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Insurance Premiums Surge as Carriers Face Rising Accident Costs

Trucking insurance premiums climbed 3% in 2024 to record levels. Early 2025 data indicates the increase is accelerating to 5%, according to the American Trucking Research Institute. The cost surge reflects rising expenses across equipment, repairs, medical treatment and litigation stemming from accidents. For owner-operators and small carriers, inadequate coverage structures threaten business viability. Cargo theft presents a significant exposure, with confirmed incidents up 18% in 2025 and averaging $273,990 per loss, according to Verisk CargoNet data. Refrigerated freight carriers face particular risk from temperature fluctuations and spoilage. Insurers now offer specialized coverage options, including motor truck cargo protection up to $250,000 and refrigeration breakdown endorsements designed for temperature-controlled shipments. These provisions address often-overlooked expenses such as debris removal and earned freight coverage.