It is vital that your fleet vehicles are insured for the safety of your drivers, however it can get costly depending on how many, and what kind of, vehicles need insurance. Luckily, it is possible to keep costs as low as possible for your fleet without scrimping on the coverage you receive.
Marion Hanson
Marketing Executive
In this guide, we explore how telematics insurance works and what you can do to keep business expenses low.
Telematics is a device installed into a vehicle, providing a cost-efficient way to reduce insurance payouts. It monitors and reports a vehicle’s performance, including its speed, how it is being driven, as well as its fuel usage and more.
Many businesses continue to benefit from installing telematics into their fleets through positives including reduced costs and better driver productivity.
Once your telematics system has been fitted to your fleet vehicle, insurers collect information about your driving behaviour and give you an overall score which is usually given to your business via an online account or app.
The safer your driving habits are, the more your premiums will be reduced as insurers see you as trustworthy and responsible, with a better chance of causing fewer accidents in the long run.
Excess is the amount you agree to pay towards a vehicle’s damage if involved in an accident. Agreeing to pay more money upfront means you are willing to take on more risk, but you must weigh up whether you can afford to do this for your fleet.
Insurers prefer fleets with dash cameras installed as they can protect your drivers from potential fraud.
Insurers prefer fleet vehicles that are better taken care of, so it is beneficial for you to install anti-theft devices into them, such as alarms and GPS tracking systems, thus potentially lowering your premiums.
Opting to insure your fleet vehicles under one comprehensive policy could save you money as well as the ability to access discounts not available on single policy offerings.
With telematics installed into your fleet vehicles, you can track the performance of each driver while they’re on the road. You may be able to notice patterns and identify issues that need addressing, such as harsh braking, speeding or bad driving. Solving these problems can reduce your claims insurance and help to reduce road accidents.
Regarding safe drivers, be sure to hire those who are also experienced on the road. Statistically speaking, they are less likely to be involved in a road accident. This is favourable to insurers who are looking for people who have a clean record of safe driving, meaning your insurance costs should go down.
It is vital that you regularly check your drivers’ records and that you are hiring those with a clean driving history.
In an ideal world, your drivers shouldn’t ever have to make a claim; the less claims, the better your fleet insurance savings. However, implementing these policies into your fleet vehicle management strategy can boost your savings, keep your drivers safe from harm, and enhance the performance of your vehicles.
At Motia, we understand the importance of safe driving on the roads and the need to keep insurance claims and premiums low. We have a range of telematics systems available on our website to help manage your fleet vehicles more successfully today.
If you’re in need of more information, visit our How Can We Help page.
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