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It is no secret that fleet insurance premiums are on the rise and it is one of the many costs that fleet managers are challenged with. It is important for companies to find ways to reduce the insurance cost as much as they can. In recent years, a telematics software has been one of the main technological systems to help companies reduce their insurance premiums by implementing both driver development and risk management.
So, how can you rage battle against rising insurance costs? Let’s look at it in more detail.
What is happening to insurance to make the costs rise?
There is a reason why fleet insurance is on the rise and it all relates to the Ogden Rate Change. This has meant that any awards given out for serious and life-changing injuries caused during fleet vehicle crashes has increased by a significant amount, which means that the premiums which go along with this insurance have had to rise too. This even relates to those premiums that are deemed to be relatively low risk compared to others out there.
How you can wage war against rising insurance costs
Now you know that the premiums are going to rise, you are going to want to see if there is a way that you can try to keep your own premiums down. Insurance premiums are considered by underwriters, which means that understanding what they are looking can help to keep your costs down as much as possible.
The first and possibly most obvious thing that they are going to look at are whether or not you have had any claims or incidents relating to your fleet and whether any costs have been incurred. Also, they will look at the industry that you are in, the goods that you carry and of course the size of your vehicles.
All of these things, unfortunately, are not things that you are not going to have much control over. Which isn’t great news for you, however, there are things that you can do to try and mitigate these and lower your costs another way.
This comes in the form of risk management. Some insurers are going to want to make sure that you are taking account of the risks that you could face. The easiest way to do this is with a telematics system. You are going to monitoring driver behaviour, vehicle security, you are going to be tracking driver routes and driving habits and of course, you are going to be managing their time to ensure that they do not work longer hours than needed or that they are utilising the time that they do have.
All of these things show that you are taking fleet management seriously and will help when it comes to keeping the costs of your company fleet insurance down.
The image published with this article was released by Pictures of Money under Creative Commons license 2.0 and has not been modified.
My job is to be the customer champion. When I am not working on projects that are meaningful for our customers and our brand, I’m probably online shopping, doing yoga or nattering on the phone.