Truck insurance is a hard-hitting acquisition for an independent owner-operator or asmall fleet owner . The rate increases by as nearly 20 percent when minor claims do not help flee owner-manager overhead. When that happens, your commercial trucking insurance keeps increasing regardless of how clean your driving record might be.
Even so, commercial truck insurance isn’t one of the business expenses you can cut out. But it’s not all gloomy. You can reduce your commercial trucking premiums and still reap some benefits from your semi-truck insurance policy.
Insurers consider many factors when determining your commercial trucking premiums. As such, knowing what insurance companies are looking for can help you get reliable coverage at an affordable cost. Here are the top 3 ways you can keep your commercial trucking insurance premiums under control.
Electronic Log Data
Data promotes better decisions and will become so that insurers can utilize any data available from ELD to monitor a driver’s driving habits. As enough information gets collected over time, insurers can compare one driver’s data to ideal metrics. This will also help them to assess the risk potential and design specialized policies based on this data. ELD is one of the most important technologies taken into account when creating insurance policies for trucking fleets.
The ELD features now give fleets the opportunity to reap the same benefits by mining and analyzing their data. These systems can also record date, time, location data, vehicle miles, engine hours, and driver identification data.
Forward-facing/dash cameras
While some business owners may feel that in-cab monitoring systems invade privacy, they have many benefits in the broader picture. These systems can record common risky behavior like using a mobile phone while driving or sleeping at the wheel and displaying road rage. Forward-facing/dash cameras can even remove uncertainties about the responsibility of accidents, which is often a reason for dispute between the involved parties.
Now, all they have to do is to check the footage and see who was at fault. This can prove a driver’s innocence in the event of an accident and even be used as a training means.
Trucking fleets can rely on in-cab cameras to teach new employees what comes under dangerous behaviors and how they can improve them. That’s why dashboard monitoring systems play a major role in reducing bobtail insurance premiums.
Telematics monitoring
Trucking businesses have been implementing the power IoT for fleet management and asset tracking. These systems can also deliver other benefits. Smart sensors can collect data about the truck and the driver while the vehicle is on the route and provide that data for smart analytics.
Monitoring data from telematic helps trucking companies prevent loss effectively. Telematic monitoring helps in reducing risky behaviors and protects all parties from fraudulent claims.
These systems can effectively record the activities of the vehicle, creating a context of data that is quite helpful from a behavior management point of view.
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