Reducing Your Fleet Insurance Costs Using Camera Systems

When you run a business that relies on a fleet of vehicles, having the right insurance policy in place is vital.

Fleet insurance enables you to insure all your vehicles together under one, easy-to-manage policy. Although fleet insurance is a very efficient solution when you have multiple vehicles that need to be insured, it can be quite costly, especially for larger fleets.

Among the ways of lowering the cost of fleet insurance, using vehicle camera systems is often overlooked. Below is a guide to using camera systems as a means to keeping the cost of your fleet insurance premium to a minimum.

Why installing camera systems can help to reduce fleet insurance costs

There are a few reasons why using camera systems for the vehicles in your fleet helps to reduce fleet insurance costs. Firstly, it makes the claims process go smoother. It’s very common for claims to be disputed in the case of a collision – neither driver wants to take responsibility and therefore the insurance providers have to deal with it. Cameras help greatly with this. They often provide a clear picture of what occurred and therefore help to settle disputes much more swiftly. Some other reasons include –

  • Improved driver performance – Improving the performance of your drivers is always going to be beneficial when it comes to lowering fleet insurance costs. When drivers are aware they’re being monitored, they’re more likely to drive safely. Better driving performance means fewer claims, which means lower premiums going forward.
  • Providing evidence of scams – Crash-for-cash scams are a big problem in the UK and something that camera systems can help with enormously. If the crash is caught on camera, then it should be obvious that your driver was not at fault and help to save you money both in the short term and long term; as well as any potential legal issues.
  • Can be used with telematics – Telematics are increasingly being used by fleet managers since they provide a very efficient way to monitor the behaviour of drivers. Being able to monitor and improve driving behaviour as required is good for lower fleet insurance costs as well as reducing fuel costs and tyre wear among other things.

Steps to take when installing camera systems

Although installing camera systems can be a very beneficial step to take as a fleet manager, it’s important you go about it in the right way. This means –

  • Ensure that any footage obtained from the cameras is sent to your insurance provider immediately after an incident occurs. This will help to get the claims process resolved as quickly as possible
  • Make sure the cameras are installed correctly. If you’re not confident installing the cameras yourself, then it’s a good idea to hire an expert.
  • If the cameras have telematics capability, then it’s highly recommended to take full advantage of them to monitor and improve driver behaviour. This is beneficial for lowering fleet costs but also for the general well-being of the vehicles in your fleet.

Choosing the right cameras

  • Single/dual lens dashcams – They will typically be capable of recording in full HD and also have GPS positioning to provide clear evidence of where an incident occurred. You can choose from either a single lens camera, which just records what’s outside the vehicle; or a double lens camera, which will also record the driver’s actions too. Double lens cameras can be particularly useful when you want to provide evidence that your driver wasn’t at fault.
  • Multi-camera systems – If you want to get even more information, then a multi-camera system would be ideal. It not only records the road and inside the vehicle cabin but also both sides of the vehicle. This can be incredible useful for truck and lorries, where accidents often occur due to reduced visibility at the sides of the vehicle.
  • Bespoke solutions – In addition to dashcams and multi-camera systems, you can also opt for a bespoke solution. Depending on the size of the vehicles in your fleet, you can have 10 or more camera fitted on a single vehicle to get the most complete information possible.

Other ways to reduce fleet insurance costs

Installing camera systems in the vehicles on your fleet can be an excellent way to lower fleet insurance costs but it’s not the only way. Below are some other excellent ways you can save money when taking out a fleet insurance policy –

  • Hire the right drivers – Hiring reliable, experienced drivers can make a big difference to the cost of your fleet insurance. Insurance providers will certainly take the profiles of your drivers into account when coming up with a price for your policy, so it’s essential to hire the best drivers possible. Typically this means drivers that are over 25 years of age (often 30 in the case of lorry drivers), have plenty of driving experience and a clean driving licence with no convictions.
  • Invest in driver training – Driver training is often looked at very favourably by insurance providers since it’s a good indication that fewer claims are likely to be made on the policy. As a result, you’ll often benefit from lower premiums when you’re able to provide evidence that your drivers have undergone training.
  • Get the right type of cover – Knowing the type of cover your require for your fleet is always important. The type of cover you’ll need will depend on the type of vehicles you have and what they’re used for among other things.
  • Shop around – It is of course, always important to get quotes from several different providers when seeking out fleet insurance. Never simply go with the first policy you’re offered as you could find a much better deal elsewhere.

Get fleet insurance quotes

If you’re looking for fleet insurance quotes from specialist providers, then simply click the green button below. After providing some information about your fleet and your insurance needs, you’ll be able to compare quotes within a matter of minutes.