The Insight Source Blog
Author: Lance Holt
Content Marketing Specialist
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What is the Cost of Telematics?
Using Driver Policy Data to Set Expectations with Your Drivers
Utilizing Driver Scorecards
How GPS Fleet Tracking Helps Reduce Insurance Costs
There are many benefits to implementing GPS fleet tracking into your operational workflow.
One of those benefits is helping to reduce your insurance premiums, while also helping reduce overall fleet costs, reducing risk, and increasing your revenue.
To many insurance providers, implementing a GPS fleet tracking system shows that you are serious and committed to reducing the risk for your company and being safer drivers overall. GPS fleet tracking provides insight into driver behavior, locating lost vehicles and equipment, and reliably staying up-to-date with vehicle maintenance.
In this article, we’ll address how this discount can operate and the impact of implementing a GPS fleet tracking solution has for your business.
The Insurance Discount
Most insurance companies will recognize the GPS fleet tracking solution you implement and offer a discount of up to 15% on your insurance costs!
These insurance discounts can be found through insurance providers such as Travelers and The Hartford. It’s also worth asking your current provider if they would recognize a discount on your insurance premium if you make the investment into GPS fleet tracking.
Insurance Discount Programs
There are certain insurance companies that will even pay you to implement GPS fleet tracking! In some circumstances, insurance companies will partner with GPS fleet tracking providers to come up with a program to incentivize their customers to invest in GPS fleet tracking to promote safety.
In this instance, they may even offer to pay for or even pay you to implement GPS fleet tracking technology. Usually, the condition that goes along with a program like that is the commitment to the technology by creating and maintaining driver-centric reporting that looks at metrics like speeding, harsh braking, and acceleration, etc. to prove that you have that same commitment and using the technology.
The GPS Fleet Tracking Difference
There is a host of applications for GPS fleet tracking, even when focusing only on safety. It can be a valuable tool in coaching your drivers to better and safer behavior. GPS fleet tracking will provide the convenience of automated alerts to go straight to the driver as a text or even an in-cab buzzer alert in the instance of an unsafe driving event like speeding. If the unsafe driving continues, a secondary alert can be sent to management so that action can be taken. Having a driver policy in place will help with the coaching and enforcing the data that GPS fleet tracking is providing.
GPS fleet tracking also provides the simple advantage of always knowing where your vehicles and equipment are at all times. If one of your vehicles or pieces of equipment becomes stolen, GPS fleet tracking is the best option for its recovery.