Synovia Solutions Blog

How Fleet Tracking Software Can Help You Reduce Insurance Costs

Posted by Bill Westerman on Thu, Mar 05, 2015 @ 08:30 AM

GPS insurance savingsFrom greater fuel efficiency, increased payroll accuracy, improved route compliance and more, there is no shortage of ways Synovia Solutions GPS tracking technology can aid you in reducing fleet operating costs. Still, there remain several ways Synovia Solutions can help you save that you may not have considered.                        

One of the most overlooked cost-cutting opportunities associated with GPS tracking has to do with insurance costs. With Synovia Solutions GPS-powered tools, you can pay less toward your insurance premiums without having to reduce your current coverage. What’s more, many insurance companies will offer immediate discounts once a GPS system has been installed. Here’s why:

GPS tracking can lead to an increase in the recovery of stolen equipment

Vehicle and equipment theft has long been an issue for fleet managers across a wide range of industries. Whether it’s an experienced car thief stealing a vehicle after hours or one of your employees taking an expensive piece of equipment home with them, the potential for theft is an ever-present threat.

Stolen goods are an especially big problem for fleet managers because most of what is lost is never recovered, forcing insurance companies to pay for replacement equipment. This type of scenario usually leads to increased premiums, meaning your company is forced to pay even though it has been the victim of criminal activity.

With GPS tracking from Synovia Solutions, you’ll always know the location of your vehicles and equipment, so you can assist law enforcement in recovering stolen property. And because a large number of insurance companies see the implementation of a GPS system as an anti-theft measure, significant discounts can be had.

GPS tracking can aid you in enforcing safer driving habits

Even if you’re brand new to fleet management, you probably know from personal experience that unsafe driving habits greatly increase the risk of an accident or citation. The more incidents you have, the higher your insurance premium. The same goes for your drivers. The more trouble they cause as a result of reckless driving practices, the higher your premiums will rise.

GPS tracking from Synovia Solutions gives you the power to monitor driver behavior across your entire fleet, so if one or more of your employees has issues with excessive speed, harsh braking or rampant acceleration, you’ll know. You’ll be able to enforce safer driving habits your drivers are sure to follow because they’ll be aware that their activity is being monitored. The result? Less accidents and fewer citations, leading to potential discounts from your insurance provider.

GPS tracking can help ensure vehicles aren’t being used for unauthorized purposes

Vehicle misuse represents a giant liability risk for fleet managers. Construction workers taking heavy machinery home on the weekends, delivery drivers letting a spouse use their van to pick up the kids – even police officers venturing outside of city limits for personal reasons. All of these potential situations can cause big problems with your insurance company should an accident or injury occur.

Synovia Solutions GPS systems enable you to track your vehicles 24/7, so if your drivers are utilizing vehicles or equipment for anything other than their intended purpose, you can put a stop to it before it’s too late. Your insurance company will feel better knowing your employees aren’t leaving the job behind the wheel of your company’s property, increasing the likelihood that you’ll receive a discount.

GPS tracking help your vehicles remain safe and reliable

Synovia Solutions GPS technology alerts you the moment one of your vehicles displays an engine fault code, helping you to stay on top of vehicle maintenance and avoid costly repairs later on down the road. While that represents a valuable benefit by itself, this same information can help you maintain vehicle safety, reducing the risk of on-road incidents caused by poorly maintained vehicles.

The less aware you are of the condition of your vehicles and equipment, the more likely you are to face a costly situation where damage and injury occur due to an accident or breakdown. With GPS tracking, you can keep your vehicles in exceptional operating condition, greatly reducing the chances of having to file insurance claims because a driver was injured behind the wheel of a poorly maintained vehicle. Furthermore, regular maintenance will increase the life of your fleet, leading to less money spent on insurance due to the fact that it costs less to insure an older vehicle than a brand new one.

GPS tracking can help protect you and your drivers from false accusations

For as long as you operate a vehicle or equipment fleet, accidents will happen. No matter how safe your drivers may be or how well your vehicles are maintained, unfortunate events will occur. For most fleet managers, the real problem arises when one of your drivers is involved in an accident and is deemed “at fault,” even if little evidence exists to support that conclusion.

How can you protect your drivers and your company from being held unjustly liable for an event that may have been the fault of another? You guessed it – Synovia Solutions GPS tracking. You’ll be able to view where a specific vehicle was and when, how fast it was traveling and more, so you’ll have the evidence needed to defend against unfounded determinations.

For example, Auto-Owners Insurance offers fleet clients an immediate discount as long as:

1.      The client’s policy is classified as a “Fleet Policy”

2.      The client has five or more vehicles on the policy

3.      The client’s GPS system has the ability to send, receive, store and forward tracked data

4.      The client’s GPS system can locate vehicles via the web or phone

5.      The client’s GPS system tracks speeding, harsh breaking, harsh steering and acceleration

6.      The client’s GPS system shows contract documents or provides a screenshot to them

7.      The client has two-thirds of their fleet connected to a GPS system

 

Synovia Solutions GPS tracking system meets all of the requirements outlined above. The best part? You can get started using Synovia Solutions GPS technology with no upfront costs thanks to Synsurance™.

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Tags: safety, GPS