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.

How can Vehicle CCTV Reduce Insurance Premiums?

It’s worth discussing with your insurer if adding vehicle CCTV can improve your premiums. Some may offer this based on the system you can bring in.

If not, companies can pull many gains from the data over time. This will almost certainly impact your premiums. We’ve outlined some of the most important gains below:

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.

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. Risky behaviour can include speeding, harsh braking, or reckless 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.

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.

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.

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.

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

Access to all major networks and automatically roaming onto the strongest signal. This ensures the most stable and reliable coverage for your operations.

• Adaptable Data Allowance

A flexible data allowance of 1GB aggregated packages, means you can share data among your fleet. This eliminates concerns like running out of data or incurring exorbitant overage fees.

• Comprehensive Fault Notifications

An advanced monitoring system alerts you to any incidents. This enables swift resolution with the help of our dedicated team.

• Effortless Review and Remote Download

There are no restrictions on video clip length or the number of downloads. Which grants you the freedom to access the content you need without limitations.

• Automated Uploads for Swift Action

Highlights significant events, such as hard braking or cornering, trigger automatic footage. This uploads to our secure Evidence Centre, boasting 90 days of cloud storage.

• Reliable Monitoring Team

Count on our dedicated team of experts, ready to support you in downloading essential footage. We review your account for any faults to ensure continuous and uninterrupted recording.

Contact Vtec today for a free consultation and discover how connected vehicle cameras can boost efficiency and save costs for your business!