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Vehicle Tracking Systems
In the UK, there are two main types of vehicle trackers available. Both systems require a tracking device to be fitted to the vehicle and software to analyse the date the tracking device provides. The both use GPS technology to track the vehicle's movement and speed.
The key difference between the two systems is that one provides real time data, and this is known as an active system. Passive systems, on the other hand, record the data during the journey and it is downloaded when the vehicle returns to its base. It is possible to purchase a hybrid system in which the data is transmitted in real time, however, on occasions when no wireless signal can be found the device will store the data, and it can be retrieved at a later date.
Effects on Insurance prices
Tracking systems can create significant cost and time savings for a business. Vehicles, whether they are company cars or delivery trucks, are often amongst a company's most valuable assets and installing trackers will reduce the risk of theft, along with any valuable cargo they might be carrying. If the vehicles are stolen it is much more likely the vehicle will be recovered.
Some tracking systems allow the vehicle to be turned off remotely in the event of unauthorised use. This greater level of security can result in substantial drops in the insurance premiums a company pays. As speed is tracked, and the road safety of the company's drivers can be demonstrated this too can lead to a further fall in insurance costs.
Other cost Savings
By tracking a vehicles movement's a company can plan the most efficient route for its drivers to visit customers or make deliveries which will result in saved time and reduced fuel costs. By utilising, the GPS in the tracker drivers have access to their own satellite navigation system which will result in less chance of them getting lost. Quicker deliveries can also result in increased customer satisfaction.
Tracking can also reduces the risk of unauthorised employee downtime as any cars off route or not moving can be easily identified. Tracking software can help you manage the lifecycle of your vehicles as it can track purchase dates and calculate funding costs for new vehicles.
Lastly by tracking drivers movement businesses can demonstrate to HMRC that all vehicle usage is in exclusively business use, so the company will not be liable for employers NIC's on a perceived benefit in kind. As the tracking software completes these tasks quickly, it frees up company employees to be completing other jobs.
Cost of Tracker Systems
In the UK, there are many companies offering tracker systems and it is advisable to contact more than one for a quote to help ensure you get the best price. To purchase a tracking system typically cost upwards of two hundred pounds for the tracking device plus installation costs. Many companies choose to lease their tracking systems as this allows them to expand as the business needs dictate and upgrade their tracking system as technology improves.
The cost of leasing a tracking system will fluctuate depending on the length of the company's lease and the features required. A basic tracking system on a five year lease can start from upwards of seventy pence per vehicle per day. As extras such as messaging or vehicle disabling capacity are added the price increases. If a shorter lease period is chosen the price will also tend to be higher.
