Managing a fleet is no easy task. On top of the day-to-day responsibilities, fleet managers are constantly feeling the pressure to cut costs. But when dealing with fluctuating fuel prices on top of maintenance, labor and insurance expenses, figuring out where to give and take can become difficult. Many fleet managers are given a specific cost reduction goal, and have to develop their own plans to achieve it.
With the pressure on, businesses are turning towards technology such as GPS fleet tracking to help lower fleet spend. Not only has fleet tracking technology been notarized for benefits such as fuel, labor and maintenance savings, but there has also been buzz generating around potential insurance discounts. And with insurance being a major fleet operating cost, any opportunity to save can be greatly beneficial.
Why are some insurance providers offering GPS tracking discounts?
- With a fleet tracking application, fleet managers are able to actively monitor driver behavior such as speeding or aggressive driving, which in turn helps to improve driver safety.
- GPS vehicle and asset tracking helps to recover stolen vehicles and equipment. Many insurance providers will offer discounts to fleet owners who utilize these systems, considered anti-theft devices.
One GPS fleet tracking customer, Capeway Roofing, was able to lower their insurance premiums because of the anti-theft functionality. Not only that, but their insurance provider’s safety division uses them as a model for other businesses.