It seems like the cost of owning a car or operating a fleet just keeps rising. Whether it’s higher prices off the lot, pain at the pump, or rising repair costs, the world continues to chip away at your wallet.
There is no magical cure to eliminate all these costs, but there are things you can do to lower vehicle insurance.
Beyond just having a clean driving record, here are some gadgets and tools you can use to lower vehicle insurance costs.
Fleet monitoring systems
It is important to have up-to-date information on your vehicles if you run a fleet.
Fleet monitoring systems share vehicles’ locations at all times. Many products also provide access to fuel usage, engine diagnostics, route progress, and estimated arrival times.
Fleet monitoring sets typically come with GPS tracking devices that are installed in the vehicle cab and connect to the tracking server via a gateway device or a smartphone app. This allows managers to have insight on vehicles’ status from their phone or the back office.
It helps fleets save on insurance for a few reasons, the main reason being it helps fleets drive safer.
The trackers report speeding, quick turns, harsh acceleration and braking, and other forms of aggressive driving. With more knowledge of driver errors, managers can show a driver exactly what they were doing wrong and coach them to drive safer in the future.
This will lead to fewer accidents and collisions with your fleet, which in turn leads to lower insurance costs. The cleaner driving records among a crew, the more money the company saves on insurance.
Fleet monitoring also helps with insurance fraud because it always provides proof of the vehicle’s location. For example, if a civilian driver tries to falsely claim a company truck rear-ended them at a stoplight, the past vehicle data can prove the driver’s innocence and make sure insurance does not get involved.
Additionally, it always keeps track of a vehicle’s location, so it does not get lost. Larger fleets sometimes struggle to find all their vehicles at the end of the week, and if the problem persists for long enough, then their insurance costs will inevitably go up.
Dash Cams
Consumer vehicles and professional fleets could both benefit from dash cams. These devices can reduce vehicle insurance by recording accidents and other unexpected events, so there is proof of what really happened.
There is no need to rely on your word vs. another driver’s word in the event of an accident. The dash cam footage will show exactly what happened, so it is simple to figure out who is most liable. It helps drivers avoid the stressful claims process and get things settled quicker.
Dash cams also capture unexpected events like vandalism, theft, weather damage, and other destructive incidents. If something does happen to your car, show the insurance proof of what happened, similar to sharing footage from a typical vehicle collision.
The cameras also improve your driving. Easily-accessible footage shows exactly how you’re driving and the potential mistakes you get away with, so you can correct those issues going forward. It’s great for parents of teenagers learning to drive too because you can coach them through their errors.
Some dash cam services feature driver-facing cameras that show driver activity in real-time, which would be very helpful for many fleet managers.
Better driving means fewer accidents, and fewer accidents mean less expensive insurance.
Digital Tire Pressure Gauge
Digital tire pressure gauges are great preventative tools for maintaining healthy PSI levels in tires. Just press one of the nifty little pressure gauges against the side of the tire, and it will show a digital reading of the PSI level. A lot of these gadgets sell for as little as $10.
Having updated knowledge on tires is crucial because you can address the underinflated and overinflated tires early, so there aren’t problems down the road. Nobody wants higher insurance premiums due to faulty tires, and nobody wants tires to blow out on the highway, so get some digital tire pressure gauges to get ahead of potential accidents.
Install Backup Cams
Backup cameras are the car device you never knew you needed. Backing up a sedan, let alone a work truck, has never been a smooth process as the driver has to use the rearview mirror to maneuver a vehicle backward.
Sure, it is a driving practice that has been done for decades, but that does not mean upgrades should be ignored. After all, there was a time when seatbelts were not commonly used in the United States.
Simply put, backup cams show a more comprehensive view of the vehicle’s rear surroundings, which will inevitably lead to safer driving and fewer fender benders. The cameras are a great tool for vehicle fleets because it is even more difficult for larger trucks to back up, and often times they have to do it in crowded loading docks or busy city streets.
Personal cars do not have quite the same risks as a work truck, but beyond safety concerns, backup cams also help cosmetically by limiting scratches, dents, or cracked windows.
It may seem like an unnecessary expense at first, but if the backup cams cut down on collisions, then it will lead to lower insurance premiums. If you or your fleet already have backup cams, then great, but if not, adding this kind of practical technology is something to consider.
Upgraded Car Alarm
Car alarms bring up bad memories of loud blares sounding off in the middle of the night, but that is certainly better than having the car get stolen.
Many of the new car alarm systems take a two-pronged approach. They still have loud alarms designed to deter anyone from messing with the vehicle and also feature remote engine immobilization capabilities that let you stop the ignition remotely from an app or another device connected to the Internet.
Some devices come with flashing LED lights in the alarm that make it easier to locate a vehicle in the middle of the night.
Alarms may be annoying to your neighbors, but they will help catch problems early and scare off thieves tampering with the car, and in turn, help you save on insurance.
