Truck Insurance with Telematics

Truck Insurance with telematics

Insurance policies that take advantage of ‘Black Box’ data recording devices have been around for a few years now for car drivers. But did you know that similar ‘smart’ technology is also available for Truck and HGV drivers?

What is truck insurance with telematics?

If you own or operate HGV vehicles, you’ll be aware of your legal obligations to have them adequately insured. Getting the right cover can be a costly and time consuming annual exercise. As a specialist UK Insurance Broker to the HGV market, we can arrange cover quickly – and with telematics insurance policies, it could be that you save some money too.

As a condition of your insurance, a simple telematics device (commonly referred to as a Black Box) is installed on your vehicle. It records information about driving speed and style (for example braking) as well as mileage and the routes taken. This data is passed on and visible to the insurer who typically rewards ‘good driving’ with a lower premium. Conversely, your premium may go up if the data suggests poor driving.

Who should consider buying truck insurance with telematics?

Anyone who drives HGV’s and trucks for a living should consider truck insurance with telematics. It’s understandable that some drivers and HGV operators may feel that this is a little bit ‘big brother’ but there can be significant upside in reducing insurance costs.

Compare telematics for fleets

If you run a business with a number of vehicles, or work as a fleet manager, it’s worth looking at what is involved in getting telematics installed. It may be that you already have fixed cameras installed on your vehicles, but adding ‘black box’ intelligence has further potential benefits.

If you are in the process of buying new vehicles for your fleet, it’s worth noting that many of the larger manufacturers are now beginning to install some telematics technology as standard, or at least as a purchase option.

You will develop some fantastic management intelligence on how your vehicles and drivers are working, which could translate into real world cost savings. Potential benefits, depending on the telematics technology chosen, may include:

  • Increased fuel efficiency. Trucks fitted with tyre pressure monitors may help fleet managers identify when incorrect tyre pressure is leading to fuel inefficiency.
  • Reduce costs of fleet ownership through better understanding or maintenance and repair requirements, as well as managing tyre wear and fuel costs.
  • Identify optimal delivery routes, increasing efficiency.
  • Flag and monitor dangerous driving habits and identify driver training requirements, thus reducing accident rates.
  • Identify where trailers are idle and improve loading turnaround.
  • Provide information to insurers, many of whom will look to reward what they might see as good fleet management and driver behaviour with reduced insurance policy costs

As far as insurance is concerned, there are several potential benefits, so its well worth making the effort to compare telematics for fleets.

Telematics and trailers

Until relatively recently, trailers have been largely ‘dumb’. But these days, telematics can be deployed to monitor past and upcoming maintenance requirements, confirm and log deliveries as well as measure temperature control on refrigerated units.

From a security perspective, there are many potential benefits, particularly where high value goods are being carried. Truck ID systems can track and check that the ‘right’ trailer is being towed by the ‘right’ cab. Locks and sensors can be fitted that will trigger alarms in the event that the trailer is opened or goods are moved unexpectedly. Some systems allow you to programme trailer doors so that they will open only in specific locations, or at particular times.

Compare telematics insurance for fleets

IT’s easy to see why businesses who operate fleets with telematics are attractive to insurers. By virtue of the additional information and security afforded by telematics, it’s likely that the risk of insurance claims will be reduced. Different insurers have different requirements for what information they want to see from telematics, so its worth speaking with a broker before choosing your policy.