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Big rig safety tech and trucking insurance rate hikes

Technology is making big rigs safer, but the hefty price tag on these new trucks is sending insurance premiums up.

By John Kearney | January 22, 2019 at 12:00 AM
This author argues that if trucking companies keep investing in the development of technology that make trucks safer, there should be a way to keep insurance costs low. (AP Images) This author argues that if trucking companies keep investing in the development of technology that make trucks safer, there should be a way to keep insurance costs low. (AP Images)

Insurance premiums for long-haul trucks and trucking companies have increased dramatically in the past few years, doubling from an average between $6,000 and $7,000 in the beginning of the decade to between $12,000 and $14,000 today.

There’s a paradox underlying this increase: Trucks are getting more expensive because of these high-tech features, and this in turn is causing insurance premiums for these trucks to increase. The paradox lies in the fact that these new technologies are making trucks safer, which should lead to cheaper insurance premiums.

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