New research from vehicle leasing experts LeasePlan UK has revealed that almost a third (29%) of businesses with more than 50 company vehicles spend over 50% of their insurance budget on fleet insurance.

Despite fleets eating up such a large proportion of the average commercial insurance budget, only a third (32%) of insurance decision makers think they’re well-equipped enough, and know enough about the fleet and drivers, to get the most out of their fleet insurance.

The study of 250 commercial insurance decision makers also revealed that less than half (42%) closely consult fleet managers before making the purchase.

Steven Kirwan, Director of Operations at LeasePlan Insurance, said: “Fleet insurance comes at a huge cost to businesses, so getting it wrong could be incredibly costly too. Because of this, it’s vital to have the right decision makers involved. In the case of fleet insurance, fleet managers should be your go-to – they’re the people most likely to have a clear and detailed understanding of fleet operations and know exactly which elements of an insurance policy could benefit their drivers, and the business, most.”

The survey also revealed that only one in ten (10%) insurance decision makers go to a specialist fleet insurer, while half (49%) use the same insurance broker as for all other types of insurance.

Kirwan continues: “Fleets are increasingly becoming a board-level agenda item, with the 2030 ban of the sale of new traditionally fuelled vehicles fast approaching and increasing pressure for organisations to make progress towards their ESG goals. Any decision relating to fleets – from budget and emissions to insurance and safety should be taken seriously. To make the processes even more efficient, decision makers should also work with specialists, including a specialist fleet insurer, who truly understands their operational needs and business goals.”