In the competitive world of commercial dealership insurance, finding ways to reduce premium costs is paramount. One often-overlooked avenue for potential savings is the implementation of GPS tracking devices on all dealer-owned vehicles.
In this article, we'll explore how GPS trackers can help dealerships cut insurance expenses and offer guidance on selecting the best tracking systems available.
In an era marked by inflation and rising interest rates, dealership profit margins are under constant pressure. Whether you operate as a franchise or an independent dealer, securing discounts on your commercial insurance can prove instrumental in bolstering your bottom line during these challenging times.
Understanding How GPS Devices Influence Insurers
Insurance providers are equally invested in cost savings and risk assessment. When crafting a quote for commercial insurance, especially a Dealers Open Lot policy, they meticulously scrutinize specific factors that can either heighten or mitigate their risk in insuring your vehicles.
Among the tools that garner the most significant discounts are those that deter theft effectively. Insurers recognize that GPS trackers serve as both potent theft deterrents and valuable aids in recovering stolen vehicles promptly.
The ultimate objective for insurers is to enhance the chances of swiftly retrieving a stolen car before significant damage occurs, as the payout for new vehicles can be substantial. When your commercial insurer perceives that you've invested in enhanced vehicle security through GPS tracking, it can substantially contribute to maintaining lower insurance rates.
Crucially, this applies not only to your active inventory but also extends to your courtesy shuttles, service loaners, and transport vehicles if applicable. Comprehensive coverage should not leave any vehicle unaccounted for.
Similar Discounts to Home & Auto Insurance
Drawing parallels to personal auto insurance, when you seek insurance coverage for your personal vehicle, agents often inquire about safety features. Insurers are inclined to offer discounts for features that reduce the likelihood of accidents or mitigate the severity of injuries.
Even homeowner's insurance can yield discounts when you have 24/7 home alarm systems or advanced smoke/carbon monoxide detectors in place. Insurers are driven by the perception that these safety measures lower the risk of significant claims payouts.
Selecting a GPS Tracking Service
While GPS tracking services have been available for some time, recent years have witnessed a shift towards more robust real-time monitoring of stolen cars and even dealership-owned vehicles that may be taken off the lot without authorization—yes, it happens.
When selecting a GPS tracking service, it's vital to opt for one that goes above and beyond in tracking vehicles, facilitating swift police involvement, and minimizing administrative hurdles. Time is money, especially when dealing with stolen vehicles.
Here are some key features to look for when shopping for a GPS tracking service:
Real-Time Tracking: Ensure that the tracking service offers real-time monitoring with no delays or cumbersome steps to track vehicle movements.
Comprehensive Monitoring: Look for a GPS tracking service that provides real-time data not just on location but also vehicle speed, mileage, and distance from the lot.
Detailed Vehicle History: The service should offer comprehensive vehicle movement history and relevant data, enabling you to track each vehicle's activity accurately.
Battery Backup: Make sure the system includes a battery backup to maintain power and send notifications if the device's power is deliberately disconnected.
Device Versatility: Seek a tracking service that provides standard in-dash devices with the option to add supplemental devices if required.
Immediate Police Alert: Ensure that the system can alert the police immediately without the need for manual reporting or third-party call centers, facilitating prompt action.
Discreet Branding: Opt for a solution without outward customer branding to prevent customers, employees, or potential thieves from detecting the presence of tracking devices.
At DealerSure, we understand the importance of securing the best coverage for your dealership vehicles while capitalizing on rate credits that reinvest money back into your business where it belongs. Reach out to us for recommendations on GPS tracking services that can help you secure a better commercial insurance rate. It's time to stop leaving money on the table and fortify your dealership's financial health.