The last time we surveyed Overdrive's owner-operator and small fleet readers about awareness -- and use -- of so-called "usage-based" insurance (UBI) policies, just 15% were aware that such policies existed in commercial insurance markets. A very small 5% had actually used such a policy, where rates are more closely tied to actual risk with utilization factors like miles run or time spent in operation impacting premiums dynamically.
There's at least some evidence those options are fast becoming more prevalent in exchange for access to insured fleets' and owner-operators' data to prove and track usage.
In a freight world where every penny matters, why pay for what you're not using? Such logic underpins moves by small fleets and other owners in the direction of UBI.
Are we approaching prime time for usage-based policies among small fleets?
Weigh in via the poll below, and be in touch with Overdrive editor Todd Dills if you have experience with such insurance: [email protected].
Find related resources via the links below:
**ELD-data engagement: Your insurance premiums might depend on it
**Navigate the trucking insurance market to save at renewal
**Yes, you can reduce your trucking-insurance premium, and I have the customers to prove it!
**Usage-based insurance: Trucking's best-kept secret?
**New tech models tie insurance pricing to performance
**How much is your ELD data worth?
