UK Fleets Lose £1,900 per Year to Crime: New Survey Reveals Underinvestment in Security
Written by: Marion Hanson, Last updated:6th September 2024
New research from Fuel Card Services takes a look under the bonnet at exactly how UK fleets have been impacted by crime over 12 months, revealing interesting insights into the ratio of security spending to crime-induced losses.
The March 2024 survey gathered data from 250 fleet managers across the UK, with fleets ranging from 1-1000+ vehicles and containing a full spectrum of fleet vehicle types including LCVs, HGVs, buses, vans, and cars. Here’s exactly what we found.
The majority of UK fleets are plagued by crime
Crime rates are on the rise with more and more fleets experiencing criminal interference including theft and vandalism. In total, 64% of fleets reported that they had been subject to some form of criminal damage in the 12 months since March 2023.
The most common instances of crime include vehicle damage, and theft of assets. Fleets of all shapes and sizes, and across a variety of industries were subject to criminal acts – which suggests that security is imperative regardless of the nature of your operations.
But what exactly was the real term cost of crime?
£1,900 per year: The staggering cost of fleet crime
Across the entire survey sample, the cost of crime per fleet was reportedly £1,900 over the past year, which is a significant sum of money and suggestive of widespread damage to fleet assets.
Interestingly, the average cost of crime for small-medium sized fleets comprising 11-50 vehicles was reported at over £1,700 – a figure that could significantly affect cash flow and disrupt operations. In cases of theft, there are often hidden costs beyond the raw impact of crime, for example if fleets are forced to make insurance claims that affect premiums.
Almost 60% of respondents surveyed lost upwards of £1000 in cases of theft and damage, which will have undoubtedly been felt hardest by smaller fleets. What measures, then, are being taken to prevent crime and invest in security?
Underprepared and underfunded: Fleets’ security spending falls short
Whilst you might expect the cost of security investments to vastly outweigh the real-term impact of crime, this turned out not to be the case. On average, commercial fleets surveyed reported spending just £3,100 on security investments during the 12 months since March 2023.
Over fifty fleets surveyed comprised 51-100 company vehicles, yet the average investment into security was just £1,700 for this sample group. Why, though, are fleets underspending on vital security measures?
One theory is that the cost of living has drastically impacted the fleet security landscape. It may account for an increase in theft, and make fleets reluctant to invest in security at the expense of operational cash flow – indicating a possible ‘can do without’ attitude from fleet managers.
Interestingly, one fleet of over 1001 vehicles reported investing less than £3 per vehicle on security measures over the 12 month period – suggesting fleets may be over-relying on existing infrastructure.
Key learnings from the study
It’s essential that fleets acknowledge the importance of being proactive in investing into fleet security to limit the cost of criminal damage, and set up for long-term success. One additional finding from the survey piece was that fleets with HGVs incurred the most costs compared with other vehicles, and so a poignant question for fleet managers to ask could be:
Does my security spending properly reflect the value of my fleet vehicles?
While this survey has helped shine a light on current thinking within UK fleets, it raises a lot of questions. Are fleet managers aware of how important it is to invest? Are they prioritising other expenses? And are budgets simply not big enough? In the short term, it could be worthwhile having these discussions and taking a step back to evaluate overall business priorities and expenditure.
At Fuel Card Services, we aim to support fleets with a comprehensive set of solutions that help improve security and reduce costs, such as advanced telematics systems that help you keep an eye on exactly where fleet vehicles are at all times. To find out more about how telematics could protect you against crime, speak to an expert today!
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Sample Data
The research was conducted by Censuswide with 250 fleet managers (18+) excluding sole traders between 08.03.2024 – 14.03.2024. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
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