One area that is often not well known is how telematics has the potential to lower your fleet’s insurance premiums.
Insurance companies are consistently looking to telematics platforms to provide customers with a more accurate insurance cost based on real driver behaviour. By installing EROAD in your vehicles, you can potentially reduce your insurance premiums and excess by participating in targeted insurance programs. For example the NZI Safe Driving Rewards programme provides an excess waiver programme.
That helps support operators and their drivers to be safe on the road. If your insured with NZI and are an EROAD customer, you can sign up to this programme for free. Transport operators who demonstrate safe driving behaviour via the driving records captured on their EROAD system could be eligible to have their insurance excess waived if an accident happens. Learn more here.
Case study:
Wholesale food distributor, Bidfoods uses EROAD to help manage its 640-strong fleet. It sits in the top 25 percent of companies using EROAD’s system which has resulted in Bidfoods qualifying to have its excess waived in certain cases under its insurance company’s driver programme.
Simply monitoring your fleet and driver performance is not enough to impact your insurance rates. But, when used as part of a wider fleet safety program to track performance and coach drivers to be safer, such as with EROAD’s Drive Buddy, it can often contribute to lower insurance premiums given you can provide a solid record of performance.
In addition, EROAD also offers anti-theft functionalities with its ‘Asset Tracker’, an ultra-small, waterproof, satellite-ready tracking device which accurately tracks and monitors mobile assets, wherever they are located, and provides a daily location update.
As a result, your trucks are better insured against theft, especially as these types of anti-theft tracking devices are able to pin-point the exact location of the stolen vehicle.
Telematics systems have also become increasingly popular for companies with non-powered or lower value equipment, which may not be cost effective to cover through insurance.
In effect, it’s a form of self-insurance if the loss of that equipment, from such things as theft, would result in financial and operational costs that need to be offset or minimised.
*Not all insurance companies offer discounts for utilising vehicle tracking systems. However, many will consider your use of telematics software when setting their premiums.
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