TUESDAY, MARCH 15, 2022
Telematics is a growing component of the trucking industry. If you operate a commercial vehicle, there may become a time when telematics plays a role in the way you operate. Telematics might influence who you hire and what you pay for commercial auto insurance.
Telematics comes in a variety of forms. In its simplest of forms, it provides information to those who need to know how a person is driving. It can also tell you other statistics like the location of a vehicle.
What Data Provides Insurers
The key benefit of telematics is that it provides incredible data. Telematic vehicles are able to send data – about everything from road conditions to the speeds the driver is operating at – back to a central point. This data can shed light on many factors.
The ultimate goal of this type of technology is multi-faceted. It can help to ensure drivers are driving at appropriate speeds. It can help to determine the condition of the major systems within the vehicle. And, it can help insurance companies to know how much risk a single driver presents to the company.
How Can Data Play a Role in Business Insurance Rates?
With this data, insurance companies can make better decisions about the risk of any driver or any company. They can use this data to determine where a lost or stolen vehicle is. This can help the company to reduce some of the claims that play out.
In some cases, the information can help companies decide if business insurance rates should be lower for safer drivers. And, it is possible that these tools help determine who caused an accident and, perhaps at some point in the future, help to assign blame and liability in such instances.
Right now, telematics is relatively new in terms of what it can offer to commercial auto insurance providers and their clients. However, over time, this industry will likely grow. The number of ways it could impact your commercial vehicles is also likely to change.
Not everyone is on the same page about the ability and right to use this information. However, it is important to follow this trend and stay up to date on its changes.
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