Insurance Blog

Thursday, March 05 2020

Orlando, Florida—Truckers continue to be an asset of incalculable value to the U.S. economy, but the driver shortage reaches its highest level ever. To meet the nation’s freight demand, the recently released ATA report said that in order to meet the nation’s freight demand, the trucking industry will need to hire 1.1 million new drivers over the next decade – an average of 110,000 per year to replace retiring drivers and keep up with growth in the economy.

Competition for truck drivers from the oil industry and Amazon and other delivery companies is also cutting into the available driver pool. There is less rail movement, and more truck demand.

Drivers are getting older than the general population, and wages have not kept up with the general population. It is no secret that the trucking industry must find ways to attract more and younger drivers, removing barriers for younger drivers to begin careers as drivers, attracting more demographic diversity into the industry or easing the transition for veterans, are among the top-priority list to do more to recruit and retain drivers.

More Incentives

Increased pay to keep pace with demand, addressing lifestyle factors like getting drivers more time at home and improving conditions on the job like reducing wait times at shipper facilities.

Many fleets instituted guaranteed minimum weekly pay in 2018 so drivers would have a more consistent paycheck. Sign-on bonuses and good benefits packages have also been used throughout the industry as competition for drivers heats up. ATA expects that driver pay will continue rising as long as the driver shortage continues.

And you may say, what about the driverless trucks solution? The adoption of that kind of technology advancement will mostly depend on how soon we automate automobiles. We won’t have driverless trucks until all of our autos are driverless on our highways. The full adoption process may take a long while.

Insurance rates are also going up, and this his can be a problem for companies that require truckers to have a high liability insurance coverage. At Orlando Truck Insurance, we help businesses like yours find the right solutions making sure you get the right coverage, that means, not overinsured or underinsured— and we also assist you finding all the options available in the state of Florida, so you can get free quotes from different carriers, compare and choose the one that is right for you. Regardless of whether your company’s 18 Wheelers drive across the country, or serve just a few states in the region, the right types of commercial auto insurance are crucial for protecting your assets.

Choosing the right types of commercial auto insurance protects you from having to pay for repairs or medical bills caused by an accident, and most importantly is can protect you against uninsured drivers.

If you own or are considering to start a business in the transportation industry, or become a driver, Orlando Truck Insurance offers flexible commercial auto insurance that grows with your business. From one truck to a fleet, we have a policy that will meet your industry’s insurance needs. Contact us for an orientation (407) 206-7085!