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Q I have been advised to seek fresh insurance cover for
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my fleet of some 120 vehicles on the grounds that my present cover is too expensive.
A study of Commercial Motor figures leads me to suppose that my coverage could go higher if my accident history were to deteriorate.
The vehicles in my fleet are in the 7 to 16 tons gvw range and all have been purchased within the past eight years, in fact it is policy to change at eight-year intervals. Present insurance coverage is fully comprehensive with a £10 excess. A study of my costs over the past three years reveals an average pence per mile rate of three farthings, and it is costing less now than three years ago. On the basis of this information would you advise seeking fresh coverage?
AIf your insurance costs are lower today
than they were three years ago, you are very fortunate. You could, no doubt, save a little money by raising the £10 excess to £20 or £25, but the money saving effected could be nullified by higher cost of accident repairs. Of course, if your drivers are exceptionally fortunate for a year or two you would save money.
We don't know if your fleet insurance is arranged through a good firm of brokers. It is possible to get good advice on competitive premium costs from brokers, and we do know that insurance companies and brokers object strongly to frequent changes of company in the desire to obtain what might be termed cut-rate cover.
We suggest you should tell a sound firm of brokers what you are now paying and ask them if they think it is reasonable for the cover provided. If they can offer you a much lower quotation for equal conditions (including claims servicing) with a reputable insurer you could suggest to your present insurance company that you may change—unless some reduction in premiums is possible.
But having regard to your lower premiums today than three years ago. we would guess that your insurers are alive to the competitive situation.