As of 2022, the American economy has been unkind to the trucking industry. At first glance, it would seem that business is booming for truckers. After all, 70% of goods move throughout the country via the American Trucking Association. However, other factors have weakened the industry. Higher fuel costs, shipping slowdowns, and even safety issues can cause skyrocketing costs and declining profits. In this climate, trucking companies are desperate for ways to cut costs. That's where GPS tracking tools come in. A GPS system can lower insurance premiums, saving your company significant money. This guide will explore how these systems can reduce your fleet management costs, so read on to learn more! GPS Tracking Reduces the Chance of Theft Claims In 2020, there were 861 industrial vehicle thefts. While this may not seem like a significant threat, do you really want to take any chances? Stolen vehicles can cost your company thousands of dollars, even with insurance help. Installing a GPS tracking system can reduce the chances of theft harming your business. Managers can track their fleets in real time and send the tracking data to a central tracking portal. This capability produces hefty consequences for vehicle thieves. Since you can track the vehicle anytime, you can always monitor the vehicle's location. Reporting this information to the police can ensure they can catch the thief and return your vehicle. This increased security looks favorable to insurance companies. As a result, they're more likely to reduce your insurance premiums. Improve Driving Behavior By Installing GPS System Technology GPS fleet tracking software won't just tell you about your fleet's location data. It can also track the following telematics: \tspeeding data \trapid accelerations \tharsh braking \tsharp cornering This information can benefit your company in several ways. One of the threats to truck drivers is the temptation to unsafe driving. The need to beat competitors and provide faster deliveries causes many to take unhealthy risks. However, monitored drivers also drive more safely. You can use this data to encourage safer driving habits. Insurance companies understand these advantages, too. As a result, they'll often lower your premiums because of the increased safety these systems provide. Lower Insurance Premiums with Improved Vehicle Maintenance GPS tracking systems can also improve your maintenance schedule. These software solutions include a tool called Service Report. This reporting tool can predict when your vehicles require standard maintenance. This maintenance makes your trucks safer to drive and lengthens their lifespans. Insurance companies always look favorably on systems that allow better vehicle maintenance. This factor is yet another way to lower your insurance premiums. Find the GPS Tracking Tools Your Company Needs These three factors can significantly lower insurance premiums. However, they won't just save your company money. These assets can enhance your company's efficiency and improve your business performance. All that's left is to find the best GPS tracking tools. Fortunately, our company offers several fleet tracking solutions to lower your insurance premiums! Our software can add video footage to your fleet management, prevent distracted driving, and lower your overall costs. Check out our solutions today to find the best option for your business.