The cost of insuring big rigs keeps getting larger. Most fleets are seeing premium increases for the second or third year in a row – and some have even seen rates double. This is a direct result of increasing bodily injury lawsuits with sizeable settlements. Commercial auto insurance has become one of the most unprofitable segments in the insurance industry, which has caused insurance companies to become very selective when it comes to new business underwriting and renewals. That’s why it’s important for fleet owners to be strategic in managing and minimizing their risk. There are three components to this strategy:
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By HUB International