Two-Fifths of UK Businesses See Fleet Insurance Costs Rise

With the economic climate in its current state, the past few years have been very difficult for businesses. Sadly, December has also seen the announcement that 2014 doesn’t appear to be getting better for businesses, with two-fifths reporting that they have seen a hike in their fleet insurance costs.

TomTom’s Research Suggests Businesses Could Be To Blame

Research conducted by TomTom Business Solutions has revealed that two-fifths of British businesses are suffering from rising car insurance premiums, and many are suffering as a result. Despite the negative impact on businesses, however, the research also suggests that part of the increase is to blame on businesses themselves, with 71% admitting that they do not provide any form of regular training for their drivers.

In line with this, only 36% said that they fully monitor the performance of their drivers in order to assess and reduce risk, while only 22% use the technology available to monitor driver performance. With statistics like this, it appears unsurprising that the price of fleet insurance has risen dramatically over the past 12 months. So, with this in mind, how can you lower your fleet costs?

How Can You Lower Your Costs?

According to the above statistics, it appears as though education and monitoring driver performance could be the key to lowering your costs. You must always remember that any car or van owned by your business is an asset and is not an employee benefit or perk. As your asset, you should utilise them accordingly and protect them in the same way that you would protect stock and data. By making your vehicles more secure, you’re reducing the risk and lowering costs.

In addition, driver awareness, driver safety and driver education are vital and it is incredibly important that they understand the importance of safety. Even if you have a driver health and safety course on the induction of your drivers, you should ideally undergo quarterly refresher courses. It is amazing how easily people get into bad habits while they are driving, and stopping these could be incredibly important in reducing your insurance.

Once these are in effect, be sure to scour the market for the best deal. With companies such as Breakdown Direct allowing you to compare policies and get quotes online, the process of switching your insurance to get the best deal couldn’t be simpler.