Insurance is the third biggest component within fleet costs and according to research carried out by the LeasePlan MobilityMonitor, an integrated approach can save €250 per vehicle per year. Yet the firm says that in 48% of large multinational companies the global or local fleet manager is not involved in decisions regarding fleet insurance.

In response, LeasePlan has rebranded its in-house insurer – previously called Euro Insurance – as LeasePlan Insurance to reflect its integrated service vision. 

LeasePlan has also designed an insurance programme – called 3D Coverage – that address the three cost factors for fleet insurance:

• Competitive Cover tackles the direct costs and is tailored to the needs and risk appetite of the client
• Active Prevention focuses on reducing accident frequency and hence lowers direct and indirect costs of accidents
• Easier Fleet Management reduces hidden costs by taking an integrated approach between fleet management and fleet insurance 

“Lowering the cost of fleet insurance requires an integrated approach,” said Hessel Kaastra, managing director of LeasePlan Insurance. “In general, fleet managers are more exposed to this than their risk-orientated colleagues. The traditional focus is on the direct costs: premiums, fees and deductibles. But these are only the most visible of insurance costs. Second are the indirect costs that occur when accidents happen: lost cargo, missed appointments, reputational damage, etc. Third are the hidden costs: process inefficiencies arising from triangulating information between fleet management company and insurance company, lost time making calls and filling out forms and interacting with a body repair shop. An integrated fleet management and fleet insurance approach can reduce the hidden costs for insuring a fleet by up to €250 per car per year.”