{"id":135941,"date":"2024-01-05T14:51:25","date_gmt":"2024-01-05T14:51:25","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=135941"},"modified":"2024-01-05T14:51:25","modified_gmt":"2024-01-05T14:51:25","slug":"fleet-insurance-policy-excess-levels","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/fleet-insurance-policy-excess-levels\/135941\/","title":{"rendered":"Fleet insurance: policy excess levels are on the rise"},"content":{"rendered":"

The construction sector is witnessing a surge in policy excesses within the fleet insurance market, with basic excess levels moving higher, often exceeding \u00a3500. In this article, Tysers<\/a> explores how to get the best value and reduce premium costs<\/h2>\n

Policy excesses continue to increase across the fleet insurance market, and the construction industry<\/a> is no exception. Various factors influence the level of policy excess applied by underwriters.<\/p>\n

For many years insurers maintained basic policy excesses at levels as low as \u00a3100 but more generally at \u00a3250.<\/p>\n

Over time as the value of money has eroded, we are seeing a move to higher basic levels, with many fleet insurers not quoting excesses below \u00a3500.<\/p>\n

Some clients may choose a higher policy excess in return for a premium saving, whilst others see the level increase due to claims history, especially where frequency of claims is an issue.<\/p>\n

Vehicles have also become overall more technologically advanced, with many features that cost more to repair than previous models. High-value vehicles and more theft-attractive vehicles have also seen large increases in individual policy excesses due to the increased risk to insurers.<\/p>\n

Electric vehicles are also becoming increasingly popular; however, these often attract higher deductibles due to the advanced technology and features making them more costly to repair.<\/p>\n

Windscreen cover was historically thrown in as part of the wider cover with a lower deductible; however, insurers appear to be moving to increase such excesses to the same level as the main cover, and in some cases, to delete the extension entirely.<\/p>\n

What factors can affect the cost of your insurance?<\/h3>\n

There are a number of factors influencing the cost of fleet insurance and policy excesses, including:<\/p>\n