Trucking insurance premiums are often one of the largest line items in a fleet’s operating costs, and it seems like rates are always on the rise. What can you do to keep your insurance costs low while guaranteeing the kind of coverage your fleet needs?
The following four steps can help you take back control of your insurance costs—and keep your fleet safe while you do it.
It really is as simple as that. The safer your fleet rolls, the lower your insurance premiums will be. A reduction in CSA scores will ultimately reduce the cost of both fines and insurance premiums.
Dashcams and ELDs are constantly delivering data that can be used to improve driver safety and reduce the likelihood of accidents. Establishing a driver rewards program if you don’t already have one can also help incentivize your drivers to help keep premiums low for the whole fleet.
Choose dynamically priced insurance
One way to reduce costs is to pick an insurance company that offers dynamic pricing, which allows you greater control of your fleet’s insurance rates and rewards your fleet for safe driving.
Plans like HDVI’s Shift™ insurance keep it simple: the safer your drive, the lower your insurance rate. Using your fleet’s own real-time telematics data means HDVI can charge your fleet the cost of your actual risk. Our experienced team of Fleet Services representatives also provide specific safety insights that serve as goal posts to guide your fleet towards consistently safer driving and reduced premiums.
Make sure your provider subsidizes your technology
Another way to keep your insurance costs low—while also lowering the costs of installing and maintaining on-board technology—is to find an insurance company that reimburses you for dashcams.
According to the Federal Motor Carrier Safety Administration, dashcams average between $100 to $400 per vehicle and some dashcam systems also have annual subscription fees. Similarly, FMCSA found that the average price of an ELD is around $495 per truck, with a range of $165 to $832 in monthly operation costs. Having an insurance partner like HDVI that subsidizes your technology can help you cover the initial costs of dashcam and ELD installation and ensure you have the data you need to inform your dynamic rates.
Hire experienced and safe drivers
You can keep an eye on your insurance costs even before your drivers hit the road by making sure you are hiring only experienced, safe drivers with clean records to operate your fleet. We know hiring drivers can be tough, but if you don’t do enough due diligence during the hiring process, your insurance premiums could come back to haunt you later. The HDVI Fleet Services team can help you pinpoint the criteria to find the best drivers, and give you support to keep drivers safe and motivated once they are part of your team.
Contact us to get connected with an agent and learn more about how HDVI can support your fleet’s safety and insurance needs.