7 Ways Fleet Telematics Can Lower Insurance Costs
Having insurance for drivers and vehicles is a large part of fleet expenses. As with any regular expense for your business, however, it's important to seek out insurance price reductions that are available to your operations. If you're curious about how to reduce fleet insurance premiums, using fleet telematics can give you better insights into you daily operations and help identify behaviors or vehicles that raise your insurance premiums. Read below to see our 7 ways telematics can lower insurance costs.
1. Improve Driver Behavior
Drivers are your most important assets as a fleet manager. Making sure your staff stays alert behind the wheel is essential for lowering insurance costs. Frequent training and setting clear expectations for workers can reduce accidents on the road.
Monitoring driver performance metrics is a proactive way to see how your employees operate on the clock. Behaviors such as speeding and sudden braking call for attention, as improving driver behavior leaves room for significant savings.
2. Lower CSA Scores
Prioritizing training sessions and reducing claims will likely improve your CSA (Compliance, Safety, Accountability) score. This rating conveys information about a motor carrier's safety record. CSA scores are not available for public viewing, but data gathered by the Federal Motor Carrier Safety Administration can influence the price of insurance premiums for commercial carriers.
Fleet telematics solutions will give you an accurate history of driver collisions, citations, and other reports. Fleet managers can reduce insurance premiums by teaching drivers how to navigate commercial trucks safely.
3. Eliminate Unauthorized Use
Fleet vehicles should only be used for your business operations. One of the ways fleet telematics can lower insurance costs is by communicating the exact location of company vehicles. Vehicle tracking technologies help managers note suspicious activity that puts trucks at risk of damage. Figuring out how to limit unauthorized vehicle use is a crucial step in reducing fleet insurance premiums.
4. Reduce Theft
GPS tracking alerts can help you recover stolen vehicles and assets quickly. Preventing damage to your fleet and minimizing expensive insurance claims can save significant amounts of money. Demonstrating that you're responsible with the trucks, buses, and other vehicles in your fleet creates the opportunity for lower insurance costs.
5. Maintain Compliance
Complying with DOT regulations can lead to savings on insurance premiums. Most insurance organizations tend to reward commercial entities with drivers that abide by mandates placed at federal and state levels. Telematics functions keep all of your driver logs, maintenance details, and compliance reports in one place. From DVIR entries to Hours of Service information, your commercial business can monitor how long drivers and vehicles have been on the road and their safety history.
6. Collect Video Evidence
Insurance companies want to know the details of collision. Installing telematics hardware like dash cams can provide you with the proof you need to file an insurance claim. Having that extra level of context surrounding an accident is effective for showing that your driver was not at fault. This evidence can help stop your insurance costs from skyrocketing after an accident.
7. Generate Reports
Using the right fleet compliance platform will make driver and vehicle reports easily accessible to you. An insurance company will likely give you a lower fleet insurance premium if you can demonstrate safe driving records, vehicle maintenance histories, and inspection results. Negotiate a competitive price for your insurance plan by streamlining the compliance process with Rand McNally's fleet management capabilities.
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We offer a full selection of fleet telematics solutions. With 24/7 service and support for our best-in-class truck navigation products, you can get the solutions you need for your business to grow. For more information about our fleet management solutions or to request pricing details, contact us today.
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