Rising Insurance Costs and Maintaining Compliance Records

Insurance is akin to a shield that protects businesses from financial turmoil during the unexpected. And yet, business owners across all types of industries find themselves grappling with the rising costs of insurance – particularly for the trucking industry. 

Several reasons have contributed to such hefty premiums, some of which include driver shortages, increased litigation costs, and the high frequency and severity of accidents. In fact, in 2020, over 415,000 trucking accidents were reported, which increased to over 523,000 in 2021. Moreover, 28% of semi-truck accidents cause injuries while 11% are fatal. 

Here’s a look at the truck insurance rates for 2024 and how maintaining compliance can mitigate costs. 

Current Truck Insurance Costs 

Per the American Transportation Research Institute, truck insurance premiums (measured by average marginal costs per hour) have increased from $2.57 in 2013 to $3.57 in 2022. The Northeast and the Southeast regions of the United States were met with the highest rates in 2022 while the West had the lowest rates. 

Commercial auto liability insurance costs also varied between specialized and truckload sectors, as well as the number of trucks. A larger fleet typically correlates to reduced insurance rates while a smaller fleet contributes to higher rates, especially for specialized sectors. The graph below illustrates these cost-per-mile values.