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Fleet Tracking Insurance Savings
With fleet tracking, you can find significant GPS insurance savings from premium reductions through safer driving practices and asset protection. There are many insurance companies that offer discounts for “good driver” behavior, and they also provide discounts on premiums for fleets that use a tracking system. Below are examples of available insurance savings with GPS for fleets.
Fleet Safety and Insurance Companies
Insurance providers are now expanding beyond safety programs and rewards for established records of safe driving and are seeking to become a more comprehensive source of risk reduction through offering fleet management platforms that reduce environmental impact, promote efficiency and improve safety. Many providers offer fleet GPS insurance savings with fleet tracking systems like ours that provide detailed reports and notifications on excessive speeding, hard braking, hard turns and other unsafe driving practices.
Below are sample reports insurance companies look for when reducing their premiums:
(Stop Report)
(Idle Report)
(Speed Report)
(Maintenance Report)
Usage-Based Insurance
The move toward fleet tracking and GPS has opened a new approach to fleet insurance. Usage-based insurance is just what it sounds like – rather than paying a flat fee, you pay a premium based on the type of vehicle used, distance traveled, how much time it spends out on the road and the types of driving behaviors your employees practice. This means a lower rate when you take advantage of GPS fleet tracking by modifying your drivers’ behavior and using features like route optimization for shorter routes and less overall distance driven.
Fleet tracking insurance savings are a benefit to all parties. You pay less for coverage, and your insurance company limits its own liability. While usage-based insurance is relatively new in the fleet and trucking industry, it appears to be an emerging trend that could soon become standard and provide well-managed businesses with substantial fleet tracking insurance savings.
Safeguarding Your Equipment
In the event that a vehicle or trailer is stolen, a business can file an insurance claim and have their losses paid for while their premiums increase. This is not an ideal situation for either party, and since vehicle tracking helps in recovering stolen equipment, many providers will offer huge insurance savings with GPS.
The Impact of Lower CSA Scores
Your compliance, safety and accountability (CSA) score can also impact your insurance rates. You want the safest, best, most efficient drivers to serve in your fleet, and so does the Federal Motor Carrier Safety Administration and insurance providers, which is another path to fleet GPS tracking insurance savings. A fleet tracking system can help you identify problematic drivers and lower your overall CSA score, which means better drivers for your fleet, better CSA scores and lower insurance rates – especially when you are essentially paying for how well you drive rather than a monthly rate.
Fleet Trax: Tools to Help Secure Insurance Savings
At Fleet Trax, we work with fleet owners each and every day to help them become more efficient and compliant. Our products and services can help you manage a safer fleet and limit your vehicles’ risk of compliance violations, resulting in the fleet tracking insurance savings you deserve.
Call us today at (855) 999-7828 or fill out the form below to get a demo of our systems and a quote for your fleet.
