Insurance premiums on the rise for commercial vehicle fleets

London, 5 December 2013
Almost half of commercial vehicle operators in the UK have suffered rising fleet insurance costs over the past 12 months, new research has revealed.

The study, by TomTom Business Solutions among fleet managers operating commercial vehicle fleets, discovered 48 per cent have seen a rise in premiums in the last year. However, more could be done by companies to address the risk factors affecting premium costs. Forty-eight per cent admit they do not provide regular training for drivers and only 44 per cent use technology to monitor driver performance as a means of assessing and reducing risk.

Currently, a third of all road traffic accidents are believed to be work-related1 so the onus is on businesses to make such improvements for the benefit of themselves, employees and other road users.

Fleet insurance premiums appear to be on the rise but action can be taken by businesses to improve safety, reduce collision rates and drive down the cost of premiums said Giles Margerison, Director UK & Ireland, TomTom Business Solutions. Initiatives such as regular staff communications, safety discussions, driver training and schemes for measuring and improving driver performance are powerful mechanisms for the reduction of road risk

The research also revealed 91 per cent of those questioned include work-related road safety as part of their company’s health and safety policy and 77 per cent operate regular risk assessments across their vehicle fleets.

Furthermore, 39 per cent do not have systems or procedures in place to manage driver fatigue and almost a quarter (24 per cent) admit they are not fully aware of their exact requirements for managing road risk

However, 39 per cent do not have systems or procedures in place to manage driver fatigue and almost a quarter (24 per cent) admit they are not fully aware of their exact requirements for managing road risk.

Duty of Care can often be viewed as a complex issue but that does not need to be the case, especially given the variety of tools available to identify and manage risk factors added Giles. Fleet management technology, for example, provides access to a wealth of actionable data which allows management to quickly identify areas of risk and take action to implement best practice

Download the research document