Auto insurance is a necessity for any fleet, but paying an “arm and a leg” to provide coverage for your vehicles and drivers is not. Most fleet managers know that telematics (also known as vehicle tracking) can help save costs in areas like fuel and maintenance, but did you know telematics could also save you additional money when insuring your fleet? This blog will show you the ways your fleet can save with available telematics insurance discounts.
Pay Less with Safer Drivers
Having unsafe drivers can raise insurance rates approximately 10-15%. Ideally, it would be best to only hire safe drivers to work for your business, but a more realistic solution is to use telematics software to help improve driver performance.
A vehicle telematics solution will monitor speed, harsh breaking, and rapid acceleration to ensure that your drivers are being safe out on the road. By pulling driver scorecards and setting alerts for these metrics, you can train your drivers to practice safer habits that will ultimately save on insurance costs for your fleet.
Proof of Compliance
Telling an insurance company that you have the safest drivers on the road may get you kudos points, but it will not get you a break on your insurance premium. The only way that having safe drivers will benefit your business is if you can provide proof of compliance to insurance companies. Provide evidence that drivers are obeying speed limits and other state driving laws. You can also provide proof that your driver was not at fault in an accident to save your business from being hit with an increased insurance rate.
Telematics Insurance Discounts
Many telematics solutions are working directly with insurance companies to give discounts to businesses that use telematics to track their trucks. Not only does telematics increase overall safety, it also increases the chances of recovering stolen property. The ability to recover and prevent vehicle theft is another way that telematics lowers your fleet’s potential risk factor, making you a more attractive candidate to insure.
Telematics insurance discounts can help your fleet catch a break on costs by increasing driver safety, providing proof of compliance, and demonstrating your business as a low risk candidate to potential insurance vendors.
Contact us today to learn more about the fleet savings associated with telematics insurance discounts.