Dollar Impact of Fleet Management
Insurance
Average premium for a commercially used pickup truck is $257/month, or $3084 annually*
Average deductible is $1000
Average claim frequency varies by location, industry, and miles driven and ranges from 5% to 20%. This means that between 5 in every 100 and 20 in every 100 commercially used vehicles will be involved in an accident each year
Over a 5 year period, the risk of each vehicle in your fleet being in an accident is between 23% abd 67%
Following an at-fault accident, insurance premiums increase by an average 48% per year and go as high as 78%**
Rate increases impact the entire fleet’s premium, not just the vehicle involved in the accident
A safety program that avoids a single accident or video/ telematics that proves your driver not at fault saves money
Insurance Case Study
Assuming a fleet of 5 vehicles, each with an annual premium of $3084
| Pre accident | - | $37,008 annually |
| Accident Cost | - | $1000 Ded |
| Rate increase | - | $17,763 annually |
| 5 year cost | - | $88,815 |
Other considerations – Down time during vehicle repair, depreciation of vehicle, injury to your driver, threat of litigation for damage or injuries in excess of policy limits.
| 5 year cost of telematics/fleet management | - | $3900 |
| 5 year cost of dash cams | - | $16,800 |
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