Rising Fleet Insurance Costs: Battling Back! – Key Takeaways

Est. 2 min read

Idelic’s Hayden Cardiff sat down with Tim Smith of Pivotal Fleet Solutions, Max Brusky of Gallagher Bassett, and Chris Demetroulis of Gallagher, for the webinar “Rising Fleet Insurance Costs: Battling Back!” They discussed what fleets can do to obtain a favorable insurance rate and mitigate the cost of claims.

During the webinar, which you can watch a full recording of here, they highlighted three things every fleet should understand about obtaining affordable insurance:

#1: Insurance Rates Are on the Rise for Three Main Reasons

Social Inflation 

Due to 24-hour news stations, viral social media, online broadcasts, and increased plaintiff’s attorney advertising, the general public is more likely than ever before to see large truck crashes as a major threat.

Litigation Funded by Private Equity

Nuclear Verdicts have become so much more common and profitable, that private equity firms are funding suits against carriers in exchange for a portion of the winnings. This gives plaintiffs an edge over fleets with regard to paying for legal fees.

A Rise in Anti-Corporate Sentiment

Carriers are corporations, and large carriers can be falsely painted as faceless, greedy corporations to the general public. The recent rise in anti-corporate sentiment makes it easier for plaintiff’s attorneys to win in court.

#2: Fleets Need a Timely & Specific Response Plan

When a claim is made you need to have a rapid response plan in place. What happens in the first four minutes, four hours, and four days is critical. 

Additionally, you should have a plan for every step of the claim process. The driver needs to communicate to their supervisor, your fleet’s legal team needs to be involved right away, and your fleet needs to document and preserve as much information as possible.

#3: Insurance Carriers Are Most Interested in Fleets Who Invest in Technology

Fleets with an ample amount of data on their safety practices and risk management procedures are seen as worthwhile investments to insurers. 

Fleets that have this data are more able to target their process improvements to the areas of their business that need them most, which insurers believe makes them a better long-term partner.

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