Who wouldn't like to spend less on insurance? Every fleet needs a full coverage of insurance from collision to liability in addition to the considerations of a business fleet beyond individual use.
The models of vehicles you stock and the safety precautions you have taken all play a role in determining your insurance spend. If your goal is to reduce that spend for a better budget or just more efficient insurance expenses, there are more than a few approaches to raise insurance company confidence in your fleet.
Insurance rates often reflect the perceived risk related to your business model, fleet design, and value of the equipment involved. Vehicles that are well-secured and teams that are trained in safe commercial driving can often reduce your insurance rates in the right combination.
Here are some of the best ways to reduce your fleet insurance spend.
Collect Vehicle Telematics
The OBD II port in every vehicle produces telematics, a direct readout of the vehicle's own internal machinery. This will include any maintenance and repair codes but can also record things like a vehicle's speed and, brake distances, and the sharpness of a turn.
These types of internal stats can be recorded and shared with an insurance company to prove that your drivers are careful and skilled on the road.
Install In-Car and Dash Cameras
Cameras pointing inside and outside the vehicle are a known way to reduce your fleet insurance costs. Inward-facing cameras show that everyone including passengers, cargo, and machinery is functioning properly throughout the day.
Outward-facing "dashcams" show the vehicle's position in traffic and can catch the details on accidents or incidents.
Anti-Theft Theft Alarms and Immobilizers
Insurance companies don't want your valuable fleet vehicles and equipment to get stolen. This is why anti-theft measures can lower your insurance rate. Vehicle alarms are designed to go off if a thief approaches or tries to open the vehicle without your key.
Immobilizers are installed to prevent your fleet vehicles from beings stolen by stopping the car if accessed by an unauthorized driver. This prevents harm and theft in a single method.
Carry Regular Assessments
Assess your fleet performance and safety on a regular basis - before and after you implement safety measures. This can create a benchmark and show your insurance provider that your measures are taking effect.
Offer Further Driver Training
Driver training is valued by fleet insurance providers. Careful and well-informed drivers handle their vehicles more aptly and get into fewer accidents and scrapes.
This causes fewer claims which both keep your rates low and can inspire your insurance provider to lower your rates because you have pre-emptively lowered your risk.
Give Your Drivers Performance Feedback
Help your drives improve their own performance with telematics feedback. Let your team know when they are doing well and exactly where their driving skills have room for improvement.
Everyone likes to beat your personal best. A little analytics feedback can help your drivers drive with greater awareness and efficiency in future routes.
Smart Driving Features
Some insurance providers are offering rate reductions for smart safety features. Reverse cameras, collision prevention, and other smart driving features have been found to reduce accidents and therefore can help to reduce your fleet insurance rates.
Review Your Policy Annually
Finally, take a careful look at your policy and your claims history. Fine-tune your coverage for the best value, price, and likelihood that you will need the services. In some cases, it is more beneficial to change insurance providers to take advantage of new customer policies and a fresh coverage build.
Looking to reduce your fleet insurance spend with better fleet management strategies? We've got your back. Contact us today to consult on your fleet services and fleet management today.