A portion of a fleet’s day-to-day operating expenses is vehicle insurance – and this cost is skyrocketing!
According to Heavy Duty Trucking, premiums have not only gone up, but in many cases have doubled. “With increases between 10% and 15% for the third year in a row, policies are no longer just 3% to 4% of a fleet’s annual revenue — they can approach north of 7.5%. ”The American Transportation Research Institute found that insurance premiums increased by 12% to 8.4 cents per mile in 2018 alone.
However, if you are able to control your drivers’ performance and reduce the amount of risk in your fleet, you reduce your chances of having to pay for replacing vehicles, unnecessary vehicle repairs, accident costs, and high insurance premiums!
Actually, you’re likely to pay lower rates for being a good risk for the insurance company. And today, some insurance companies even provide discounts for companies who have – you guessed it – fleet telematics solutions installed!
Driver behavior, previous accidents, and violations are all factors in determining an insurance premium for each driver. Vehicle fleets that are able to identify unsafe driving through a telematics system and implement measures to reduce it can lower their insurance premiums. Not to mention, keep their drivers and everyone else in close proximity to their driver safe.
As fleet safety improves and claims are reduced, insurers take note of the safety programs the fleet has implemented. This ultimately leads to either a maintained insurance rate (in a market of skyrocketing rates), a smaller increase than other fleets are experiencing, or even a reduction in rates.
Command Alkon’s TrackIt helps to analyze driver habits and integrates that performance data into other business systems, making it easy to review, edit, and document. Fleet managers can be alerted by risky driver behavior, such as speeding, hard breaking, and sharp turns.
With a fuller and more accurate picture of the risk in the fleet, fleet managers can bring drivers’ attention to this behavior in real time.
Identifying these habits and bringing them to the surface helps to empower drivers to correct this behavior before it results in a collision. So forget about costly insurance premiums when you have TrackIt working for you.
Lowering unsafe driving scores contributes to reducing rates, but keeping your drivers accountable and improving the safety of your fleet isn’t the only powerful that TrackIt has in its toolbelt.
There is more to come in our “Why Track It with TrackIt” series, but in the meantime, visit www.commandalkon.com/gettrackit to learn more about what TrackIt can do for your fleet!
