We received an enquiry from a consultant based in Plymouth looking to start up his own practice and needed to insure a “pool car”, or in other words, a business car for anybody/employees over a certain age to drive. As his company would be a new venture, he had no No Claims Bonus to use on this new car, so would need to start from scratch.
We advised that premiums for individual company car policies are on the dramatic rise especially those without any insurance discount applicable (NCB for example), but made the recommendation to the client to entertain the idea of a Mini Fleet policy. The reason being, that, as individual policies are on the up, we do have access to market leading rates for Mini Fleet insurance products that starts from 3 vehicles and above which are at times, incomprehensibly cheap – not only that, but all policies allow drivers either over 21, 25 or 30 (depending on your needs) to drive the applicable vehicles.
The client had his own vehicle which had 3 years no claims bonus, but did not have a 3rd car, so we tendered on the basis of the two cars we had along with a third:
1st Vehicle – BMW 335 DM Sport 2007 – 3 years No Claims Bonus
2nd Vehicle – BMW 530 D SE 2006 – 0 years No Claims Bonus
3rd Vehicle – Smart For Two Passion 2006 – 0 years No Claims Bonus
The 1st vehicle is the client’s own personal car, the 2nd vehicle the “pool car” he is looking to acquire, and the 3rd vehicle our recommendation for the sake of the quotation.
The annual premium for those three vehicles, comprehensive for any driver over 25 to drive, all vehicles registered to the company was £1777.23 – bearing in mind that two of those vehicles have no insurance discount/experience – you would struggle to find a quotation for the 2nd vehicle alone subject to above details for as good as the above price. At under £593 per vehicle, it’s outstanding value.
It supplied food for thought to the client who could look at the possibility of acquiring a 3rd vehicle, and come back to us with various possibilities.
So if you’re looking for the possibility of purchasing a mini fleet insurance policy, but only have 2 vehicles, what some of our clients have chosen to do, is purchase a cheap relatively old car, sign write it with the company’s branding, and park it in various locations as a form of advertising in order to utilise the low cost mini fleet insurance premiums that we have access to!
Remember, if you run a business, whether it be white collar, professional or tradesmen, you can obtain a mini fleet insurance policy for your company to reduce insurance premiums. Not only that but you also have the additional benefit of having an “open driver” facility on your vehicles.
To obtain a quotation for a mini fleet insurance policy, contact our mini fleet team today.
