Where I work is a small company that happens to manage a large fleet of vehicles. Although I am only peripherally involved I know that it comes with a number of challenges, and so because I have become more interested in insurance – and consequently telematics – as a way to be helpful I decided to look a little deeper into what the technology can offer to fleet owners.
Even when you have a great group of drivers like we do, vehicles themselves don’t always operate according to plan. Things break down all the time and it costs money to fix them, and added to that, fleet insurance can also be a significant expense for any commercial owner of work-related vehicles. Telematics can assist in alleviating both wear and tear on vehicles and costly insurance bills. Safe, responsible drivers should be rewarded!
Take Control of Your Fleet with Telematics
Before calling my insurance broker for more information, I reviewed what I already knew about the subject. It’s well documented that using telematics aids greatly with improving driver safety, and can even help the environment. What I further confirmed is that telematics programs are now offered by many major insurance companies, and it’s easy to get started. How it works is that a small telematics device is attached to the computer of each vehicle, which then transmits driving and vehicle health data to your insurance company. The added benefit of telematics for fleet management is that vehicle owners also have access to key data about their vehicles and drivers.
My broker also pointed me to a few more resources on how to keep fleet insurance costs as low as possible. It’s recommended that owners choose vehicles with strong safety ratings, and also stick to a regular maintenance schedule. It’s important to screen drivers carefully before hiring, and provide the training they need to succeed. And telematics fits in nicely with these preventive steps.
- Let’s start with maintenance. Wouldn’t it be nice to automatically keep track of which of your vehicles need an oil change, service, or maintenance? Telematics allows you to do just that, so you’ll always know the condition of your fleet.
- The driver data from your telematics allows you to identify and reward safe drivers in your fleet. It also tells you when a driver is engaging in risky behaviour, like hard stops or fast turns.
- Managing a fleet also means responding to emergencies quickly and effectively. Accident notification warns you when a vehicle in your fleet has been in an accident, so you can respond as soon as possible.
- Insurance companies are also offering time-based fleet insurance, requiring telematics. You pay your normal insurance premium, and then potentially earn a rebate based on the hours your fleet was not in use.
- No fleet manager ever wants to lose a vehicle, but it happens. In a worst-case scenario, telematics can help you locate and retrieve your missing vehicle.
- Looking to make your fleet a bit more green? You’ll also be able to track fuel economy data, including miles driven, fuel used, and efficiency.
Keeping a fleet up and running requires a wealth of data, and that’s where telematics really excel. There’s no more guesswork when it comes to evaluating the performance of your drivers, the health of your vehicles, and the efficiency of your fleet. The best part is that in spite of its great performance so far, telematics is still a relatively new idea. It’s only going to keep getting better from here.
Get Started With Fleet Insurance and Telematics With InsureMy
A telematics device plugs right into any vehicle, and is very easy to install, so you won’t lose road time getting going. You’ll also be able to choose the policy that best suits your requirements. Start with InsureMy, a progressive company that’s already well-versed in the implementation of telematics in Alberta and Ontario.