trucks on the highway Photo: Fleet Owner

Transportation insurance costs on the rise

Insurance premiums for the transportation industry have steadily been increasing over the past few months for a variety of reasons, according to business and commercial insurer Palomar Insurance. Increased legal action at the expense of trucking companies has led to a rise in pricing for all risks, the company said, while DOT inspections, MVR reports, and individual losses continue to play a major role in underwriter evaluations of specific accounts.

“With the rise in insurance premiums for trucking companies, agents inexperienced in transportation are entering the market but lack the knowledge motor carriers need,” said Toni Jones, vice president of transportation marketing at Palomar. “If you’re a trucking company, ask your agency to review your exposure and make sure you have the proper coverage for your needs. Do not just look for the lowest price,” adds Jones.

Offering competitive markets and providing broad coverage at attractive terms, Palomar is among a handful of insurance agencies in Alabama with access to preferred carriers that specialize in the trucking industry. Transportation companies need to make sure their agency has a good portfolio of carrier options available to ensure they have the broadest coverage.

Palomar, an agency with over 60 years of experience, offers easy access to policy information through PalomarOnline.

TAGS: Safety News
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