Top 5 Tips on Lowering Fleet Insurance Costs

Learn how investing in technology can lower your fleet insurance costs

Did you know insurance premiums are rising? Of course you did! With more fleet vehicles than ever on the road, more accidents are bound to occur. As accident rates rise in the telematics industry, so do insurance rates. The pressure for drivers to be on their best behavior and lower fleet risk is on, as if there isn’t enough. 

But that’s not all. 

As commercial vehicles become more sophisticated, preventative maintenance becomes more expensive, especially if you want insurance to consider your vehicle “low risk.” It’s not easy to keep vehicles up to par with insurance standards.  

Above all, the economy is heading in a more expensive direction for fleet operations, and insurance companies know this. So, as a fleet manager, what can you do? Here are 5 top tips on lowering fleet insurance costs from GPS Insight.

1. Assess your risk  

Fleet risk management is one of the first steps to reducing insurance costs. Looking at whether you’re considered higher risk will give you a guideline on how to increase fleet safety, making sure your drivers and vehicles are all safe before you begin shopping for fleet insurance policies. 

Take a look at your claims history, if you have any, during your risk assessment. If you don’t have any prior vehicle insurance, start considering the risks your commercial fleet might face, and how you can mitigate those risks, such as: 

• • • Collisions 
    • Repairs 
    • Injuries/Fatalities 
    • Fines 
    • Loss/Damage

GPS Insight partners with various insurance companies who reduce fleet insurance rates based on their risk assessments. Want to learn more? Give us a call!  

2. Implement a safety program

One of the best ways to mitigate higher risk is to have safe drivers who are cautious on the road. By maintaining safe driver behavior and demonstrating exceptional driver performance behind the wheel, you can significantly lower your insurance rates, as insurers will see your fleet as low risk thanks to a clean safety record. 

Implementing safety programs, or safety training of any kind, will help establish a culture of safe driving within your fleet. 

GPS Insight dashcams and GPS real-time tracking devices come with various safety features which contribute to ongoing training efforts and positively impact driving behavior metrics. 

3. Regulate vehicle maintenance

Proactive and preventive vehicle maintenance will not only reduce breakdowns, mechanical failures, and accidents, but it will also lower insurance premiums for your fleet. A large part of expensive fleet insurance costs come from poor vehicle maintenance, making proactive maintenance schedules key to reducing commercial fleet insurance costs overall. 

Ensuring your vehicles are getting their regular checkups will keep them in better shape longer, meaning they’re less likely to break down or cause accidents on the road. It also means you’ll pay less for insurance because your fleet will be considered low risk with a solid maintenance history.  

Overall, a solid maintenance schedule for your fleet should be a staple in your fleet management operation. 

The GPS Insight FSM solution ensures you stay up to date on all your regular maintenance needs.

4. Invest in technology

What do all those previous tips have in common?  

Every single one relies on the latest and greatest technology, and you should too if you want to keep your insurance rates down.  

How can a fleet encourage driver safety and safe driving habits if the vehicle itself has outdated parts and is deemed unsafe by today’s standards? 

How can you implement training programs if you don’t know what your drivers need training on? 

Invest in cutting edge technology and show insurers that they’re right to invest in you.

5. Be smart with your providers

So, you’ve assessed your risk and acted accordingly. You’ve implemented a safety program for drivers, you’ve ensured you’re up to date on regular maintenance for your fleet vehicles, and you’ve invested in the latest tech to prove your dedication to safety and low risk for insurers.  

But are you looking at the right insurance providers? Some insurance companies have commercial vehicle insurance policies that lower rates for things like dash cams, GPS tracking, and up-to-date fleet maintenance management – but not all of them.  

GPS Insight partners with various fleet insurance companies who reduce insurance premiums for businesses dedicated to safety and security. Our partners provide high insurance coverage, and don’t punish our customers for filing insurance claims – because they’ve proven to be low risk thanks to our products and services.

Our Partners

Keystone, Amerisure, and Pennsylvania Lumbermen’s Mutual are just some of the available reliable partners for GPS Insight clients.  

Amerisure policyholders reported an over 20% reduction in: 

• • • Unsafe driving incidents 
    • Posted speeding events  
    • Fixed speed events  
    • Hard braking events  
    • Acceleration events  

Overall, Amerisure and GPS Insight saw a 30% reduction in claims from clients within two years. 

Pennsylvania Lumbermen’s Mutual customers can rest assured that they will always have access to the most useful, industry-specific knowledge and resources thanks to the loss control staff’s considerable insurance expertise and in-depth knowledge of the lumber sector. This partnership with GPS Insight also saw a 30% reduction in claims. 

The GPS Insight and Keystone partnership puts coachable drivers in the front seat while cutting down on insurance costs in the high-risk marketplace by implementing advanced technology and training programs. Keystone has seen various reductions in unsafe driving thanks to their investment in company drivers.