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4 Questions to ask your insurance agent

4 questions to ask your insurance agent

As a fleet owner or manager, you are always looking for ways to keep your operations running smoothly. You’re committed to providing the highest level of service to your customers, and that means ensuring every truck in your fleet is operating safely and efficiently.

If you’re like most fleet managers, one of your biggest operational expenses is your insurance premium. A recent study from the American Transportation Research Institute (ATRI) revealed that insurance premium costs per mile have increased by 47% over the last decade.

These rising costs make it critical to choose the right coverage for your operation. Before you renew your insurance, make sure you know what questions you should be asking your agent – and the answers you should be looking for.

HDVI Fleet Services Representative Mark Brest recently shared his thoughts on the four key questions for fleets choosing new insurance.

 

1. What factors can impact my insurance premiums?

It’s important to have a full understanding of what is taken into account when determining your premium. Knowing what factors are being considered is also helpful when comparing multiple insurance companies and coverages to find the best policy for your fleet.

Insurance companies use many traditional factors to help assess a fleet’s risk and price their insurance adequately. They will often look at the type of cargo you’re hauling, the types of trucks in your fleet, and how far your trucks travel.

Additionally, insurers may look at metrics such as CSA scores, mileage, and commodities. While these are helpful metrics, they are only one piece of the puzzle and can misrepresent a fleet due to the time it takes for improvements to be noticed by insurance carriers. For example, a company may make significant operational changes that positively impact CSA scores, but they may not see a reduction in premiums for years.

2. What sort of coverage options do you offer?

There are several different types of insurance coverage, and it’s critical to choose the one that is right for your fleet.

Traditional coverage options that are available for fleets include primary and general liability, physical damage, cargo and bobtailing, as well as a variety of supplemental endorsements.

With these types of coverage, fleets will likely make substantial investments to improve safety and reduce risk throughout their operation, only to see little to no return on investment (ROI) from their insurance company.

Instead of traditional coverage, you may want to discuss dynamically priced insurance with your agent. Telematics and cameras can provide real-time insight into driver risk, and a dynamically priced insurance such as HDVI Shift™ will reward your fleet for reducing risks on a monthly basis.

3. Is there an option to use real-time telematics data from ELDs, dash cams or other safety technology to assess risk?

Telematics technology such as ELDs and dashcams can provide valuable information about your fleet’s safety performance.

When selecting your coverage, ask your agent if they use telematics data to adjust your fleet’s premium. While some insurance companies will reduce rates slightly if you have safety technologies in-cab, the real benefits start to show when you pick an insurance provider that uses that data to get you monthly safety discounts.

HDVI’s Shift is the first dynamically priced insurance product that enables fleets to reduce the cost of their monthly premiums within their policy term. We’ll use your real-time telematics data to charge you the cost of your actual risk – which means you’ll see lower premiums far earlier.

Additionally, fleets that partner with HDVI that do not already have network-connected dash cameras will be outfitted with state-of-the-art road-facing dash cameras at no cost to the fleet.

4. Do you offer support for driver safety rewards or incentive programs?

There’s only so much time in the day and a million items on your priority list. While you may have always wanted to jump-start a driver rewards program, it doesn’t always make it to the top of the list. Enlist help from your insurance provider. Before selecting insurance coverage, ask your agent whether they offer support for rewards and incentive programs that encourage drivers to practice safe behaviors.

HDVI hosts a driver reward program through our HDVI Driver+ app to make it easy to identify and reward your safest drivers. We use positive reinforcement to reward not only the top-performing drivers but also those improving month over month. Reward programs such as this can help fleets attract talent, retain safe drivers, and reduce the likelihood of accidents.

 

HDVI provides insurance that allows you to take control of your costs. We offer top-of-the-line customer service, including world-class claims handling and all the coverages you could need for your fleet. To learn more, check out our website and contact us today.

Brittany Wooten
Brittany Wooten
Director of Content Marketing | HDVI
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