A Crash Costs Your Fleet More Than You Think. Here's How.
It’s disheartening how a vehicle’s crash costs can pile up. If you’re a smaller fleet, it’s downright draining.
The costs of repairs are usually what come to mind, but there are less obvious expenses that sneak up and compound over time.
Damages
We’ll start with the immediate costs:
Property and vehicle damages cost tens of thousands of dollars–even more so if the vehicle or damage is beyond fixing and needs to be replaced.
Insurance
Few things in life are guaranteed, but taxes and higher insurance premiums after an accident can always be counted on.
Even if you’re not at fault, expect a rate raise!
Legal Fees
Insurance should cover legal expenses in the end (if it’s determined you’re not at fault), but there are upfront fees that are more immediate.
Tack on what you’ll have to pay in damages if it’s determined that you’re at fault, and the total costs are extensive.
Bad Publicity
Though it’s tough to put an exact number to this, the effects are enduring.
With the pervasiveness of social media and news outlets these days, negative news travels fast and circulates for a while. Your damaged reputation can result in the loss of future clients, as the internet does not forget.
Downtime
Monetary loss is just the start; crashes and everything that follows can take up an immense amount of time, even more so if you’re a smaller fleet with less staff.
Affected vehicles and drivers go out of service and more time is wasted on paperwork and admin duties--both hurt productivity.
In The End…
Smaller and medium fleets have more to lose, especially since accident costs increase with crash severity. Injuries and vehicle replacement costs can range in the hundreds of thousands, while fatal accidents range in the millions.
Their best chance at survival is prevention.
Though there’s a small premium to pay for the right equipment (like AI) and telematics, those costs will surely be recouped as drivers receive better coaching, accident rates lessen, and accident investigation gets more thorough.
Check out the latest in preventative measures here: our integration with Geotab for telematics and Mobile Mule AI, our AI-powered dual-dash cam.
