As companies are always looking for ways to save money and tighten the budget, digital tech has become the means for providing the data necessary to make cost-saving decisions. Industry’s all types are using technology to help make smarter investments, and trucking insurance is no different. The cost of the premiums for a driver or entire fleet can come down to what a CAB report might say.
According to the professionals at https://www.truckinsure.com/, more companies are relying on in-cab reporting software to deliver real-time updates about their drivers’ performance. As insurance premiums are determined by many factors, a company looking to save money will do whatever is necessary to maximize their budget. The use of CAB reporting takes a look at the vehicle history and ownership, pulling the same information that could be found on federal websites.
Insurance underwriters will use the data taken from the report for the following areas:
- Eligibility screening
- Verifying the operating radius and type of carrier contract
- The type of cargo being hauled
- Prior insurance coverage and claims
- Number of trucks owned and current mileage logs
- Hazmat occurrences
- CSA rating
- Trends related to Out of Service
The findings from the report will translate into the cost of an insurance plan, with higher CSA scores indicating higher premium costs. The underwriter will also make sure that there is no fraud occurring with another name being used for the same carrier.