Facing the challenge of rising premiums
Have your fleet insurance premiums risen this financial year? If they have, you’re not alone. Our recent research found that almost half of fleet-operating businesses have had to pay increased premiums. They weren’t necessarily small rises either. While the majority had price increases below 20%, some faced price hikes of 30% or more.
These are not the only cost increases that companies told us about. Almost half were spending more on fuel and nearly half had higher expenses for repairs, maintenance and tyres.
One encouraging sign was that three-quarters of companies had planned for these extra operating costs. But for those who hadn’t, it led to budget overspend (37%), cost cutting elsewhere in the business (28%) or postponed vehicle replacements (25%).
Commenting on the survey findings, Suzanne Philips, our Head of Specialist Sales says, “Fleet managers are already under pressure to decarbonise vehicles and adapt to fast-changing emissions rules and tax regulations. Rising operating costs risk disrupting important initiatives such as vehicle procurement at a time when sustainability is high on the agenda and workshop capacity is stretched.”
One way that fleet managers can help address these challenges is to take steps to reduce their outgoings. Suzanne explains, “Being proactive in driver safety training and risk management can highlight any issues before an accident happens and keep employees on the road. Prevention is always better than cure.”
There are a range of way Ayvens can help you manage fleet risk more effectively. Three of the most popular are:
- Driver safety training - Equip your drivers with the skills they to stay safe in all road conditions.
- Telematics solutions - Provide real-time data to help you manage business-critical operations – improving safety, enhancing cost-efficiency, optimising vehicle location and driving down costs.
- Fleet Risk Assessment - Tools such as our risk assessment tool can analyse your organisation's current fleet risk exposure and then help you identify solutions for active prevention measures that reduce road risk and improve driver safety.
To learn more about how we can help you and your fleet, take a look here Risk Management | Ayvens United Kingdom - formerly LeasePlan or get in touch with your Ayvens Account Manager who will be happy to help.
