High Definition Vehicle Insurance (HDVI), a provider of commercial auto insurance, has expanded into Arizona, where its telematics-based insurance products and safety coaching will now be available to small and midsize trucking fleets.
Approximately 85% of Arizona communities depend exclusively on trucks to move their goods, according to a study by the American Transportation Institute. The study found that in 2019, the trucking industry paid about $719 million in federal and state roadway taxes – nearly half of all taxes owed by Arizona motorists.
“The trucking industry is a vital pillar of the economy despite an extremely challenging business environment consisting of historically high fuel costs, driver shortages and increasing insurance premiums,” said Chuck Wallace, co-founder and CEO of HDVI. “Our sophisticated safety and risk management tools help these small to midsize fleets protect their drivers, operate more efficiently, and save on insurance costs.”
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HDVI Shift, the company’s commercial trucking insurance coverage, uses onboard telematics data to provide small to midsize fleets with real-time risk models. HDVI Shift helps fleets save up to 12% on their monthly premium based on real-time driver safety, the company said.
During the first year of HDVI Shift’s availability, fleet customers earned better-than-average safety scores, with 30% fewer predicted crashes. More than 75% of its customers saw an improvement in speeding or hard braking in the first six months. That number rose to more than 90% after nine months, HDVI said.