In Vehicle camera systems are now regarded in the top 5 of the best solutions to help reduce your Fleet insurance…..

by TTWpartners

Fleet Management

In Vehicle camera systems are now regarded in the top 5 of the best solutions to help reduce your Fleet insurance…..

Insurance premiums have continued to rise, long after the financial contraction which first squeezed the underwriting markets started to ease.

Comparison figures for commercial insurance are hard to come by, but consumer comprehensive insurance has gone up by a staggering 40% between March 2010 and March 2011, according to the AA’s British Insurance Premium Index.

However, there are actions fleets can take to control costs.

There are two factors controlling premiums. One is claims history; the other is putting together a convincing package of measures which will convince an underwriter your future risk will be lower.

Tim Carder, underwriting director for Towergate Underwriting Transportation, says: “I want to hear a positive story which convinces me to offer a competitive rate – but you have to be serious about risk management. Paying lip service to it doesn’t work.”

Best practice advice from the insurance sector to keep your premiums low

Risk management begins with risk assessment Work with your insurer to analyse your claims history and highlight areas for improvement.

“Make employees aware that you will monitor accidents and take action where necessary, such as retraining,” says Richard Flint, head of transport at North Yorkshire Police.

2 Driver training Many insurers offer driver training programmes through partners – such as Zurich with suppliers like Greenroad – and all will take into account defensive driver training.

Not all insurers give upfront discounts but an improved claims record should be swiftly recognised.

3 Manage young drivers Mike Smith, commercial motor technical manager at Aviva, makes the point that young drivers, aged 17-20, are twice as likely to make an insurance claim as any other driver, and on average the claims cost will be three times higher, and 10 times more likely to involve severe bodily injury.

“Look closely at your policies for young drivers. Many young driver claims happen at night, so are young drivers allowed your vehicles for personal use? Review your procedures for training young drivers,” he says.

4 Combine insurances Insurers like Fusion, part of the Towergate group, offer combined public liability, employee liability and fleet insurance.

“This can offer economies of scale,” says Carder.

5 Use camera technology Forward facing cameras can provide invaluable data for defending claims or swiftly settling at-fault claims. They are particularly effective against crash-for-cash scenarios; organised  fraudulent vehicular claims currently costs the industry £350m a year.

6 Renew policies in good time and after proper review Don’t pay for unnecessary extras. “Don’t take windscreen cover; it’s as cheap for you to replace as for your insurer, so why pay the middleman?” says Fleet Cover broker Paul Greenwood.

7 Self-insure – or at least raise your excess “We only cover for third party,” says Phil Redman, fleet manager at IBM UK.

8 Provide good vehicle security “We pay a lower premium because we have Cybit trackers hidden in every van so if it’s stolen we can pinpoint its location instantly,” says Rob Paddock, logistics and distribution manager at Commercial Group.

9 Telematics The business case for telematics in car fleets may be less compelling than for vans and HGVs – but, says Carder, “if you have it, make sure you put the time in to exploit the health and safety benefits”.

Action to take to reduce the cost of insurance claims

1 Claim fast (part one) Mike Smith, commercial motor technical manager at Aviva says: “The average cost of bodily injury claims is increasing by 30% every year. Ensure drivers report claims, especially fault claims involving third parties, immediately. It really is case of every hour counts.” In cases of injury, insurers often even have preferred doctor and rehab arrangements, where costs can be controlled.

2 Claim fast (part two) Even in non-injury cases, third parties can be given expensive credit hire vehicles which are then charged back to your insurer. The sooner you claim, the more control insurers have over costs.

3 Claim fast (part three) The Ministry for Justice brought in new rules, giving insurers 15 days for information gathering leading to fast, non-litigious resolution. Break the deadline and costs spiral.

4 Be honest and encourage drivers to be honest Tim Carding, underwriting director at Towergate Underwriting Transportation, says: “If you are at fault say so. The longer you fight a battle you know you’ll eventually lose, the more it costs.”

5 Tracking can help with this speed as well as duty of care Paddock says when one of his vans had a collision: “I was there before the police were because the tracking pinpointed it to a couple of yards.”

Original Article can be found here

Dash-cam footage is the only real way to substantiate your claims in the court of law

by TTWpartners


Dash-cam footage is the only real way to substantiate your claims in the court of law. Forget witnesses. Hit and runs are very common and insurance companies notoriously specialize in denying claims. Two-way insurance coverage is very expensive and almost completely unavailable for vehicles over ten years old-the drivers can only get basic liability. Get into a minor or major accident and expect the other party to lie to the police or better yet, flee after rear-ending you. Since your insurance won’t pay unless the offender is found and sued, you’ll see dash-cam videos of post hit and run pursuits for plate numbers.

And sometimes drivers back up or bump their pre-dented car into yours. It used to be a mob thing, with the accident-staging specialists working in groups. After the “accident,” the offending driver — often an elderly lady — is confronted by a crowd of “witnesses,” psychologically pressured and intimidated to pay up cash on the spot. Since the Age of the Dash-cam, hustle has withered from a flourishing enterprise to a dying trade, mainly thriving in the provinces where dash-cams are less prevalent.

Dash-cam Supercut

The Mi Witness Dashboard camera is the perfect solution to protect yourself against false claims. Insurance fraud has existed ever since the beginning of insurance as a commercial enterprise.[1] Fraudulent claims account for a significant portion of all claims received by insurers, and cost billions of dollars annually. Types of insurance fraud are very diverse, and occur in all areas of insurance. Insurance crimes also range in severity, from slightly exaggerating claims to deliberately causing accidents or damage. Fraudulent activities also affect the lives of innocent people, both directly through accidental or purposeful injury or damage, and indirectly as these crimes cause insurance premiums to be higher. Insurance fraud poses a very significant problem, and governments and other organizations are making efforts to deter such activities.