January 29, 2023

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Almost a 3rd of fleet working companies spend over half of their whole insurance coverage funds on autos, research finds

 

New analysis from automobile leasing consultants LeasePlan UK has revealed that nearly a 3rd (29%) of companies with greater than 50 firm autos spend over 50% of their insurance coverage funds on fleet insurance coverage.

Regardless of fleets consuming up such a big proportion of the common business insurance coverage funds, solely a 3rd (32%) of insurance coverage determination makers assume they’re well-equipped sufficient, and know sufficient in regards to the fleet and drivers, to get probably the most out of their fleet insurance coverage.

The research of 250 business insurance coverage determination makers additionally revealed that lower than half (42%) carefully seek the advice of fleet managers earlier than making the acquisition.

Steven Kirwan, Director of Operations at LeasePlan Insurance coverage, stated: “Fleet insurance coverage comes at an enormous price to companies, so getting it incorrect could possibly be extremely pricey too. Due to this, it’s very important to have the proper determination makers concerned. Within the case of fleet insurance coverage, fleet managers ought to be your go-to – they’re the folks almost certainly to have a transparent and detailed understanding of fleet operations and know precisely which parts of an insurance coverage coverage may benefit their drivers, and the enterprise, most.”

The survey additionally revealed that just one in ten (10%) insurance coverage determination makers go to a specialist fleet insurer, whereas half (49%) use the identical insurance coverage dealer as for all different sorts of insurance coverage.

Kirwan continues: “Fleets are more and more changing into a board-level agenda merchandise, with the 2030 ban of the sale of recent historically fuelled autos quick approaching and growing strain for organisations to make progress in the direction of their ESG targets. Any determination referring to fleets – from funds and emissions to insurance coverage and security ought to be taken significantly. To make the processes much more environment friendly, determination makers also needs to work with specialists, together with a specialist fleet insurer, who actually understands their operational wants and enterprise targets.”

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