The skyrocketing costs of commercial vehicle insurance in the trucking industry is a pressing issue that is causing economic harm. Commercial insurance premiums rose a staggering 9.8% in Q1 2024, driven by three main factors: the proliferation of nuclear verdicts over $10 million, a shortage of experienced drivers, and inflated vehicle repair costs.
Nuclear verdicts, with an average of $33.8 million, have made insurance unaffordable for many smaller fleets, forcing them into bankruptcy. The current macroeconomic environment, with high inflation, rising insurance premiums), and increasing regulatory costs, is creating a “perfect storm” that could accelerate the adoption of autonomous trucks.
Lee White), Founder & President of LM White Consulting joined The Road to Autonomy Founder Grayson Brulte discuss the impact insurance rates and nuclear verdicts are having on the trucking industry and why autonomous trucking could be the solution.
Recorded on Friday, May 17 2024
Episode Chapters
0:00 Skyrocketing Commercial Insurance Costs
3:31 Nuclear Verdicts
8:54 High Insurance are Helping to Usher in Autonomous Trucking
12:23 Future of The Trucking Industry
--------
About The Road to Autonomy
The Road to Autonomy® is a leading source of data, insight and commentary on autonomous vehicles/trucks and the emerging autonomy economy™. The company has two businesses: The Road to Autonomy Indices), with Standard and Poor’s Dow Jones Indices as the custom calculation agent; Media, which includes The Road to Autonomy) and Autonomy Economy) podcasts as well as This Week in The Autonomy Economy) newsletter.
See Privacy Policy at https://art19.com/privacy) and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info).
