There are many ways that commercial trucking companies can use technology to improve the safety of their fleets and lower their insurance costs. As technology continues to improve, opportunities can arise from the most unusual places. For example, some ELD apps can be used to decrease trucking insurance costs.
Historical Data Used for Future Rates
Commercial insurance companies largely continue to use historic data to determine risk and insurance premiums for trucking fleets. Now that trucking companies have a reliable way to collect and manage data, programs and coverages can often be tailored to better fit current insurance needs.
ELDs play a critical role in this paradigm shift through features like an electronic logbook, DVIRs, accident reporting, and document management. This is the same data insurance carriers need in order to determine the safety risk of a fleet.
Some of these devices, such as the one created by Gorilla Safety, are FMCSA compliant so they will meet the new federal ELD requirement. This helps you meet federal regulations while collecting data that will help lower your insurance rates.
As usage-based insurance for commercial fleets becomes more readily available, effective data management could realize significant overall cost reduction. Contact us to learn more about coverages to meet your company’s needs.