Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. While rate increases have been the standard for nearly a decade, since 2022 hikes are growing larger — often in […]
Commercial auto insurance rates have been on the rise since 2011, increasing often by more than 10% a year as accidents and claims costs have soared. The trucking industry has been the hardest hit by the steep increases, and there are a number of factors contributing to the rate hikes, according to a recent study […]
More accidents attributed to smartphone use while driving, coupled with much higher costs of repairs, have led to double-digit increases in commercial auto insurance rates over the past few years. Distracted driving is just one of many factors that have converged on commercial auto insurance claims, resulting in sustained premium increases. Now there are new […]
As insurers continue tightening their underwriting for commercial auto insurance, they are inquiring about companies’ fleet management programs. If a company lacks a program, some insurers are asking them to implement one if they want coverage. With this trend likely to continue as the number of traffic accidents and injuries continues to rise, it’s imperative […]