The world of trucking insurance is changing. With proposed legislation on deck to roll back safety requirements at odds with technology that ensures safer driving, the entire industry is currently in a state of flux. However, in the face of an ever changing industry, trucking insurance companies have proposed that safety incentives might actually help attract and retain skilled drivers over the next few years.
We Are Facing A Gap
As we reported a short time ago, the trucking industry is experiencing a shortage of drivers. Employment for qualified truckers is down by 1400 people. This is putting a massive strain on the existing workforce throughout the United States, which may lead to more vacancies because of the existing work overload. Drivers are currently experiencing more deliveries, longer hours, and tighter schedules to make certain shipments arrive on time. There are a number of “doom and gloom” reports out there, but the outlook is not a bleak as it seems.
How Trucking Insurance Might Help
Right now, the trucking industry has two main obstacles. First, the aforementioned gap, which which is causing a revolving door of temporary drivers who may not exactly have the training and skills that more experienced truckers demonstrate. The lack of skills leads to reduced reliability, the potential for more accidents, and increased rate hikes for fleet owners. The second obstacle comes from drivers of personal vehicles, who use trucks as the scapegoat for every accident claim they have to file. Keep in mind that trucking insurance is not cheap, and when fleets have to cover drivers who may not have the skills necessary to keep up with more seasoned truckers, the cost can become astronomical. Rather than getting all gung-ho over potential rollbacks on safety regulations, trucking insurance providers are encouraging fleet owners to take advantage of technology and implement what they can to ensure a safer driving experience for everyone on the road. These measures reduce insurance rates. As accident rates drop, fleet owners will pay less for trucking insurance. These measures also attract long-term, skilled drivers, rather than having to rely on less experienced employees to fill in the employment gaps to rush shipments to customers.
There Is A Light At The End
Trucking insurance and technology are working hand in hand to rightsize the trucking industry and keep it going strong. Everyone across the country, and indeed the world, relies on the trucking industry to keep business and the economy moving. While the immediate state of things may be depressing to some, most analysts are reporting that the current dip in available truckers is only temporary, and the trucking industry will be back on top of things in the very near future.