Company vehicles are an essential component of a wide range of businesses. While the benefits of having them are invaluable, there are some disadvantages to it as well. The most prominent one is just how much money is spent on your company vehicles. Maintaining the vehicles, paying for fuel associated with misuse, as well as for insurance are the most obvious costs. These costs only rise if we talk about trucks, as expected. All of these canโ€™t be completely cut, but there is a way to reduce the costs associated with company trucks. The answer to this problem is simple: vehicle tracking.

Vehicle tracking is incredibly useful, especially if your company has five and more vehicles. With fewer vehicles, you can try and reduce the costs on foot, but with more of them – a shortcut is necessary. Vehicle tracking can help you in many ways when it comes to reducing costs. But, in this article, you will be reading about the way in which it can reduce your companies insurance costs specifically. You will find both direct and indirect ways in which this is done, so, letโ€™s see the most prominent ones!

Video evidence in case of an accident

If your companyโ€™s truck has ever been in an accident, you know how complicated the insurance claim process can be. In addition, proving whoโ€™s at fault in a vehicular accident is intrinsically difficult. The main reason for this is the lack of clear evidence in most cases. Without concrete evidence, deeming whoโ€™s at fault is a slippery slope. When it comes to accidents involving a truck, unfortunately, trucks are deemed at fault in the majority of cases. This is exactly why over half of all insurance claims are disputed when it comes to company trucks.

A great way to tackle this issue is to reap the benefits of truck tracing. Opting for cameras used for fleet tracking will provide you solid video evidence on what exactly happened leading up to and during the accident. This will help you defend yourself against false claims, hence allowing you to keep your premiums low.

Vehicle theft possibility is lowered

Truck tracking helps immensely when it comes to vehicle theft, and it does so with remote asset recovery. Without no way of knowing where your vehicle was taken if stolen, the police have little to go on when trying to find it. Ultimately, this results in the insurance company paying out a large claim. This is exactly why insurance companies actually offer anti-theft device discounts for those that have them.

Fortunately for you, truck tracing options count as anti-theft devices, hence lowering your overall insurance costs. You can count on a discount if you use truck tracking, but its amount depends on your location and the insurer.

Vehicle misuse discouragement

As mentioned at the beginning of the article, it isnโ€™t uncommon at all for company vehicles to be misused. The most common way of doing so is based on the personal use of the company vehicle. The reason why this is a problem is that it can significantly increase gas costs. Companies have a hard time tracking these costs, especially if there are a lot of vehicles to track. This is where vehicle tracking helps, but vehicle misuse also reflects on your insurance costs.

Basically, any vehicle that is being used often has a higher probability of being in an accident than the one which is used less. As explained previously, any accident can result in your premium skyrocketing. This is why damage prevention is an important part of cutting insurance costs. By tracking your trucks, you ensure that they are used only when they should be used. Your drivers are also aware of company vehicles being tracked, hence, theyโ€™re less likely to misuse them.

A lesser probability of distracted driving

Most vehicle tracking services offer the possibility of installing dash cameras. This, without a doubt, helps with video evidence in case of an accident – as explained previously. But, it can also help with tackling distracted driving and dangerous behavior in drivers. Companies offering dash cameras also offer the possibility of being alerted when distracting activities are taking place. This way, you can directly act on such behavior and correct it, which is incredibly important as such behavior is the leading cause of vehicular accidents.

The key takeaway here is that GPS tracking, both indirectly and directly, greatly improves various aspects of finances related to having company vehicles. Naturally, there are a plethora of ways in which you can tackle the issues discussed on your own. But, utilizing a tool specifically tailored for doing that job for you is way more convenient.

In the end, analyze all the pros and cons, and try and figure out what works best for you specifically. As always, the key to making a well-informed decision is doing research – and this article is a great way to start!

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