Any companies that drive vehicles for business purposes need to have an appropriate fleet insurance policy in place. Regular car insurance policies won’t cover your drivers while they’re driving for work. However, figuring out which fleet insurance policy is right for your business can be confusing — not to mention expensive.
This article will explain the basics of finding the right fleet insurance policy for your business and how using a driver style analysis software can lower your insurance premiums.
Choosing the Right Fleet Insurance Policy
There are three main types of fleet insurance policies to be aware of: Third-Party, Third-Party Fire and Theft, and Fully Comprehensive. Here’s a quick overview of each type of fleet insurance:
- Third-Party: Most basic form of insurance, and therefore the cheapest. It only covers third party damage done to another driver and / or their vehicle.
- Third-Party, Fire & Theft: Includes the same amount of coverage as Third-Party insurance, as well as protection against fire and theft.
- Fully Comprehensive: Covers third-party damage, theft, fire and damage to your own vehicles and drivers.
Before committing to a fleet insurance policy, you should first research the types of damage that are covered, the maximum coverage amount, the copayment amount and so forth.
Read More: Reduce Fleet Insurance Cost With Driver Monitoring
Reducing Insurance Costs with Driver Analysis Software
In general, the best fleet insurance option is Fully Comprehensive since it completely covers your fleet vehicles and drivers. However, fully comprehensive insurance policies can be pricey.
To reduce your monthly insurance premiums, it’s recommended that you install a driver analysis software, like Driving Style Analysis (DSA). Vimcar’s DSA software scores drivers based on factors like speeding, acceleration, idling and phone usage. You’ll be notified of any outliers and can quickly correct poor driving behaviour before it becomes a bigger issue.
By using DSA to correct poor behaviours, you will:
- Reduce overall wear and tear on vehicles
- Improve driver safety
- Lower accident rates
- Minimise insurance claims
DSA provides a full overview of your drivers’ behaviours, which you can use to prevent unsafe and inefficient driving. Accident rates and insurance costs will be minimised, saving you money in the long-run.
If a driver doesn’t know how to improve their driving behaviour, you can send them the automatic report generated by the DSA software. This way, there’s no guesswork on their part and they correct their driving immediately.
Ready to Lower Your Insurance Premiums?
Choosing the right fleet insurance policy for your business requires intense research and will likely be expensive. However, a safe and effective way to lower your insurance premiums is to install a driver analysis software such as Driving Style Analysis (DSA).
Vimcar’s DSA software scores your drivers based on their driving efficiency. It’s a straight-forward scoring system that can be setup on their smartphones, plus it includes free product onboarding.
Read More: Company Car Insurance – How To Deal With Accidents
