Insurance Costs Expected to Rise
Inflationary pressure on equipment costs and repairs as well as increased accident liabilities will push insurance costs higher in 2025
Trucking insurance costs will rise around 5% in 2025, according to our projections.
Key Observations
- Insurance costs have risen over 38% since 2019. The steepest annual gain was between 2022 and 2023, when they rose almost 15%.
- There was easing in 2024, but we expect a larger increase in 2025. We're basing this on the rising costs and value of trucks and trailers and an increase in the number and settlement value of accident lawsuits.
- Insurance costs will rise faster than the average of all costs. The Trucking Insurance Cost Index has been below the National Trucking Cost Index just three years out of the last ten years.
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