We have good news and bad news about fleet risk insurance. The bad news: insurance is already expensive and rates are on the rise. The good news: you can cut those costs dramatically with IoT.
Insurance companies offer a range of benefits to fleets with a telematics solution. Some will give an automatic discount. Others provide data-driven coverage that rewards safe driving. No matter what, the safety benefits of IoT and location-based services give fleet managers powerful leverage when negotiating insurance rates.
To get an idea of just how much this technology can save you, here’s an example. One 32-vehicle fleet saved $20,000 to $30,000 in just one year after switching to a telematics-based insurance policy1.