Rising auto insurance rates: How telematics can help your fleet save

Auto insurance rates are rapidly rising and show no signs of slowing down. 

In just two years, from May 2022 to May 2024, the cost of motor vehicle insurance has increased more than 40%, according to Bureau of Labor Statistics’ Consumer Price Index data. 

While insurance increases are based on general economic factors such as inflation, repair costs, medical costs and growing legal liability, the roads are also becoming more dangerous.

Crashes and fatalities have generally been trending up. Despite falling slightly from a 2021 peak, the fatality rate has increased 16% over the past 10 years and crashes involving large trucks continue to grow year-over-year, according to the National Highway Traffic Safety Administration. The report points to distracted driving and speeding as major factors behind this rise.

That’s part of the reason some insurance providers offer discounts for fleets that take safety seriously—particularly for fleets using telematics, which provide a straightforward way of demonstrating a fleet’s driving record to insurers.

To help Verizon Connect customers find the right insurance provider to suit their needs, the Reveal Marketplace now features a new insurance category. With a few clicks, you can find an insurance provider or discover benefits and integrations your current insurance provider may offer for using fleet management solutions.

With insurance costs on the rise, learn how telematics can help.  

Find the right insurance provider in the Reveal Marketplace

With the insurance category in the Reveal Marketplace, current and future users can easily search insurance partners to find a new provider or explore providers that integrate directly with Verizon Connect. This enables fleets to compare benefits and discounts as well as:

• Determine quickly if your insurance provider has a preferred relationship or integration with Verizon Connect. 
• Find a new insurance provider with one-stop browsing of all the insurance providers partnering with Verizon Connect.
• Compare the benefits, discounts or subsidies that multiple insurance providers offer for connecting telematics data.

Once you’ve selected an insurance provider in the marketplace, you can request a referral to learn more about their offers. This streamlines shopping around to find the right provider, with the right rates.

How telematics benefits fleet insurance 

Many insurance providers  offer discounts to fleets that use telematics, so you can potentially save money on the skyrocketing price of insurance without having to cut costs or delay equipment purchases and maintenance—which can have long-term effects on your fleet’s bottom line.

According to the Verizon Connect 2025 Fleet Technology Trends Report, many fleets see insurance benefits when using video telematics: 70% of fleets reported improved protection from false claims, 42% report reduced accident costs and 34% report reduced insurance costs.

Using historic telematics data, insurance providers can more precisely assess risk, and tailor premiums to your specific needs. Some insurance providers are starting to offer usage-based insurance programs using driving behavior and miles driven to inform rates. Deploying telematics allows fleets to easily track this information.

Smart video is another beneficial addition to fleets when it comes to insurance claims. Dashcam footage can mitigate financial losses due to fraudulent claims. One company, B.A.M. Trucking, was threatened with lawsuits three times by the same driver, but when the company shared the footage from its Verizon Connect Reveal and Integrated Video dashcams, the suits were dropped, every time.

Using both video and telematics, fleets can also implement driver coaching, scoring reports and dashboards to improve driver behavior. In-cab or dashcam video can provide objective visual context around harsh driving events, accidents and distracted driving. Utilizing telematics, fleet managers can track harsh driving behavior such as speeding, sudden acceleration or deceleration and harsh cornering.

Telematics can also help insurance providers process claims more efficiently with detailed accident information to facilitate quick payments, allowing fleets to move on with new vehicle purchases or repairs and avoid costly downtime.

Finally, insurance companies often provide a standard discount for proof of compliance with federal and state mandates. Telematics can easily track Department of Transportation compliance, including hours-of-service rules, electronic logging devices and driver vehicle inspection reports, then collate it in an easy-to-use report.

Talk to your insurance provider about cost savings

Many insurance companies provide a discount just for having telematics, GPS tracking systems or dashcams in place. Working with an insurance provider willing to reward you for proactively making efforts to coach driver behavior and prioritize your safety record is important.

By exploring the insurance partners in the Reveal Marketplace, you can partner with insurance partners that understand the value of telematics and find the right provider for your fleet.