According to the Insurance Information Institute, motor vehicle thefts cost about $6 billion in 2018. And that doesn’t even begin to count the losses of other types of large equipment. Four of the top ten vehicles stolen that year were full-sized pickup trucks, commonly used by fleet businesses. Do we have your attention yet?
If you manage a commercial fleet for long enough, it’s bound to happen eventually. A vehicle goes missing. Whether the culprit is a disgruntled employee or a random thief, the headaches have only begun. First comes the police report, a frustrating task to be sure. Then there’s the waiting. There’s no guarantee they’ll recover the vehicle at all, and if they do, it may not be in working order when you get it back.
While you wait, you’ll need to have a spare vehicle for your fleet to use in the meanwhile or risk losing productivity from the driver whose truck is missing. If you don’t have an option waiting in the wings, you may find yourself paying a driver who cannot work while missing out on income from the routes he or she would typically cover.
If authorities eventually manage to recover your property, it could have been damaged, stripped for parts, or even totaled and set on fire. Any equipment or goods in the vehicle may also be unrecoverable. Then you get to deal with the hassle of insurance claims and re-procurement as you attempt to recover your investment.
Fortunately, GPS telematics technology has given us a better option.
GPS Stolen Vehicle Recovery System
Telematics systems have changed the game when it comes to stolen vehicle recovery. With today’s GPS technology, you can see where each car, truck, or van is at a moment’s glance. In the event of a theft, GPS telematics makes recovery possible. For example, when you call the police to report a stolen vehicle, you can tell them exactly where it is for quicker retrieval.
Just look at Azuga's success story with JW Flooring. They were the victims of two different vehicle thefts within a short period. Since they had Azuga Fleet installed on both vehicles, they recovered their assets quickly, avoiding a lot of lost productivity and an insurance claim for each. This quick recovery added up to thousands of dollars in out-of-pocket expenses saved.
The Insurance Solution
Speaking of money saved, did you know that burglary and theft are the most common commercial insurance claims filed by businesses? It’s no wonder that fleet businesses have to spend so much on insurance premiums.
But with Azuga’s GPS tracker vehicle recovery system, you might just find those premiums a little lighter on the budget. The truth is that these vehicle recovery software solutions offer significant savings to both your business and your insurer. Many insurers will offer lower premiums or discounts to fleets with anti-theft systems in place.
Want to save even more? Install dashcams in your fleet vehicles to provide video evidence in the case of an accident or theft. This evidence will make the claims process more manageable and less costly and may also lower your premiums.
Most insurers also offer a discount for compliance proof. If you can demonstrate compliance with federal and state laws, you may qualify. Azuga Fleet is a great way to show you comply with the ELD mandate and other hours of service (HOS) laws.
More Than Just Cars and Trucks
A stolen car recovery system is excellent, but what if you have other large assets that could be at risk? Construction equipment, containers, forklifts, pumps, and all sorts of other assets are costly and vital to your business. Losing these assets could mean big money and significant losses in productivity too. Fortunately, we have you covered.
Azuga’s asset tracking system can keep track of all these assets and more. That means that no matter where your backhoe or generator ends up, you’ll be able to track it and recover it quickly. You’ll know precisely when a theft occurred with real-time alerts whenever assets are on the move. Just draw a custom geofence around the area where it’s supposed to be, and you’ll be alerted the moment it leaves.
What about assets without power? Our trackers feature a rechargeable battery that lasts up to six months between charges. So your investments remain secure, and you can keep an eye on their position day or night.
So which would you rather do? Know where your vehicles and other large assets are at all times? Or hope for the best and pray you won’t be a victim of theft?
If you’re ready to keep tabs on all of your large equipment and commercial fleet vehicles, get in touch with Azuga today. We’ll be happy to help you choose the GPS telematics solution that will work for your fleet business.