Farm vehicle fleet insurance

[MaisiesDad]

Anyone have any experience of a fleet policy to cover all farm vehicles including cars? We have the tractor, horsebox, quad and trailers insured separately to our pick ups and our everyday car. I have seen them advertised but any first hand experience would be good! Do they still charge per vehicle? Cheers

 

[Denis O. Brown]

Usually best to have them in a fleet, one renewal date, less admin and hopefully cheaper! Best to deal with an agricultural broker who has access to all of the main agricultural insurers, should be able to get you a good deal!

 

[Gatehouse Farm]

Wouldn't happen to know one would you @Nikki McCrossan ?

 

[reverand]

I'm with country and commercial. Each vehical or item is separate on your policy in a list and there is just an amount per annum for direct debit payments or lump sum. They have saved me money over the nfu on the vehicles but not all the other insurances ie livestock, buildings

 

[Denis O. Brown]

Wouldn't happen to know one would you @Nikki McCrossan ?

I certainly do

 

[Chrisw]

Usually best to have them in a fleet, one renewal date, less admin and hopefully cheaper! Best to deal with an agricultural broker who has access to all of the main agricultural insurers, should be able to get you a good deal!

Does having all the vehicles under one policy mean a claim on one effects all in the policy??

 

[Penmoel]

Of course, it's the loss ratio on the policy that counts, if you have one vehicle with s lot of claims it will affect the burning cost ratio on the policy as a whole

 

[Denis O. Brown]

Does having all the vehicles under one policy mean a claim on one effects all in the policy??

The value of all claims will be measured against the premium cost to give you the loss ratio, next years premium will be calculated taking this into account. Usually though, its more cost effective to have them on a fleet versus individually insured.

 

[Steevo]

The value of all claims will be measured against the premium cost to give you the loss ratio, next years premium will be calculated taking this into account. Usually though, its more cost effective to have them on a fleet versus individually insured.

Does this only apply to vehicles?

If you have a storm and it ruins a building for example, the claim could be quite high, but it might not be your fault.

 

[matthew]

We have most on fleet, but the farm insurers cannot touch Zurich for the disco. So that is a stand alone policy.
But if you do that, make sure that the vehicle not on fleet, which is towing something insured elsewhere, has comp. insurance for the towed vehicle. Most is only 3rd. party.
We had to insure as a stand alone, the livestock trailer as if it was not towed by a fleet vehicle it wasn't insured for damage on the road, and the Zurich policy was only 3rd. party.

Just about to look again as policy for renewal.

 

[Denis O. Brown]

Insurance premiums are calculated using a large number of factors and yes, loss ratio is definitely one of them. If I make 5 claims in 3 years say on my house, you can be sure my premium is much higher than it otherwise would be. This is why people say 'what's the point in insurance?' right? You'll find the premium increase won't be the same as the claim cost but it is the insurers way of recouping some of their loss.

In the most basic terms, you could view insurance as a large pool. Everyone contributes to that pool by paying a premium, the theory being the premiums of the many pay for the claims of a few. Insurers will review their loss ratios in order to see if they are making a profit (of course) but also to ensure there is enough money in the pool to cover expected claims in the future. If it's been a bad claims year, i.e. they've spent a lot of money, the rates go up, you'll find this affects most in the pool but those with the larger claims or generally poor claims experiences are probably hit a little harder in the pocket. That's why certain industries pay more for insurance than others, because they have a higher risk factor.