Daimler Truck Financial Services and Geico are offering a new data-driven insurance program they say can save customers up to 10% on their commercial vehicle insurance premiums.

Connected Insuranceis designed to help Freightliner and Western Star owner-operators and small fleets save on insurance premiums while promoting safer driving, according to a news release.

The new program builds on Geico’s existing DriveEasy Pro, which offers extra savings opportunities and benefits for customers to monitor fleet efficiency and real-time tracking with Geico’s OBD plug-in and add extra protection with its road-facing dashcams.

Under the new Connected Insurance program, instead of installing additional on-board diagnostics or dashcam hardware in the truck, Freightliner and Western Star customers can voluntarily share their real-time Detroit Connect telematics data and take advantage of the DriveEasy Pro program benefits.

This enables more accurate underwriting and streamlines the claims experience, according to the company. 

Developed with input from owner-operators and industry professionals, Geico's DriveEasy Pro program combines real-world telematics data with advanced analytics to offer competitive rates backed by Berkshire Hathaway.

The Connected Insurance announcement comes at a critical time for the trucking industry. According to the American Transportation Research Institute, insurance costs rank as the fourth-highest challenge for carriers, particularly for small businesses. 

Connected Insurance addresses this directly by making quality coverage more accessible and affordable, according to the announcement. 

Geico’s Fast-Growing Trucking Insurance Business

One of the reasons for skyrocketing insurance costs has been a shrinking number of companies offering insurance for trucking companies. 

Geico has been rapidly expanding its truck insurance offerings over the past couple of years, and made its inaugural appearance at the Mid-America Trucking Show earlier this year to showcase its offerings designed for owner-operators, private carriers, and leased operators.

The company said in an earlier release that it has made substantial investments in building a claims infrastructure specifically for the trucking industry to help get customers back on the road faster. It has recruited some of the industry's top talent and developed specialized training programs for claims adjusters.

More About Connected Insurance

Daimler Truck Financial Services said this product is part of a broader commitment to leveraging Detroit Connect telematics data to enhance the ownership experience. It will explore additional ways to apply connected vehicle data across its financial services portfolio.

“This strategic partnership with Geico introduces a smart, data-driven insurance option that helps our customers reduce one of their largest operational expenses,” said Kevin Bangston, president and CEO of Daimler Truck Financial Services North America, in a news release.

“Real-time data from Daimler Truck’s telematics platform allows us to better assess risk, reward safe driving, and deliver meaningful savings to our customers,” said Chris Sions, Geico’s head of partnerships, in a news release.

“Expanding our commercial trucking insurance nationwide requires strong partnerships like the one we’ve built with Daimler Truck Financial Services.”

The program is contracted through DTFS’s subsidiary, Daimler Truck Insurance Agency.

This is not Daimler Truck Financial Services' first foray into using telematics to offer savings on insurance. In 2022, it announced a partnership with High Definition Vehicle Insurance (HDVI) to offer Dynamic Insurance.