Truck Insurance Premiums Set To Fall With Telematics

  • by The Quotesonline Team

Telematics have changed the face of fleet management and now are set to change the face of  the truck insurance industry

Truck Insurance

What Are Telematics?

Telematics is a wireless communications network supporting remote applications such as utility meter reading from a distance, load shedding, vehicle location, navigation, monitoring, and providing emergency help.

What Insurers Use Telematics?

Zurich Motor Fleet Underwriting and Risk Engineering have developed a telematic based solution that will change driver safety … forever.

Called Zurich Fleet Intelligence or ZFI, it utilises data from on-board ‘black box’ technology (in some cases, already installed and used for logistic and production based monitoring and management). ZFI, interprets this data to indicate specific driver behaviour characteristics. It reports these hazardous incidents, including performance trends, to the driver on-line, but also in real time within the vehicle.

Will Telematics reduce Truck Insurance Premiums?

Actuaries were able to conclude that 71% of vehicle crashes were caused or contributed by specific driver behaviours which could be detected by telematics.

A correlation of these studies revealed that between 15-20% of crashes could be avoided by using telematics to detect high risk driving behaviour, and prompting driver coaching on key elements of their driving.

Insurer Allianz has been trialling such a solution with 80,000 vehicles in Europe on a system that has been in operation since 2007. In addition to flexible car insurance charges, the system offers breakdown assistance, stolen vehicle tracking and recovery, and emergency/accident assistance.

If you need Truck Insurance from multiple insurers talk to the transport team at Insure 247 on 1300 046 787. Single units to large fleets quoted

 

 

 

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