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How can using cameras help to reduce your fleet insurance costs?

How can using cameras help to reduce your fleet insurance costs?

Using cameras in your fleet vehicles can help to reduce insurance costs in a few ways. One of the main factors in determining the insurance costs for companies running a fleet of large or specialist vehicles is the claims history. It stands to reason that the more claims you make, the higher your fleet insurance premiums are likely to be. The first and most obvious way in which cameras can help then is by potentially reducing the number of claims made against the insured.

How can vehicle cameras reduce claims?

Cameras are extremely useful where there is no reliable witness record of an incident leading to a claim. Camera footage becomes the witness to what happened and can be used to prove liability. This could potentially mean that a claim which may have previously been settled on a split liability basis due to a lack of evidence of fault is now settled in your favour. Eliminating the doubt about what happened means that the liability is correctly apportioned.

There is also some evidence which suggests that cameras improve driving behaviour and can reduce accidents by as much as 45%.

Combat Crash for cash scams

It is estimated that ‘crash for cash’ scams cost insurers up to £340 million per year in claims. Crash for cash scammers often target commercial vehicles and claims can run into thousands of pounds as things like personal injury and loss of earnings are added into the claim. If one of your vehicles is involved in a crash for cash incident, cameras could potentially save a claim worth thousands of pounds, protecting your insurance record and no claims discount in the process.

Driver management

Depending on what kind of camera system is installed, it could also help to influence driving behaviour and therefore with driver management. The main options for cameras are single direction, front facing cameras which simply capture footage from the road ahead. There are also dual direction cameras which can show the driver as well as the road ahead and multi camera systems which can also show footage from the side and rear of the vehicle. Most camera systems will also record GPS data which can be used to determine the speed and location of a vehicle. All of these are helpful in terms of driver management and can help to improve driving behaviour and discourage potential issues like mobile phone use and other illegal or high-risk actions whilst driving.

Risk perception and insurance premium costs

As well as claims history, another factor in determining policy premiums for fleet is the insurers risk perception. Generally speaking, an insurance company would have a lower risk perception for a fleet which was using cameras than one that was not. This, combined with information on previous claims, could well influence the premium you are offered when renewing your fleet insurance.

Of course, any cameras installed in vehicles would need to be correctly and professionally installed and approved by the insurance company to provide any benefits.

If you have not already done so, it is certainly worth looking into the provision of cameras for your commercial vehicle fleet, a recap of the the key benefits as we see them, in terms of fleet insurance are:

  • Potential to lower insurance premiums
  • Potential to reduce accidents and therefore claims
  • Improvement in driver behaviour
  • Protection from fraudulent ‘crash for cash’ claims
  • Provision of evidence in the event of claims

To get a quote for your commercial fleet, or for more information about what GM can offer, get in touch with our experienced advisors.

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