Transportation insurance rates falling

**rookietrucker** · 12.02.2009

Survey: Transportation insurance rates falling

WOODBRIDGE, N.J. — Intensifying competition resulted in “nearly across the board rate decreases” for transportation insurance in the third quarter, according to NIP Group Inc.’s latest Transportation Insurance Pricing Survey (TIPS).

“TIPS results indicate that the market has reversed direction and is softer now compared to last quarter. Nearly all signs of rates leveling off have been replaced by signs of intensifying competition,” said Richard Augustyn, CEO of NIP Group, Inc. “This change in direction is not what we were expecting based on last quarter’s results. We will continue to monitor TIPS results to see how this plays out during the key January renewal period.”

Used to benchmark changes in the availability and rates in the transportation insurance market, the survey was issued to leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements.

more here>> Survey: Transportation insurance rates falling

**LavenderTrucker** · 12.02.2009

I can figure out how that will help the O/O's, but I was just wondering what that will do for the industry.
For example, most companies say it is up to their insurance whether they can hire someone with a speeding ticket, DUI or suspension. Will this open it up, making it easier for companies to hire those with less than perfect MVR's or DAC's

**Orange one** · 12.02.2009

Originally Posted by LavenderTrucker

I can figure out how that will help the O/O's, but I was just wondering what that will do for the industry.
For example, most companies say it is up to their insurance whether they can hire someone with a speeding ticket, DUI or suspension. Will this open it up, making it easier for companies to hire those with less than perfect MVR's or DAC's

I don't think so. That would only make rates go up again someday. I have seen my rates go down quite a bit.

**LavenderTrucker** · 12.02.2009

Originally Posted by Orange one

I don't think so. That would only make rates go up again someday. I have seen my rates go down quite a bit.

Okay good, thanks. I was worried that it would allow the big companies to lower the hiring qualifications even more.
With the high turn over of drivers with these companies it would seem they would run out of prospects soon.
However, I imagine the lower rates may help them push the lease.

**jt1965** · 12.04.2009

FYI Trucking companies set up their hiring policies with the insurance companies, and in return the insurance companies base their rates on the risk assessment points reflecting the qualifications and hiring practices. Dont let these companies lie to you!!