An increase in traffic and congestion due to more vehicles raises the risk of collisions, impacting insurance costs
The rise of distractions like mobile devices reduces driver awareness and decision-making, leading to more accidents and higher insurance rates
A lack of experienced commercial drivers results in hiring less skilled individuals, who are more prone to accidents, increasing insurance premiums
An increase in auto claim litigations and larger settlement amounts from court cases drive up insurance cost
The increasing cost of medical treatments, especially surgeries and rehabilitation therapies, leads to higher insurance payouts and premiums
Advanced technology in vehicles, although enhancing safety and efficiency, makes repairs more expensive, impacting insurance rates
More attorneys are getting involved in smaller claims, leveraging available data to prove negligence, which raises insurance rates
Large, often multimillion-dollar legal awards against trucking fleets, known as 'nuclear' verdicts, have been increasing, significantly impacting insurance costs
General economic conditions and broader market trends also play a role in determining commercial auto insurance costs
Increased activity and miles driven by commercial vehicles, especially in improving economic conditions, elevate the risk of accidents and influence insurance costs