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Insurance is Going Up: Part 2: How to Keep yours Down

  • By Ryan Skidmore

Now…
The state of the world will go on out there no matter how many times one says “stop the world, I want to get off.” Indeed, the forces at play in our last blog are beyond the control of us. Yet, a fleet manager’s options for combating them are quite numerous. Let’s begin with some immediate steps. Install GPS tracking devices. Most insurance companies have in-house programs that offer tracking devices for customers to install in their vehicles in return for a chance at some discounts. Past the obvious reasons of offering a discount simply for tracking current driving behavior, are other reasons like record of transpired events during an accident or proof of maintenance records. Most insurance companies also provide discounts for those companies that already have tracking devices in place.  Installing Telematics devices are simply a good practice that pays dividends now and long term. Next, only hire drivers with good driving records. (Lower Commercial Fleet Insurance) Insurance premiums are higher for bad drivers, often a self-inflicted predicament. Don’t pay the price for someone else’s string of poor choices, or bad luck. Would you hire a contractor with bad record of quality of work? Or buy a product with a high history of recalls? How about an artist that misses half of their booked shows? Avoid hiring drivers with a poor driving record. Lastly, Store your vehicles in a more secure location. (Lower Commercial Fleet Insurance) Overnight, storing vehicles anywhere else will be safer than on the street. Combine street storage with the routine and scaled nature of businesses, think regular hours of coming and going with multiple instances of that action, create a perfect storm of security risks. Giving criminals more chances.  Even infrequent, casual visits would give your perps enough intel to scoop up a few (or more) of your vehicles without breaking a sweat. Insurance companies would love you for a self-instituted theft reduction program, AKA parking your vehicles anywhere but the street.

And Later.
The true power of saving money on insurance comes in the long game. The main course here is a driver training program. We’ll cover this in more detail in the next blog, but it will allow you to truly mitigate for every factor within your control. There is no other way to play the game on your terms. Next, use vehicles that cost less to insure. (14 way to reduce your fleet insurance premiums) Cars will be usual less expensive to insure than vans, trucks, and SUVs. (Differences between insuring a car vs an suv or truck) There is also a hierarchy within Vans/Trucks/SUVs of more and less expensive vehicles to insurance. And, of course, older vehicles will be less expensive to insure than newer ones. Lastly, go over your situation with your insurance company at least once a year. (Lower Commercial Fleet Insurance) Look for patterns of happenings that can be curbed, opportunities to further train your drivers, and ask your insurance agent how to lower your rates.

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