Truck insurance costs have risen in previous years. According to one report, truck insurance premium costs per mile rose by 6.8% between the first quarters of 2023 and 2024. So if you’re a trucker or a fleet manager, and you feel like your cover has been getting more expensive, you’re certainly not alone.
In this post we’ll look at some of the underlying causes of the rise in truck insurance costs. We’ll also discuss some measures you could adopt to bring down the cost of your fleet insurance cover.
At Anthony Jones, we can help you get the cover you need for your fleet at a competitive price. For more information, call our dedicated team on 0208 290 9099, or email CM@AnthonyJones.com.
Why Are Truck Insurance Costs Rising?
A number of factors are contributing to the rising HGV insurance costs.
Driver Shortages
The UK trucking sector has been dealing with a driver shortage for some years now. To manage the shortage, some firms have tried to encourage formerly retired drivers to return to work.
Insurers view this combination of a limited driving pool and an aging workforce as inherently risky, so they’ve raised the cost of cover accordingly.
Truck Claim Increases
In recent years, many insurers have had to deal with more frequent insurance claims involving trucks. This may be due to rising congestion making accidents more likely, along with a higher risk of theft in some sectors.
Higher Claim Payouts
Certain supply chain issues mean that repairs can be more expensive than they used to be, which can increase the cost of claims.
When insurers face more frequent claims with higher payouts, they tend to pass on these rising costs to their policyholders.
Misrepresentation and Other Forms of Fraud
Insurance fraud is common in every sector, even one as tightly regulated as the trucking sector.
Misrepresentation is a common form of insurance fraud. Essentially, this means that drivers, or their employers, provide inaccurate information when taking out a policy. They might withhold, or misrepresent, a driver’s age, their claims history, or their penalty points so as to make savings on their premiums.
Fraudulent behaviour such as this can place a significant financial burden on insurers. And once again, many insurers will pass on these costs to their policyholders in the form of higher premiums.
How to Reduce The Cost of Your Trucking Insurance
If you’re a HGV driver or a fleet manager, there are a few things you can try if you want to lower the cost of your trucking insurance:
- Advanced Driver Training – If insurers are concerned about the risks of an overstretched and aging workforce, then taking steps to address this risk with advanced driver training could help to bring down the cost of cover.
- Safety Tech – Advanced fleet management software, along with technology such as driver-facing cams, can help you to improve driver behaviour in your fleet, which could result in lower premiums.
- Work with a broker – An experienced insurance broker will take the time to understand your fleet, and the unique risks you face. They can then help you to find cover that meets all of your needs at the best price.
At Anthony Jones, We Can Help You Get Complete Truck Insurance Cover at a Competitive Price
If you’re worried about the rising costs of truck insurance, the commercial vehicle experts at Anthony Jones are here to help.
We can help you conduct a comprehensive risk assessment on your fleet, while advising on the steps you can take to manage and mitigate these risks. We can then help you get the comprehensive cover you need for your fleet at a competitive price. For more information, call our dedicated team on 0208 290 9099, or email CM@AnthonyJones.com.
