Reduce your trucking insurance costs in 4 steps

4 Way to reduce insurance costs

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.

Drive safely

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.

Leverage ELD and dash cam technology

Electronic logging devices and dash cameras have become invaluable tools for fleet managers seeking to gain deeper insights into their drivers’ behavior and proactively reduce risks – which can help keep insurance costs low, too.

Armed with ELD and dash cam data, you can develop driver safety programs that focus on reducing risky behaviors. Use the insights gained to establish coaching and training programs aimed at addressing specific issues such as speeding, harsh braking, or distracted driving. Encouraging safer habits not only mitigates accident risks, but also results in fewer insurance claims and lower premiums.

In the unfortunate event of an accident, dashcam footage can serve as invaluable evidence to determine fault and liability. Having clear video documentation can expedite insurance claims and potentially reduce disputes, resulting in faster claim resolutions and reduced downtime for your fleet.

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.

Mark Brest
Mark Brest
Fleet Services & Risk Engineer | HDVI
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