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The benefits of fleet insurance for your business

With technological innovation changing the way in which practically any business does business these days, it might be reassuring to know that the reasoning behind insuring the whole of your vehicle fleet under a single insurance policy remains the same – fleet insurance is an effective, efficient and economical way of providing cover that is needed for all of your vehicles.

So, it might be helpful to review the benefits of fleet insurance – as well as casting an eye over some of the ways in which fast-changing technology may be changing the game.

Fleet insurance

Just as the term suggests, the fleet insurance policies we arrange here at GSI Insurance allow you to keep all your vehicles insured under a single policy.

For any business that relies on three or more vehicles – including combinations of cars, vans, trucks and lorries – fleet insurance offers the efficiency and effectiveness of keeping the whole fleet insured under one policy with a single renewal date.

So, it saves you having to spend valuable time, money and resources in monitoring separate renewal dates at different times of the year for each one of your vehicles – and avoids the risk of overlooking any one of them, which is then no longer protected against loss or damage and is on the road illegally.

Fleet insurance still offers the opportunity of arranging the level of cover you need – third party, third party, fire and theft or comprehensive – and may also extend to insurance for any driver or, for further discounts, named drivers only.

In addition to the savings you make as a result of less time spent monitoring and managing insurance cover for individual vehicles, you also stand to benefit from the discounts invariably offered by insurers when cover is provided for more than one vehicle.

The Internet of Things

When it comes to technological innovation, the Internet of Things (IoT) seems to be invading the practice of fleet management, in much the same as it is already a large part of other areas of life.

In an article dated the 25th of January 2017, the website ITProPortal suggests that IoT – and the related subject of driverless vehicles – is likely to dominate fleet management discussions throughout the coming year.

In fact, the process has already started, with many drivers already using their smartphones and access to IoT to access not only GPS mapping devices, but also the location of trailers, plant and cranes needed for their loads. Technology is already available which features IoT sensors at various spots around a vehicle and a link to a smartphone app to ensure that load and vehicle safety checks have been made.

Through the spread of IoT, fleets are going to be able to communicate intelligently and in real time with regional and depot infrastructures through the development of what is known as Vehicle to Infrastructure (V2I) technology. This might be used for many purposes, such as keeping drivers updated about weather conditions, delays and congestion caused by roadworks and the availability of parking spaces needed for rest stops.

This kind of mobile resource management looks set to replace vehicle fleets’ use of telematics in the near future, says ITProPortal.

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