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Benefits of GPS Tracking For Insurance

A GPS car tracking device has evolved into an essential component of corporate vehicles. The good news is that today’s technologies for tracking are cost-effective and simple to install, which makes it simpler for small-scale businesses to install an effective tracking system. Here are a few benefits GPS tracking provides:

Reduce unauthorized vehicle use
Manage and cut fuel costs
It is easy to organize, manage and optimize stops on your route (job delivery, job.)
Monitor the activity of the fleet and back office dispatchers
Enhance security for vehicles (or recovering stolen vehicles)
Automated reporting of mileage hourly engine or driving hours as well as time spent at work location

Five motives why companies in the insurance industry are enthralled by GPS tracking

In addition to improving the efficiency of your business by using tools for maintenance of vehicles and driver control Fleet GPS tracking can also protect your fleet from theft. Another advantage of GPS tracking is when drivers are aware that there are GPS tracking devices installed on your vehicles, research shows that they behave more safely. The tools for maintenance of vehicles that are bundled with GPS tracking can help to keep your fleet running at its best and secure on the road and also. Insurance companies offer discounts to fleet managers who utilize GPS tracking for their vehicles due to these reasons. Numerous major insurers offer discounts as high as 30 percent off the cost of insurance to companies that use tracking systems.

Certain insurers might even pay for you to install GPS tracking technologies for your fleet. To understand the context and find out the reasons why insurance companies care about GPS tracking, think about the following five reasons GPS tracking can lower the cost of commercial auto insurance:

1. GPS tracking reduces the likelihood of having claims resulting from theft of vehicles

Incorporating an recovery tracker, such as the fleet management tracking device will improve the chances of regaining your vehicle in the event of theft. Making this additional security measure against theft can reduce your insurance costs.

The majority of drivers use GPS which is also known as a Global Positioning System, to be directed from one location to another where they need to go. Commercial tracking GPS in addition to providing navigational capability, also permits companies to monitor their fleet and then send the information to an online tracking portal in real-time. In the event that your cars are fitted with a telematics system that has GPS tracking, these fleet vehicles can be easily identified in the event of theft, enhancing the speed and efficiency that you can locate vehicles that have been stolen. Without GPS tracking, it may take several weeks for police to track for stolen vehicles. In the majority of instances, the vehicle is not found which is why the company is forced to pay for a substantial claim. This is the reason why many insurance companies offer discounts for anti-theft devices. Enhancing the ability of a company to deter theft and retrieve stolen vehicles can lower the cost of insurance.

2. The use of GPS tracking devices on your vehicles can result in improved driving habits

Drivers who are aware that they’re watched by GPS devices for tracking are safer drivers. The data from your fleet of vehicles regarding speeding, rapid acceleration, brutal braking and sharp turns are transmitted to insurance companies. This information to train your drivers to adopt safer behaviours for driving. This can lower the cost of insurance while simultaneously cutting down on fuel costs. According to Forbes the insured drivers who use GPS vehicle tracking are involved in lesser accidents, resulting in a 20 percent decrease in some calculations.

The ability to equip your automobiles with GPS devices will increase safety of drivers, enhance the driving habits of your drivers, and lower the cost of insurance in the process.

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3. The GPS tracking of your vehicles deters use of your trucks’ fleet

The use of the GPS tracking device is also a way to discourage employees from taking company vehicles to personal use. If they are aware that their car or truck is monitored for the location of its vehicle and how many miles it has driven and the driver is more careful regarding where and when they use in the vehicle of their employer. Insurance companies know that the more often a car has been driven greater the chance of having any kind of accident. This is why GPS utilization lowers insurance premiums as well as fuel expenses.

4. GPS tracking tools help in ensuring prompt and efficient maintenance of vehicles.

With GPS tracking, you can keep track of routine maintenance for fleet vehicles with an application called Service Report. Maintenance of cars is predicted using this technology, which provides owners of fleets with the extra maintenance tool. A vehicle that has an issue with a tire or mechanical issue tends to result in an accident. GPS tracking can send real-time notifications when maintenance is required, assisting to avoid these types of events. When you use Service Report, your phone is notified by text message that tells you that it’s time for regular maintenance on your vehicle, such as changing the oil and rotating tires.

For businesses with larger fleets they may be notified that your fleet has several trucks that are due for maintenance in the next 30 days. Your fleet is more manageable thanks to the quality control information that is provided by the an telematics GPS system.

Any vehicle that is efficiently tracked in real time is significantly more secured. This proactive approach can lower your insurance costs for all your fleets. Numerous insurance companies offer discounted plans to businesses who use the telematics technology to track vehicles which is a win-win situation for both the business as well as the insurance company. Additionally numerous trackers can lock the car and truck doors. They can also turn off the starter, and many other security functions. All this is accessible from any smartphone or laptop computer that has internet access. The management of your fleet becomes much easier for both you and your employees by having GPS systems that are installed.

5. With GPS monitoring your vehicle, you are less likely to suffer accidents. Insurance companies are aware of this

Another advantage of GPS tracking is the reduction in the chance of accidents. If you monitor how your users use your vehicle, they are less likely to take the vehicle on personal travel, and are more likely to be careful when it comes to mileage and avoid driving away from the most straight route. Insurance companies understand that the more frequently a car has been driven greater likelihood of any kind of collision. Also, you can cut down on insurance costs by cutting down on unnecessary miles and personal mileage that your employees drive. This all will result in greater overall savings each year on your bottom line and can lead to better earnings.
With GPS installed, you can monitor your fleet on the road with smartphones.

Include this GPS-based technology from a tracker for fleets to your fleet card and you’ll have everything you require to effectively manage your fleet. It can be managed while out and about. Fleet telematics works with tracking devices to collect data that range from the location of vehicles to the speed at which it is driven as well as driver stops can be monitored by this simple and easily installed device. If you’re connected to the internet accessible, you are able to follow the fleet vehicles using your phone or computer. That is your company can track where vehicles are located and observe driver activities in real time any time of the day or night.