Insurance premiums for trucking companies have seen a huge spike in the last few years, totaling around $12,000 to $14,000 today, making it one of the Top Four expenses for the owner-operators and small fleets. Insurance premiums continue to increase at 5% CAGR.
According to the U.S. Department of Transportation, as of February 2021, the number of for-hire carriers on file with the Federal Motor Carrier Safety Administration totaled 996,894, private carriers totaled 813,440 and other interstate motor carriers totaled 83,235.
