HDVI Updates Offering to Help Fleets Control Insurance Costs

High Definition Vehicle Insurance (HDVI) will launch the next generation of its HDVI Shift, the first usage-based, dynamically priced insurance product for commercial truck fleets in select states for policies effective Feb. 1 or later. The next evolution of Shift gives fleets more control over their insurance costs, including an opportunity to increase monthly premium savings.

Since its 2021 debut, HDVI Shift has helped small and midsize fleets put safety-related telematics data to better use, company officials said in a press release. Using real-time telematics data, fleets can reduce their premium monthly by improving their safety scores. With the next generation of Shift, fleets will now be able to save up to 20% monthly.

HDVI's new Safety Lookback analyzes fleets' telematics data from the past 90 days when a policy is first quoted. Fleet customers can earn immediate discounts that can be applied at the start of the policy period if the data shows strong safety performance. A 20% monthly savings could translate to more than $50,000 annually for a fleet of 25 trucks, the company estimates.

"During the first 18 months of Shift, customers had 40% fewer predicted crashes than industry averages, affirming that incorporating telematics data into our insurance product successfully drove safety improvements and reduced risk," said Todd Witte, chief insurance product officer for HDVI in a statement. "After talking with fleet operators and assessing months of data, we've enhanced Shift to be more responsive to factors fleets can control, and deliver customers greater immediate savings and deeper discounts for safety improvements in 2023."

To further encourage and track safe driving behavior, HDVI introduced Shift Score to provide fleet operators with monthly ratings to measure performance and quantifiable goals that must be met to unlock the next discount.

"Most trucking companies have an operating margin of 3-5%, making maintaining a budget and controlling costs critical," added HDVI co-founder Reid Spitz. "The next generation of Shift emphasizes behavioral factors which gives drivers and fleets more control over their month-to-month insurance costs."

Shift Score is the latest in a suite of products HDVI provides. The company also provides safety insights through its fleet portal and regularly consults with fleet customers to determine how they can improve their safety performance and reduce insurance costs. Drivers are also engaged through the HDVI Driver+ mobile app, where they can access valuable safety-related insights.

HDVI used approximately 3.5 billion miles of telematics data to build a proprietary risk model and better select, price, manage, and retain risk. Quantifiable results show 90% of HDVI customers see an improvement in either speeding or hard braking within their first year with the company.

HDVI is currently available in 17 states, and expects to operate in 30 states by the end of 2023.