Cutting insurance costs
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• Insurance cover for vehicles is a necessity and it isn't cheap. But many operators pay more than they need. Perhaps they don't realize that fierce competition exists in the insurance field and by intelligent selection the insurance cost can normally be cut.
Several insurers have recently introduced new commercial vehicle policies with wider benefits and a higher no-claim bonus scale. This often results in a reduced net premium and for the bigger lorries the reduction can be substantial. .
"I haven't the time to search around the insurance market for better terms." one operator said recently. ' I get my renewal notice and just send off a cheque each year,'" he added. This, of course, is what happens in lots of cases. Insurance arrangements might have been made years ago with a particular insurance company and provided nothing seriously goes wrong, the policy is carried on from year to year-and perhaps decade to decade.
Some insurers are good, but charge high premiums. Other insurers are equally as good, but charge less—sometimes far less. It's almost impossible for the average operator to keep abreast of all the insurance changes. Thus the logical step is to consult a reputable insurance broker who knows the market inside out. He is not tied to any one insurance company -and will select the most competitive company in your own particular circumstances. No fee will be payable, as the broker receives commission from the insurers with whom he deals.
But that's not all. The broker is available at all times for guidance on any insurance matter. Should a claim be made, the broker will give it his close attention, as some transport claims can be extremely sticky. If a lorry is damaged in an accident it may not be merely a question of dealing with the accidental damage aspect of the claim. An excess might be applicable, in which case the amount involved will have to be reclaimed from the other party if negligent. Additionally, there may be a loss-of-use claim to negotiate. It could be that a no-claim bonus is at stake and this may have to be fought for by the broker.
It's usually wise to seek out one of the larger firms of insurance brokers for transport insurance, especially where there is a decent-sized fleet of vehicles, as this is a somewhat specialist line. The bigger brokers can generally offer the expert advice of their motor department and the service given is first-class with a sound firm. Most large firms are, of course, members of one of the professional bodies for insurance brokers.
A broker would be glad to handle the remainder of your insurance business, such as employers' and public liability, personal accident and other personal insurances. In this way, the broker can ensure that all your insurances are properly catered for.