The second generation of Shift provides fleets with more control over insurance costs, leading to increased savings on monthly premiums.
High Definition Vehicle Insurance (HDVI) will launch the next generation of its HDVI Shift, the first usage-based, dynamically priced insurance product for commercial truck fleets in select states for policies effective Feb. 1 or later.
The shift gives fleets more control over their insurance costs, including an opportunity to increase monthly premium savings. It has helped small and midsize fleets put safety-related telematics data to use better.
Fleets can reduce their monthly premium by improving their safety scores using real-time telematics data. With the next-gen, fleets can save up to 20% monthly, potentially translating to more than $50,000 annually for a fleet of 25 trucks.
“During the first 18 months of Shift, customers had 40% fewer predicted crashes than industry averages,” said Todd Witte, chief insurance product officer for HDVI, in a statement. “We’ve enhanced Shift to be more responsive to factors fleets can control and deliver customers more significant immediate savings and deeper discounts for safety improvements in 2023.
To encourage and track safe driving behavior, HDVI introduced Shift Score to provide fleet operators with monthly ratings and quantifiable goals to unlock the following discount.”
Most trucking companies have an operating margin of 3-5%, making maintaining a budget and controlling costs critical, according to HDVI co-founder Reid Spitz.
Shift Score is the latest in a suite of products HDVI provides, and quantifiable results show 90% of HDVI customers see an improvement in either speeding or hard braking within their first year. HDVI is available in 17 states and expects to operate in 30 states by the end of 2023.
https://www.truckinginfo.com/10191695/hdvi-releases-2nd-generation-shift-product
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