Unfortunately, it is not uncommon to see businesses that own fleets with insanely high insurance premiums. This is because as Chris Waterstreet, owner of C&D Taxis explains; “someone makes a claim, we have no evidence to find out the truth and my insurance company always has to pay out”. Now let’s see if you can spot the key word in that sentence? No? It’s the fact that rising premiums are being based more and more on a lack of evidence. It is this that is forcing insurance premiums of many taxi companies around the UK to double in as little as two years. The answer?
CCTV… yes, it really is as simple as that, the instillation of CCTV Cameras to monitor the road, the driver and the passenger could save you literally thousand pounds on your fleet insurance premiums. In fact, companies have saved thousands of pounds on their fleet insurance premiums.
Chris Waterstreet continues to say: “After the initial installation costs, I will re-coup the cost in just one or two years. I won’t get bogged down with lengthy and expensive investigations when someone makes a claim and hopefully my insurance premium will stop rising each year”.
Indeed, The Cygnus cameras that Chris had installed come with a duel lens camera, one facing the road and one facing the rear to record activity not only inside the vehicle but also behind it. The main benefit to the CCTV camera instillation is that it can often negate false whiplash claims, as well as staged accidents or even accidents that were not the drivers fault. Many taxi companies are being targeted by false claims and staged accidents, and this number has risen dramatically within the last five years. We have found that this is mainly due to the civilian motorist having a more favorable outcome if the claim is disputable.
After the instillation of Cygnus cameras, Chris said, “One insurance company is knocking £500 off taxi insurance premiums if you have CCTV installed. My colleagues and customers will feel safer when I have these cameras in. For me, I will be saving money and hassle every day. I would certainly recommend it to other taxi drivers out there.”
Furthermore, CCTV installation is becoming so important that there are ongoing talks with local UK councils which are scheduled to discuss the issue of making CCTV instillation mandatory in licensed vehicles.
As well as proving beneficial to the price on fleet insurance, one must also consider the other possible benefits CCTV camera technology can offer; after all, price is important, but safety is of upmost concern.
Gary Trotter, general manager at Hadrian Technology, the company that produces the duel lens Cygnus cameras, explains this issue in more detail; “Unfortunately serious offences like assault and sexual abuse, as well as accident claims relating to taxis come up again and again. A system like ours acts as a deterrent and a way of providing hard evidence when allegations are made against the passenger or driver. Cameras installed by Hadrian Technology capture footage that cannot be destroyed, even if someone rips the camera unit off from the car – the images that have been recorded are stored elsewhere in the vehicle. C&D Taxis will now have the evidence they need to avoid significant and avoidable losses. I hope we can help other businesses to tackle similar problems.”