Over the past 3 years, the amount of Trucking Insurance claims has skyrocketed and made insurance a bigger expense as a result! And all of this can be traced back to a recent increase in monetary verdicts that are continually growing larger as time goes on!
With an increase in online shopping we will start to see more and bigger trucks on the road! And with more truckers on the road, there is more of a risk for accidents with these larger vehicles to occur! Also, due to a recent shortage of truckers around the country a lot of truckers are being worked to their limits in order to get their shipments to their destinations! These two elements are a large reason why we have been seeing more mind-boggling monetary judgements appear!
Another big reason for the increase in judgements also lies in the courts themselves. Since courts usually work off of precedence of other cases, it is natural for judges to look at another case and see the amount that a victim was paid and try to top it—while this is not exactly fair in all cases, it does show a big reason why this is occurring!
Since these judgements are getting out of control, it’s a smart move to get Trucking Insurance with an insurance company that you trust! Be sure to call up your Insurance agent to see what kind of coverages are available to you and your truck!