Fleet Management: Arranging and Scheduling Vehicle Insurance

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Updated 08/09/2023

All private and commercial vehicles, from cars to Heavy Goods Vehicles (HGVs) must have at least third-party insurance in order to be driven legally on UK roads. Vehicle insurance can be paid monthly or annually, and drivers are often reminded of renewal. As a fleet manager who operates a large number of vehicles, it can be difficult to keep on top of payments, especially if they all have different renewal dates. However, using safe and secure fleet management software can do the trick.

In this guide, we will explore how often fleet vehicles need to be insured, whether or not forklift trucks need insurance, and how you can effectively schedule insurance payments. We will also discuss whether you can insure your vehicles together, and how the AssetGo app and software can assist you.

How Often Do Fleet Vehicles Need to be Insured?

All vehicles, from cars and vans to HGVs and Public Service Vehicles (PSVs) will need to be insured annually. You can either renew with your current insurance provider or look elsewhere.

HGVs

Like cars, HGVs can be insured on a comprehensive, third-party or third-party, fire and theft basis. You can opt for named driver or fleet insurance, depending on your business and its needs.

Vans

Similarly, vans can also benefit from comprehensive, third party and third party, fire and theft insurance. They can also be included in fleet van insurance, and can be insured for the carriage of personal goods or haulage for hire and reward. Vans that can be insured include tippers, light vans and pick-up vans

PSVs

PSVs such as minibuses also need insurance, and the vehicle will also need extra insurance if it is used for “hire and reward,” with “private hire” stated on the insurance documents. It is also recommended that buses and coaches invest in public liability cover to protect them should anything happen to a passenger or member of the public.

PSV or minibus insurance payments for your fleet can be scheduled effectively using our fleet management system at AssetGo, which you can trial for free here.

A fleet of vans and trucks

Do Forklift Trucks Need Insurance?

Forklift trucks that are driven on public roads will need to be insured; forklifts that are simply operated in warehouses or other workspaces do not need insurance as a legal requirement, but public liability insurance or employers’ liability coverage will be needed if your employees are driving them. This can help protect your business should a member of the public or an employee make a claim against you.

No matter what kind of forklift trucks you operate or manage, there is forklift insurance available. You can get comprehensive or third-party insurance, but it is also advised that you acquire general liability insurance to protect you should you injure a third party.

You can insure individual forklifts or a fleet. You can also opt for equipment breakdown insurance, which covers issues not covered by a comprehensive policy. To keep the chances of mechanical failure down, drivers should carry out routine maintenance and daily checks of their forklift trucks. You can find out more about forklift daily truck checks in our advice centre.

How Can I Schedule My Commercial Vehicle Insurance?

Although most insurance companies will let you know when your insurance is due for renewal, it can be hard to monitor if you are a business owner or fleet manager. Different vehicles may have different renewal dates, and even if you have chosen fleet insurance, important dates can still be forgotten and lost.

Keeping track of your insurance payment dates on a scalable fleet management system can keep all relevant people within your business up to date with important dates and payments. As well as insurance, our app and CMS system at AssetGo can remind you when your vehicles are due for their MOT, service and preventative maintenance inspections (PMIs). Using a digital fleet management software can eliminate the need for paper, and data can be safely and securely stored in one place.

You can even upload your insurance documents onto the AssetGo platform, so everything is kept safe, reducing the chance of details getting lost.

A man checking the vehicle insurance papers

Can I Insure My Fleet Vehicles Together?

If you own or manage a fleet of vehicles, choosing a named driver insurance policy may not be the best option. Therefore, you can opt for fleet insurance coverage, which can insure all vehicles within your fleet, no matter whether you have one type of vehicle or several.

Whether you need fleet insurance or not depends on:

  • The number of vehicles you have
  • The size of your vehicles
  • The goods you transport
  • The distance your vehicles cover

If you have a large number of vehicles, then fleet insurance cover may be the better and more cost effective option for you. It follows the same policies and principals as named driver insurance, but all of your vehicles will be covered at once. The fleet insurance cost depends on a range of factors, such as your drivers, excess, and your claims history.

If you choose a fleet insurance policy, you can add renewal and payment dates to your AssetGo CMS system, where the documents can be accessed by the employees within your company. This makes them easier to find when compared to paper documents, reducing downtime and creating reminders for when payment is due.

How AssetGo Can Help

Here at AssetGo, our fleet management software can be used to efficiently schedule important dates, such as insurance policy payments, MOTs and services. PMIs can easily be carried out on our easy-to-use interface, with results submitted quickly to reduce asset downtime. Fleet vehicle data and costs can easily be tracked, presenting a clear overview of DVLA records and invoices.

To find out more, or to request a free demo, get in touch with a member of our team today.

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