5 Ways to Manage the Cost of Fleet Insurance

Every fleet service provider knows that having the right plan for insurance is very essential. There are many ways to manage the cost of fleet insurance. In this blog, we have listed the top 5 ways to manage the cost of fleet insurance. 

Why Is Fleet Insurance So Expensive?

There are mainly two reasons why fleet insurance is so expensive. It is usually a combination of both: bad management and unvetted drivers. 

It is mainly the responsibility of e hailing transport service providers to ensure that the hiring process is thorough. They should take proper care when it comes to compliance issues, ongoing training, and the behaviour of divers on service. 

Here are the simple and easy 5 ways to manage the cost of fleet insurance. 

Work Out the Risks                                                 

As a service provider for e hailing transport, it is very necessary for you to understand the level of risk. It is very necessary to manage fleet services effectively and proactively. The first step for this is to involve a risk assessment and analysis in conjunction with your insurance provider. The second stage is to pass on that information to the employees. Be clear and transparent in this whole process. 

Train and Manage Drivers

It is the responsibility of the fleet manager to ensure all e hailing driver are experienced, certified, and well trained. Experienced drivers cause fewer claims and clean records. This results in a decrease in premiums. Some insurers run their own programs that include the defensive driving skills. You can also implement regular training for drivers. 

It is very essential to examine your internal policies. It helps in considering younger and inexperienced e hailing driver. So, you can restrict them to access the company vehicle for personal use and ensure effective checks for hiring new employees. 

Embrace Technology

With the vast range of onboard camera technology, it is very crucial to install them. Camera instalment not only provides non-negotiable evidence but can also reduce the incidents of fraudulent claims. It means that the insurance companies will pass lower premiums to the clients. 

Increase Security

Installing tracking devices in your vehicles is a major factor in reducing the cost of fleet insurance. It means that even in the unfortunate incident. You can detect its location and it leads to the quick recovery of the vehicle and contents. 

Involve Drivers

The use of advanced telematics systems will make you monitor the on road behaviour of the drivers. This is used to do any operational changes in everything from maintenance of vehicles to training of drivers. It helps to process insurance claims with regard to speed and fault. 

If employees can do their own management, they not only maintain compliance but also take responsibility for their own behaviour. Be honest about accidents. 

As e hailing fleet Transport  service provider, if you take a protective and positive approach towards facing everything, it becomes easy to implement these  5 ways to manage the cost of fleet insurance. 

Connect Transport IQ in need of reliable and cost-effective e hailing fleet transport services. 

Want to become a Driver for e-hailing fleet transport? Connect Transport IQ

How does it work?

• We work with a number of drivers on a partnership basis.
• We work on the principle that a driver’s car is 'primarily' used as a business tool.
• We track daily earnings.
• We share information about good areas, trouble spots, and so on to help our team make more money and stay safe.

Become a Driver for e-hailing fleet transport with Transport IQ

How does it work?

• We work with a number of drivers on a partnership basis.
• We work on the principle that a driver’s car is 'primarily' used as a business tool.
• We track daily earnings.
• We share information about good areas, trouble spots, and so on to help our team make more money and stay safe.