CHICAGO — High Definition Vehicle Insurance (HDVI) announced Tuesday its expansion into Arizona, where, company officials say, its telematics-based insurance solutions and safety coaching “can now be used by small and midsize trucking fleets to lower their insurance costs.”
Approximately 85% of Arizona communities depend exclusively on trucks to move their goods, according to research compiled by the American Transportation Research Institute, which noted that the trucking industry paid about $719 million in federal and state roadway taxes during 2019, almost half of all taxes owed by Arizona motorists.
Trucking companies in the state are small and locally owned served by a wide range of supporting businesses.
“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 HDVI co-founder and CEO Chuck Wallace. “Our sophisticated safety and risk-management tools help these small to midsize fleets protect their drivers, operate more efficiently, and save on insurance costs.”
HDVI Shift, the first-of-its-kind dynamically priced commercial trucking insurance coverage, uses onboard telematics data to provide small to midsize fleets real-time risk models — advanced tools that are usually only available to mega-fleets.
Rather than wait years for a traditional insurance company to recognize and potentially reward safety gains, HDVI Shift helps fleets save up to 12% on their monthly premium based on real-time driver safety.
During the first year of HDVI Shift, and based on 20 million miles of telematics data, fleet customers earned better than average safety scores with 30% fewer predicted crashes, a news release stated.
Additional quantifiable results show that over 75% of its customers saw an improvement in speeding or hard braking in the first six months. This number rises to over 90% after nine months of becoming an HDVI Shift policyholder.
“HDVI delivers connected and tailored services by providing safety insights through its fleet portal and personalized monthly meetings that identify actions based on telematics data to improve safety and reduce insurance costs,” according to the news release. “Drivers are also engaged through the HDVI Driver+ mobile app, where they receive valuable safety information. HDVI Shift policies pay for hardware, installation, and subscriptions for a wide range of suppliers of video telematics devices.”
“HDVI Shift and Driver+ are just the first of many coverage and product innovations we will bring to the industry,” Wallace said. “As we look ahead, we’re already working on developing Shift 2.0, which will use data to reward fleets for safety gains already achieved right from the start of the policy.”
Backed by a workforce that has doubled over the past year, the company primarily serves small and midsized trucking fleets in 15 states: Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, South Carolina, Tennessee, Texas and Wisconsin.
That number will grow to 25 by early 2023.
For more information, visit https://hdvi.com.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.