Can technology reduce fleet costs?
According to a study by TomTom Business Solutions, 48 per cent of commercial vehicle fleet managers saw premiums increase last year. However, the same research also revealed that more could be done to address risk factors that contribute to pricey premiums .If you use telematics to track the way your employees are driving your company cars, you can control costs by reducing premiums. Some insurers will also consider offering a discounted rate for fleets using telematics or other risk management services from selected partners. Meeting criteria such as maximum speed, abnormal acceleration, braking, the duration and distance of each journey and the ability to identify both the vehicle and the driver, can result in “cashback” from your insurer. Here are 8 proven ways to reduce your fleet insurance premiums.
1. Install vehicle trackers
Vehicle trackers will not only determine the location of a stolen vehicle, they can also be used to monitor your employees driving performance.
2. Install alarms and immobilisers
Additional security features, such as alarms and immobilisers, can also bring down the price of an insurance renewal quote.
3. Risk assessment
If you have an extensive fleet of vehicles, then it is in the insurer’s best interests to give you a fair and favourable deal. A lot of the time, they will have their own risk management and assessment team to provide the best protection solution.
4. Combine insurance policies
Again, speak to your insurance provider or shop around to see whether combined policies are available, as this can reduce the cost of premiums.
5. Install camera technology
In-car cameras are becoming increasingly popular with everyday motorists and have numerous benefits for commercial vehicles.
6. Choose vehicles that cost less to insure
Purchasing a new fleet or leasing some updated vehicles can be an expensive operation, but it could save you money on premiums.
7. Increase your excess
Just like standard car insurance, you could ask your provider whether the excess can be increased. Insurance payments will inevitably come down in price, but you’ll have to spend more in the event of a claim.
8. Park vehicles in a secure place overnight
If vehicles are on the road during normal business hours, then you’re going to need somewhere to store them overnight. With so many expensive assets in one place, this gives providers the opportunity to increase insurance premiums.
If you’d like to know more about how you can reduce your fleet insurance premiums, contact our fleet management experts and we’ll give you all the information you need to get started. If you’d prefer to get a quote – you can do so here!