Limo Insurance Tracking

Limousine hire companies can be faced with a lot of issues and resistance when trying to get insurance for their fleets. This is not only due to the fact that many of their limousines are modified after market and must be verified as safe and from a qualified coachbuilder, but also because of the value of the vehicles and the variety of work they do and the locations they travel to.

However, in an effort to provide more personalised and better tailored insurance options, there are new scheme in place such as pay-as-you-go insurance and GPS monitoring by insurance companies. These sorts of monitoring systems allow for an industry such as limo hire to compensate for their slow periods between summer weddings and prom season, and not be charged the same amount when the majority of their fleet is not on the road.

While allowing the insurance company to monitor your limousines via your GPS system is a logistical and administrative nightmare, it could easily give an insurance company a better idea of the cover your fleet needs. For example, they would see whether you were travelling through bad neighbourhoods, how far you travel each day and how often your limousines leave the garage.

Currently limousine hire companies can report on the mileage travelled by their vehicles in a designated period and their insurance company can calculate their coverage and costs from this information. However, in being able to actually track the limousines, the insurance companies will have more accurate figures and know that they can trust the figures they are getting.

While these options may not be used prevalently, it is just as important for a limo hire company to take the time to find an insurance company which specialises in limousines and understands the intricacies of your industry and the busy times, the slow times and the difference in the passengers, the event and in turn the mileage. 

 

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