The cost of stolen vehicles and equipment

Research released today by Verizon Connect reveals that stolen vehicles and equipment costs fleet-based businesses an average of £16,253 each year; the average business has at least one vehicle stolen annually.

stolen vehicles

The average loss increases to nearly £50,000 for those businesses that have between 101-250 vehicles, as the number of vehicles stolen rises to three per year.

It’s an issue that’s reflected across the country as a whole, with recent ONS data showing that vehicle theft is on the rise, increasing by seven percent year on year.

The new study of fleet managers across the UK from Verizon Connect* also reveals that more than half (58 percent) of fleet managers don’t use technology such as immobilisation devices to assist in the recovery of stolen vehicles. As a result, only 44 percent of businesses who reported a vehicle or equipment stolen have been able to recover it in a usable condition.

Derek Bryan, Vice President EMEA, Verizon Connect, comments: “For many businesses across the UK, vehicles and the equipment inside, are their livelihood – theft represents a huge cost, not just in terms of the lost vehicle or equipment, there’s the additional cost through lost business. With vehicle crime on the rise, fleet and business managers need to be extra vigilant.

“Technology can not only track the location and status of a vehicle but can also remotely disable a vehicle’s ignition once the vehicle’s engine has been shut off, effectively stopping vehicle misuse in near real-time. This not only helps prevent the unauthorised use of vehicles, it helps businesses run more effectively by better monitoring fuel usage, safety metrics and managing customer expectations.”

For further insights from the survey, visit www.verizonconnect.com/uk/

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