You are currently viewing How GPS Can Reduce Truck and Cargo Insurance Costs

How GPS Can Reduce Truck and Cargo Insurance Costs

While it may be a nice addition to your personal vehicle, GPS has become an essential piece of equipment for commercial vehicle owners. Whether businesses have one vehicle or seven, installing GPS tracking systems in your fleet can substantially reduce truck and cargo insurance costs

Lowers the Chance of Vehicle Loss

According to recent statistics, there has been a recent incline of automobile theft in the last year, with commercial vehicles being no exception. Luckily, GPS can reduce the loss associated with theft. Through alerts and advanced mapping data, business owners are able to find the exact location of the vehicle.

A lost vehicle is a nightmare when it comes to the financial effects, and the insurance claim that comes with it is no exception. Using GPS is easier and more efficient to make a fast recovery, avoiding the jump in insurance prices that would otherwise come if the vehicle was stolen.

Improves Driver Behavior

Driver behavior is another factor that can drive up the cost of fleet insurance for businesses. Speeding, hard braking, and turning corners abruptly are all dangerous habits that can cause an accident. But when drivers know they’re being monitored, they are much more likely to improve their driving habits.

When information about driving behavior is recorded, companies are able to create better policies and training on how to safely handle company vehicles. The improved performance then results in fewer accidents, which ultimately can lower insurance premiums.

Provides Better Overall Care for Vehicles

It’s impossible to control the cost of gas on the road. Yet GPS allows for better routing and dispatching and therefore can escalate the number of jobs done in a day. This also removes unnecessary fuel costs and mileage. Fleet managers can see if the truck is being used for unauthorized purposes or for no good reason at all, and quickly address it.

GPS tracking also allows for the overall health of your vehicles. The data that is transmitted through these GPS systems make it less likely that you’ll need to go to the mechanic for standard inspections, and instead, only send alerts when it’s required.

Final Thoughts

There is no question whether GPS is the safest and most practicable option for truck drivers. With an improved element of supervision and security, businesses can reduce gigantic risks associated with theft, unwanted behavior, inaccurate claims and complaints, and driver punctuality. GPS tracking allows for trucks to be monitored individually, which translates to a lower price for insurance

There are many vital benefits to using a GPS tracking device, and no matter what your reasoning is, you’ll undeniably save money and considerably improve the overall efficiency of your fleet.

Get in touch with Bethany Insurance to see how our agents can help contractors and provide extra support and peace of mind.