As the cost of fuel is currently so expensive there has been an increase in interest in ‘black boxes’, or telematics, which can be installed into vehicles and monitor driving patterns. Black boxes can provide information on any person’s driving patterns, and so can alert them to how they can improve in order to cut down on fuel wastage. Furthermore, they can reduce the cost of insurance for owners as some insurance companies are now offering flexible insurance schemes which can reduce in price over quarterly periods depending on the information the black box provides.
Now, a company in Wales has signed a contract with an insurance company to design and install telematics systems for the commercial vehicles which they insure. Plan-i Ltd, which is based in Machynlleth in Wales, has signed a contract worth two million pounds, and will help them expand the employee base from eight people to thirteen. Discussing the contract, Plant-i’s managing director Sam Browne said: “Together with our award-winning fleet and plant solutions, this contract enables healthy growth within the business. Plant-i spends a large proportion of profit on product development so we are always ahead of the competition.”
“We are so confident in the quality of our solutions that we do not tie customers into long service contracts. We leave them free to make the decision to stay with us because they want to, not because they have to. About 95% of our business comes from referrals. Plant-i is one of the few telematics solutions providers that offers systems which are truly flexible and scalable, providing solutions today for a more efficient tomorrow. Through the optimisation of fleet operation, a vehicle telematics system will soon pay for itself and ultimately save the customer money.”
Seeing as most commercial vehicle drivers are looking for new ways to reduce their van insurance quotes it seems that the introduction of telematics in the mainstream commercial vehicle market could be extremely beneficial. Furthermore, commercial vehicle fleet managers could save thousands of pounds per year by installing telematics into their vehicles as not only will it help them save on fuel but also alert them if a driver is driving dangerously. It seems the future of commercial vehicle insurance will depend on new types of technology that will enable insurers to offer competitive prices, and telematics could be just the beginning.