When it comes to commercial auto insurance, there are some trends you should watch for in 2021. Commercial vehicles are used in a number of industries, from deliveries to plumbing, commercial vehicles are always in use. At GBK Insurance, we can help you find the right policies to protect all your commercial vehicles. In addition to commercial auto insurance, ask us about all our other business and commercial insurance we offer.
Commercial Vehicle Outlook
One of the first outlook of commercial vehicles is there is going to be a shortage of drivers. The American Trucking Associations predicts almost 160,000 driver jobs will go unfilled. This may mean many companies may lower their standards for qualified drivers. Which means fewer years of experience. This of course could lead to more accidents and in turn drive up commercial auto claims and raise premium costs. Also, with less drivers, the current ones will be pressured to work longer hours on less rest. Which could also lead to more accidents.
Of course texting is a huge problem with distracted driving. But other factors also lead to distracted driving such as eating, drinking, makeup, or even reading. Statistics show that up to 391,000 injuries and 3.450 deaths happen a year from distracted driving. Along with distracted driving, more vehicles are on the road each year. Also, COVID-19 saw an interesting trend, there were less vehicles on the road, but because of this people drove more recklessly and it actually caused more accidents.
Higher Accident Costs
The price of an accident has gone up over the years. One contributing factor is vehicle repair costs. Advancements in technology for commercial vehicles have advanced, but when these advanced technologies need repair they are very costly. A driver's assist system is very costly to repair. In addition to costly repairs, medical costs has risen dramatically. With both repairs and medical expenses, claims have become significantly more expensive.
With all these factors, GBK Insurance can help you navigate the commercial insurance world and find the best policies for you. Give us a call today at 313.255.9350 for more information!