As of 2012, there were more than 5.4 million fleet cars in service in the United States, and the number of fleet trucks, vans, and SUVs was estimated to exceed 11.7 million. That's a lot of fleet vehicles – and a lot of insurance to protect them.
Vehicle insurance is a major source of spending for fleet-based businesses, but it doesn't need to be. Insuring their fleet under a single policy can help fleet managers lower their premiums, and installing a GPS tracking device can reduce them even further.
Fleet insurance provides liability coverage for each vehicle in your fleet, regardless of its purpose. For example, if your fleet consists of construction vehicles, commercial vehicles or cars, or even company vehicles driven by your family members, all your vehicles would be covered under one fleetwide policy. Depending on your insurance provider, grouping your fleet's vehicles under one policy can reduce your premiums up to 30%.
What constitutes a “fleet” depends on individual insurance providers, but in some cases, a fleet as small as two vehicles can quality for fleet insurance.
No fleet insurance policy is created equal. Your policy will be customized to your specific fleet, and will be influenced by three main factors:
Cars are cheaper to insure than vans, SUVs, and trucks. If you're insuring trucks, your premium will depend on whether the trucks are light, medium, or heavy-duty.
Service fleets, such as plumbers or HVAC technicians, are often the least expensive to insure, while passenger fleets or business-to-business delivery vehicles are the most expensive. Retail fleets, like restaurant delivery vehicles, sit somewhere in the middle.
The more comprehensive your coverage, the more you will pay. At a minimum, fleet insurance covers collision and liability, but you may be able to add other options like roadside assistance and comprehensive coverage to protect your fleet in the event of theft, vandalism, or other damage.
GPS fleet tracking can make your fleet safer and more secure, which can in turn reduce your insurance premiums. Here's how:
Security and anti-theft equipment like a GPS tracking device can help you stay claims-free, which can in turn reduce your insurance premiums. With a GPS tracker, you can receive alerts for authorized use or if your vehicle exits a specific geographical area. And in the event of a theft, real-time location tracking makes it easy to quickly locate your vehicles or assets.
In addition to making your vehicles more secure, GPS tracking can make your vehicles safer to operate. Automating maintenance schedules ensures that your fleet's maintenance stays up to date, which will in turn prevent you from making unnecessary, costly emergency claims.
Every day, fleet managers are faced with the challenge of understanding how their drivers behave in the field. With GPS fleet tracking, managers can oversee their drivers' behavior and gain the insights they need to improve their driving habits, and in turn reduce their insurance premiums.
With GPS fleet tracking, you can:
Learn more about how Linxup GPS tracking can improve driver performance.
GPS fleet tracking software like Linxup's offers a number of tools designed to help fleet managers improve their driver safety, like safety report cards and real-time alerts for unsafe behavior:
The knowledge that their driving habits are being tracked is often enough to result in safer driving behaviors. Discover more ways Linxup GPS tracking can help increase fleet safety.
Linxup GPS fleet tracking devices can help keep your vehicles safe and secure while improving your drivers' behavior and safety in the field, which can in turn lead to reduced insurance premiums.
Read more about how Linxup can help improve fleet performance.