Insurance Premiums Going Up

how many megas self insure? The ones that do won’t be the ones that worry about this. Once again owner ops are the ones most affected.

 

Megas are self insured. The Attorneys are behind this attempt. Megas were in on the last attempt. Anything to raise our costs, and eliminate Competition is their Goal. Can You say ELD? The good news is Megas, all added up, are a drop in the Bucket. This will be passed on by most of the Industry. If it passes. I’ll deal with it, if and when it happens.

 

This article contradicts your statement.
Spear to Target Jury Verdicts, HOS, Infrastructure at MCE

 

I dont believe I saw anything in that article related to insurance...

 

Swift/Knight... Self insured
CR England... Self insured
Werner... Self insured
Schneider... Self insured

Every company with less than 100 trucks... Purchases Insurance.

IF thus passes I would expect insurance premiums to go up... Even for those that already purchase $2M in insurance. Simply because insurance companies will see the writing on the wall that says "Come sue or clients, we now pay higher settlements!"

So who is this going to hurt???

 

It shows that they are having the same issues that one truck owners have.

So the writings on the wall will be for every trucking company and not just one truck operators. Everyone can self ensure themselves. That doesn’t mean they are getting better deals. As far as I know, insurers don’t want to underwrite their policies because of the sheer size of the risks involved.

 

The article mentions limiting damages. The Megas have in the past, tried to raise the $750k minimum. They also, lobbied for the eld. 5 companies in particular. I forget who all it was. But US Express was one of them.

 

To self insure, is to show assets available to pay a claim. I can’t put $750k or $1mil, aside. The ability to self insure is a huge advantage. Raising rates on the Competition will only give them a bigger advantage. For a multi million company, it’s a stroke of a pen.

 

Sure anyone can self insure... The difference is that the Mega carriers have the capital to do it successfully. If most smaller companies tried to self insure, the would go bankrupt after 1 or 2 accidents. Do you think you could pay out of pocket to cover ALL damages from just 1 accident that involved a serious injury?