Changes in the Trucking Insurance Market

Changes in the Trucking Insurance Market

Fatal accidents where large trucking vehicles are involved have increased over the last several years. Furthermore, the amount of damage caused by serious trucking accidents can be immense, leading to a very costly burden on the business or, rather, their insurance company. This has caused some insurance companies to stop covering trucking businesses altogether. However, other companies have adjusted to the change in the trucking liability market, improving their insurance and working to make things safer for all involved.

Addressing the Risk of Driving and Texting

One major recent change that has led to the increase in fatal accidents is the usage of smart devices while driving. This distraction can be incredibly dangerous and potentially deadly, so some insurance companies have made adjustments. Some insurance services that have stayed a part of the trucking liability market now have worked in the inclusion of cab camera installation in their programs. This can reduce the usage of phones while driving, reducing risk.

The Importance of Specialization

Another way that insurance companies have remained in the trucking liability market is by specializing programs to fit the needs of trucking businesses. Rather than just general auto liability policies, many services offer a full portfolio of insurances that are specified for the trucking business. This allows them to work with a variety of wholesalers to get the best possible coverage.