5 Ways to Pay Less for Vehicle Insurance Without Reducing Coverage
1 Jan 2018
Insurance costs for fleets, large or small, can be an uncomfortable bill to pay. If you find that your insurance costs are rising faster than you’d like, there are steps you can take that will help you drive your insurance costs down without reducing the essential coverage and protection your fleet requires, like the five listed below.
- Compare Prices
Just because your insurance company offered you the best deal last year doesn’t mean it’s still the best option for your business. Conventional wisdom suggests comparing prices (apples-to-apples comparisons) between at least three different insurance providers each year to make sure you’re still getting the best bang for your insurance buck.
- Ask for Discounts
Some insurers have discounts available. But, only for those who ask for them. Don’t be shy. Getting discounted rates for each vehicle in your fleet could save you a ton of money each year. The larger your fleet, the more bargaining power you have at your fingertips as insurers will be reluctant to lose out on your business.
- Increase Your Deductibles
Insurance is a numbers game. The more risks you take, in the form of higher deductibles, the more willing insurers are to reward you with lower monthly costs. They view it as you taking more responsibility for avoiding accidents (since you’re increasing your risks) and are often amenable to rewarding that type of behavior. The downside is you must be able to easily manage the higher deductibles if accidents do occur.
- Use GPS Fleet Tracking
One of the most important things you can do is to improve your driving as a fleet. You can monitor drivers without actually being on the road with them when you use GPS fleet tracking. You can plan more efficient routes to reduce fleet mileage (which insurers appreciate). Plus, you can set up alerts to notify you when drivers are engaging in questionable behavior behind the wheel, including:
- Speeding
- Swerving
- Hard braking
- Aggressive driving
This allows you to address the issues that could cause accidents or injuries immediately and greatly reduces the number of tickets and accidents your fleet experiences. GPS also reduces risks of theft of your vehicles and the cargo they carry. It’s an insurance win for your fleet.
- Invest in Safer Vehicles for Your Fleet
Some vehicles have better safety ratings than others. It’s a simple fact. You can find vehicles that meet all your needs for miles per gallon, carrying capacity, efficiency, etc. But if you are truly committed to reducing your insurance costs, one of the concerns needs to be the safety rating of the vehicles you purchase for your fleet. Safer vehicles cost less to insure.
These five things allow you to reduce insurance costs without sacrificing coverage. You may not be able to implement all at once, but the more you bring into the picture, the greater the reductions you can enjoy.
Contact us at LiveViewGPS to learn more about GPS fleet tracking. 1-888-544-0494
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