HDVI Updates Providing to Assist Fleets Management Insurance coverage Prices – Fleet Administration

Excessive Definition Car Insurance coverage (HDVI) will launch the following technology of its HDVI Shift, the primary usage-based, dynamically priced insurance coverage product for business truck fleets in choose states for insurance policies efficient Feb. 1 or later. The following evolution of Shift provides fleets extra management over their insurance coverage prices, together with a possibility to extend month-to-month premium financial savings.

Since its 2021 debut, HDVI Shift has helped small and midsize fleets put safety-related telematics knowledge to raised use, firm officers stated in a press launch. Utilizing real-time telematics knowledge, fleets can cut back their premium month-to-month by enhancing their security scores. With the subsequent technology of Shift, fleets will now be capable of save as much as 20% month-to-month.

HDVI’s new Security Lookback analyzes fleets’ telematics knowledge from the previous 90 days when a coverage is first quoted. Fleet clients can earn fast reductions that may be utilized in the beginning of the coverage interval if the info exhibits robust security efficiency. A 20% month-to-month financial savings might translate to greater than $50,000 yearly for a fleet of 25 vans, the corporate estimates.

“In the course of the first 18 months of Shift, clients had 40% fewer predicted crashes than trade averages, affirming that incorporating telematics knowledge into our insurance coverage product efficiently drove security enhancements and diminished danger,” stated Todd Witte, chief insurance coverage product officer for HDVI in a press release. “After speaking with fleet operators and assessing months of information, we have enhanced Shift to be extra attentive to components fleets can management, and ship clients better fast financial savings and deeper reductions for security enhancements in 2023.”

To additional encourage and monitor secure driving habits, HDVI launched Shift Rating to offer fleet operators with month-to-month scores to measure efficiency and quantifiable targets that have to be met to unlock the following low cost.

“Most trucking firms have an working margin of 3-5%, making sustaining a price range and controlling prices essential,” added HDVI co-founder Reid Spitz. “The following technology of Shift emphasizes behavioral components which supplies drivers and fleets extra management over their month-to-month insurance coverage prices.”

Shift Rating is the newest in a set of merchandise HDVI gives. The corporate additionally gives security insights by its fleet portal and commonly consults with fleet clients to find out how they’ll enhance their security efficiency and cut back insurance coverage prices. Drivers are additionally engaged by the HDVI Driver+ cell app, the place they’ll entry priceless safety-related insights.

HDVI used roughly 3.5 billion miles of telematics knowledge to construct a proprietary danger mannequin and higher choose, value, handle, and retain danger. Quantifiable outcomes present 90% of HDVI clients see an enchancment in both dashing or arduous braking inside their first 12 months with the corporate.

HDVI is presently out there in 17 states, and expects to function in 30 states by the tip of 2023.