Truck Insurance Rates to Rise
Trucking companies are bracing themselves for potentially large increases in insurance costs next year.
“It’s going to be the year of insurance sticker shock,” said Ronald Cooperman, an independent insurance agent based in Marelton, N.J.
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Premiums for general liability and cargo insurance could go up 10% to 20%, industry officials say, and some fleets that have gotten large discounts in the past could see their rates double or even triple in the next year. Fleets with poor safety records could also find it more difficult to get coverage.
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“Over the past five years, insurance rates have been going down, down, down. It’s like a rubber band that is stretched until it breaks. We’re going to see major increases next year and the following year,” Cooperman said.
