California-based Strong Tie Insurance Services said it is exploring whether the use of certain safety technologies by truck operators could help them lower premiums this year.
Efrain Ferrer, Strong Tie’s owner, said in a statement that the “past couple of years” represented an “all-time high for trucking insurance costs” and that the wider adoption of technologies such as onboard cameras, lane departure warning, critical event recorders, and collision-minimizing systems could help lower insurance premiums.
“In the insurance business there is always something new to learn,” he said. “We understand the daily risks faced by specialty vehicle operators. That’s why using technology to reduce the risk of an accident is a perfect example.”
Ferrer explained that using such technologies can show jurors in possible accident cases that all measures were taken to eliminate a large portion of risk involved.
He noted that collision-mitigation technology alone can reduce a truck from facing rear-end speeds at 62 mph down to five or 10 mph, meaning “a substantial difference in damage” will occur at a lower speed commercial truck impact in an accident if it were to rear-end a small passenger car.
Strong Tie has also put together information on the particulars of long haul trucking insurance, especially how a specific state's minimum commercial truck coverage requirement affects premiums.