Fleet insurance can be a massive cost for your business. Premiums have been on the rise in the last couple of years, which only makes it harder on fleets. However, you’re not stuck with the insurance premium you have now. There are possibilities for lowering your premiums, especially when you use Azuga’s fleet management software. Let’s discuss how we can help you reduce your premiums. We will use Diamond Engineering as an example.
"We brought data from the Azuga system to our insurance company. When they saw what we had in terms of the ability to locate our assets and monitor our driver behaviors, they were happy to work with us on our premium, and we got more than a 10% discount." – Rod Gartner, President, Diamond Engineering
What Factors Determine Insurance Premiums?
Insurance companies use a tool called “risk scores” to determine what premium you will pay for your insurance. These risk scores indicate how likely it is that your business will file a claim with them. The scores are based on statistics, assigning positives and negatives to specific attributes of your fleet business.
A score ranges from 200 to 997. A higher score is better for your fleet; anything over 770 is considered good. When you have a higher score, you can expect lower insurance premiums.
How Can Azuga Affect Your Risk Score?
As mentioned, insurance companies seek positive and negative attributes to contribute to your percentage. If you have specific safety measures in place, those can serve as positive attributes that help your score. That’s where Azuga can help.
In the example of Diamond Engineering, they took advantage of Azuga’s Driver Scorecards and speed alerts. These features help Diamond Engineering track their drivers’ behavior, so they can eliminate unsafe incidents that insurance companies don’t like to see.
Azuga also offers other solutions, such as dashcams, driver safety training, and driver rewards. These can also be presented to your insurance company, potentially lowering your premium rates.
Invest in Your Fleet and See Savings Immediately
Azuga’s comprehensive fleet management software has helped Diamond Engineering lower its insurance premiums by 10%. It has also boosted their efficiency. Rod Gartner, the company’s president, praises Azuga: “We have equipment and people all over the area. With Azuga, I know where everything is, and I know who’s using it on which job site and for how long.” You can enjoy these fleet advantages as well! Schedule a demo of Azuga’s software and see what we can accomplish together.
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