Are you a business owner with a fleet of vehicles? If so, you're probably aware of the impact your drivers' motor vehicle records (MVRs) can have on your insurance premiums. Progressive, one of the most well-known insurance providers, takes a unique approach to calculating premiums based on individual drivers' MVR history. In this blog post, we'll discuss how you can monitor driver incidents to save money on your insurance premiums, and even potentially lower them mid-policy!

Understanding Progressive's Approach:

Unlike many other insurance providers, Progressive charges different premiums based on the driving history of each individual driver. While some companies have a threshold for incidents and won't change the premium as long as drivers fit within that guideline, Progressive's approach is more personalized.

Save Money Mid-Policy:

Here's a little-known secret:  you can have Progressive remove incidents from a driver's record after three years, even in the middle of the current policy. For example, I recently worked with my service team to contact Progressive about the three-year threshold, and we saved a client 14% for one driver.

Proactive MVR Management:

To take full advantage of this opportunity, it's essential to proactively review MVRs with your insurance agent. By doing this, you can plan for incident removals at the beginning of your policy.  (this is where the money is saved!)  A great insurance agent will keep this data on record after the proactive review and make the change mid-term for you.   

The Importance of Hiring and managing responsible drivers:

Finding  and retaining responsible drivers is becoming increasingly challenging for businesses. Proactively managing MVRs with your drivers and insurance agent can help optimize the lowest premium possible, allowing you to keep more of the money you work hard for.

In closing:

When you improve your MVR management you improve your net profits.