It looks like insurance premiums are predicted to rise in 2020, and are poised to make a vital impact on the trucking market. On the flipside, the much anticipated HOS changes are predicted to become finalized as soon as early next year.
At the CCJ Solutions Summit held in Scottsdale, AZ on Nov. 19, vice president of risk solutions for TrueNorth reinforced this, stating that new carrier premiums are predicted to be between 20% and 25% higher, no matter how spotless your driving record may be.
Jury verdicts that have changed the tide of how road incidents have been handled in the past decade. Insurance companies that work in the trucking market have experienced 120% loss ratios for the last 8 years, making it consistently difficult to renew policies.
As disappointing as that may sound, there is a silver lining. As the government moves quickly to approve the hours-of-service bill for truckers, this will be a breath of fresh (and much needed) air with the rise of ELDs.
This means more flexibility for truckers on the job, without compromising safety. Length of time spent on duty and off duty will be revamped, taking into account sleep, adverse conditions on the road and down time.
Mayo believes this could become the law as soon as Jan. 2020.
This is huge for drivers, with the potential to heighten productivity, increase efficiency and shorten drive times. Hopefully, this will mean less log book violations and accidents, initiating a more positive impact on insurance policies in time.
If you are worried about trucker insurance policies, don’t hesitate to contact America 1 Logistics. We can help you navigate the insurance world to find the best and cheapest solution for peace of mind over the road.