Fleet Insurance underwriters tend to ask a lot of questions on the geographic landscape of your fleet:
- What is your average length of haul?
- Where are your trucks garaged?
- Is your mileage typically on interstates or short local routes?
Considerations like these are important for pricing fleet insurance coverage. The answers on paper, however, don’t typically yield a clear picture of risk triggers. If a fleet carrier reports that a typical trip is from Indianapolis to Detroit, for example, that opens the door to additional questions about residential exposure or domicile information. Every haul is different. Lack of detailed information leaves it up to the underwriter to make conservative assumptions that are nowhere near scientific — yet can drive up premiums.
With the high cost of fleet coverage, geographic accuracy is more important than ever. Innovative, in-cab telematics swap out the guesswork for real-time data. Instead of making conservative assumptions that can lead to a contentious relationship after a loss, you know exactly what each driver is doing — and when.
Ironically, this often means finding that your fleet is safer than you realize. Here’s how telematics tells a true geographical story
Ultimately, it’s all about data
Today’s telematics provide the kind of detailed information brokers and underwriters alike could only dream about when previously relying almost exclusively on IFTA statements and Federal Motor Carrier Safety Administration (FMCSA) database information.
The versatility of telematics data, combined with its ability to provide major improvements to safety and productivity in the trucking industry, guarantees that these new methods of collecting vital information to assess risk will continue to play an instrumental and expansive role in commercial transportation.
Find out more about your fleet’s client risk by visiting Nirvana Insurance .
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