How can Connected Vehicle Cameras Decrease Insurance Premiums?

Did you know that on average 1 in 3 business vehicles are involved in an accident each year? (Fleet World). Vehicle insurance represents a significant expense for any fleet, which is why it’s important to drive this down as much as possible. Vehicle cameras are one of the most effective strategies for lowering insurance premiums.

Read below as we outline the reasons the right vehicle CCTV solution can decrease your insurance premiums.

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How can Vehicle CCTV decrease Insurance Premiums?

It’s worth discussing with your insurer if adding vehicle CCTV can improve your premiums. Fleet insurers may offer reduced premiums for just using the system on your fleet.

You’ll also see a decrease in costs for reduced incidents, reduced faults of incidents and a better-driven fleet. All these benefits are easily achievable when using the correct system (especially with an integrated telematics platform i.e. MANTIS Vehicle CCTV and Webfleet telematics).

We’ve outlined some of the most important gains vehicle cameras can provide that should ensure reduced premiums.

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1)    Real-Time Monitoring and Insights:

 

Connected cameras provide real-time monitoring of vehicles and driver behaviour. This occurs through a centralised platform. With it, businesses can analyse driving patterns and identify areas for improvement. Which enables the company to take proactive measures to address risks.

Insurance companies value this level of monitoring. They may offer discounts or lower premiums for a commitment to data-driven risk management.

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2)    Improved Driver behaviour leads to reduced accident rate:

Vehicle CCTV systems can track driver behaviour and road incidents in real-time. This helps in identifying risky driving behaviours. Such risky behaviours may encompass speeding, abrupt braking, or hazardous manoeuvres.

Automatic uploads after events like Gforce and harsh steering can trigger automated alerts. Footage can provide training for drivers, or highlight high-risk drivers. This proactive approach reduces the likelihood of accidents. Accidents are one of the primary factors influencing insurance premiums. Insurance companies view businesses with lower accident rates as lower-risk customers. Leading to potential discounts or lower premiums.

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3)    Increased Evidence for Claims:

In the event of an accident or incident involving a business vehicle, CCTV footage can serve as evidence to support claims. The footage can provide clear documentation of what happened. Helping to determine fault and liability accurately. This can streamline the claims process and prevent disputes.

Faster resolution leads to reduced administrative costs for business and the insurance provider.

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4)    Deterrent Against Fraudulent Claims:

Vehicle CCTV acts as a deterrent against fraudulent insurance claims. This includes things like staged accidents or exaggerated injuries. The presence of cameras can discourage people from fabricating accidents or the extent of damages. This helps insurance companies mitigate the risk of paying out fraudulent claims.

Connected cameras with GPS and geolocation capabilities provide more context and verification. This assists insurance companies in verifying claims.

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5)    Enhanced Fleet Security:

Connected vehicle CCTV systems provide surveillance for the vehicles themselves. They can deter theft, vandalism, and unauthorised use of company vehicles. Using this minimises the risk of vehicle-related losses. Businesses demonstrating a proactive approach to security are viewed favourably by insurance providers.

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Why MANTIS Live?

Mantis Live is at the forefront of connected vehicle CCTV. It leads the way due to:

–        Market-leading multi-network 4G connectivity solutions

–        Adaptable Data Allowance

–        Comprehensive Fault Notifications

–        Effortless Review and Remote Download

–        Automated Uploads for Swift Action

–        Reliable Monitoring Team

Using MANTIS Live across fleets has provided a proven track record reducing insurance premiums because:

• Streamlined Claim Process: With immediate access to video evidence, we expedite claim resolution, helping you keep costs under control.
• Protection Against False Allegations: Our system safeguards against unfounded claims, providing concrete evidence to refute any accusations.
• Driver Training Enhancement: Identify high-risk drivers and utilize video footage as a powerful training tool to elevate your driver training programs
• Reduced Collisions: By enhancing driver visibility and awareness, our solution contributes to a reduction in collisions, potentially leading to lower premiums or broader insurance options.

At Simplicity Group, we prioritise putting customers first. We ensure that your unique requirements and satisfaction are at the core of our services. We collaborate with the best providers in the industry. So, you’ll benefit from new technologies, reliable solutions, and a network of trusted partners.