Newsletter Archive

Boost your bottom line: Tame truck insurance costs

Is it time to sell your trucking business? | Kamala Harris' stance on trucking

Insiders: Truck insurance costs are out of control! Don't let soaring premiums eat into your profits. We spoke with industry experts to bring you tips that can, hopefully, help lower your bill.

Today's line up:
🔷 You betcha! Minnesota makes it easier to train and obtain CDL.
🔷 Biden's out: What is Harris' stance on trucking?
🔷 Time to sell your trucking business? Read this first.
🔷 Video: Driver's least-favorite states to drive in. See if you agree.
-Bianca Prieto, Editor

INSIDE LOOK

Image source: Adobe Stock

EXCLUSIVE

Have you seen the cost of truck insurance lately?

With inflation continuing to take its toll on pocketbooks everywhere, individuals and businesses everywhere are looking for ways to save what money they can. If you're looking to alleviate some of the financial pressure, consider reviewing your insurance policies.

"Trucking is already a very, very tight profit-margin business," said Lewie Pugh, vice president of the Owner-Operator Independent Drivers Association. "I don’t know if [insurance rates are] going to drive small business carriers out of the business. But add this in with everything else, they will get out of the business."

Where to begin? Several factors can impact insurance premiums. Just like the insurance on your four-wheeler at home, it's important to shop around. There may be opportunities to find better rates through a different company, adjust figures that more accurately reflect your business and driving histories, and other considerations that could allow you to keep some of your hard-earned money.

Let's break it down. We've taken a deeper look at how you can navigate the confusing and complex insurance industry to help you make more informed decisions about getting the right coverage for the right amount.
Read more on The Inside Lane.

FAST LANE

NEWS

POLITICS
Biden's out: But does Harris support the trucking industry?

The trucking industry is paying close attention to the Democratic nomination process following President Joe Biden's decision not seek re-election. Biden's thrown his support behind VP Kamala Harris, who is now a key contender for the presidency. She has shown support for both the trucking industry and the Environmental Protection Agency's goal of achieving zero emissions for heavy trucks. (The Trucker)

POLITICS

Lease-purchase agreements under government microscope

The inner workings of predatory lease-purchase agreements are once again at the center of investigation as the Consumer Financial Protection Bureau continues to examine how the programs are set up to benefit the carrier over the driver. According to the CFPB, "This is the soup before the meal. There’s much more to come on this." (Land Line)

BUSINESS

Thinking of selling your trucking business? Read this first.

Whether life is calling you in a different direction or the time has come for you to pass the business on to the next generation, there can be a lot of questions when it comes to preparing to sell your business. How do you market the sale? How can you attract potential buyers? How long does the process take? And while you may have a lot of questions, there's also a lot to consider along the way. (Commercial Carrier Journal)