Do GPS Tracking Systems give you a Discount on Insurance?

You already know that accidents and speeding tickets can increase your insurance premiums, and many GPS tracking systems have been installed by fleet managers to curb driver behavior, such as speeding which in turn lowers accident rates and helps eliminate tickets.

But in addition to these benefits of installing a GPS tracking system in your fleet, an added incentive may come in the form of a discount from your insurance company because of its effective use in recovering stolen vehicles.

If any of your vehicles are stolen, it can be difficult to recover any you’re potentially at risk not only for the asset itself, but for the time lost to your business. With a GPS tracking system installed, all you have to do is report its current location to the authorities, and the asset can quickly be recovered.

Because of their effectiveness in the recovery of stolen assets, several states have recently required insurers to give vehicle discounts on their comprehensive insurance. (Illinois, Kentucky, Louisiana, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island and Texas).

Insurance companies in states that do not mandate discounts have also encouraged car owners and fleet managers to install anti-theft devices by providing discounts at their discretion.

For a list of Insurance companies that have known discounts, click here