On The Road: Dashcam Use On Trucks Helps Reduce Insurance Claims, Achieve Better Outcomes
Trucking companies of all sizes can face an onslaught of insurance claims and lawsuits, ranging from backup incidents and sideswipes to major and fatal accidents. Over the last several years, trucking companies have been hard hit by litigation and nuclear verdicts (jury awards surpassing $10 million) involving vehicular accidents.
Even when a trucker was clearly not at fault, massive awards have been rendered in a climate characterized by litigation funding, aggressive legal action, and sympathetic juries. This has resulted in significant insurance rate hikes, higher deductibles, and capacity reduction for the trucking industry.
Enter dash cams to provide video evidence of the story behind an accident.
Dash cams are small road-facing video cameras mounted on trucks and semi-truck dashboards that are connected to the cloud. Many dashcams record speed, location, hard stopping, and change-in-direction data. Data from the camera is fed to the cloud so an owner or manager can access the video footage and immediately see what occurred in the accident and help mitigate any false claims against the driver, including incidents in parking lots. The camera will clearly show, for example, if damage to the other vehicle already existed. It helps support First Notice of Loss (FNOL) and claims management.
In the event of a claim involving a serious accident, footage of the incident reconstructing the accident is available to help avoid going to court and potentially reach a settlement. If a lawsuit proceeds, the footage offers unbiased evidence, so the jury can review all the particulars of the accident, including whether or not the trucker was responsible.
The idea behind dashcam use is to reduce insurance claims, mitigate litigation, and help control insurance premiums.
Dashcams also help with driver training.
Footage from the dashcams can help coach drivers on improving their habits on the road. Drivers get a clear picture of the hazards and exposures they face and how to better avoid risky situations.
In addition, when critical safety events occur, safety managers can use dashcam videos to show drivers what went wrong and, more importantly, how to avoid similar incidents in the future.
Paramount General Agency, an Integrated Specialty Coverage (ISC) company, offers a multi-line suite of products for the trucking industry, including its NAFTA Long-Haul Trucking insurance program which is designed for trucking and transportation companies domiciled in Texas involved in the import and export of products from Mexico. Paramount recommends Nexar-powered dashcams for insureds to purchase and install in their fleets.
“We’re excited to recommend Nexar,” said Ricky Hale, VP of Commercial Auto Operations at Paramount General Agency. “They cover everything from great hardware at the right price to customer success to ensure fleet owners install and have a good DIY experience, along with future technology to perform AI-based collision reconstruction.”