Aon has launched a monthly motor carrier insurance program for fleets with 20 or fewer vehicles that uses data collected from electronic logging devices to determine rates.
Using data from ELDs, Aon’s rating algorithm will provide fleet owners with a driver’s score based on the actions of drivers behind the wheel. Fleet owners will pay a variable insurance rate per truck based on that score.
Safe driving actions will receive lower premiums while risky driving actions will result in higher premiums. Rates are then eligible for adjustment each month, giving small fleet owners the ability to influence their insurance costs.
The program is offered through CarrierHQ’s online portal which offers products and services to help carriers lower costs, improve cash flow and grow business. Customers can couple the insurance product with a CarrierHQ Certified Factoring Partner, allowing fleets to pay monthly insurance installments without any large down payments or premium financing, according to Aon.
“In many cases, the upfront premium investment is a major barrier to entry or growth,” said Mark Epperson, executive director, Aon. “By eliminating upfront fees and premium finance charges, we are empowering economic possibility by freeing up capital and improving cash flow, which will allow owners to grow their business.”
Aon’s variable rate insurance will be available in all states except for New York, Alaska and Hawaii.