Motor carriers have three major vehicle-based expenses: vehicles and maintenance, fuel and insurance. A carrier cannot run without covering all three. Unfortunately, freight rates haven’t risen at the same rate as costs. Insurance rates have increased by over 50% in the past decade.
According to the American Transportation Research Institute’s Operational Cost of Trucking report, truck insurance premiums in 2022, the last year of published data, have risen 2.3% since 2021. That increase...
https://www.freightwaves.com/news/strong-post-accident-procedures-help-keep-insurance-costs-in-check