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U.S. seeing trend of high commercial auto insurance claims

On Behalf of | Jun 27, 2017 | Motor Vehicle Accidents

Many things can have very big implications in the wake of a commercial vehicle accident, such as a big rig accident. One is how high of insurance claim payouts end up coming up in connection to the crash.

A recent article indicates that, lately, there has been a trend of relatively high claims payouts in the realm of commercial vehicle insurance.

Among the parties high claims payouts in relation to truck accidents can have big impacts on are commercial vehicle insurers and truck companies. This can be seen in some of the things that have followed in the wake of the recent trend of relatively high payouts.

For commercial vehicle insurers, high payouts can have major financial impacts. They could lead to such a company facing significant losses. A recent report indicates that lately, on average, underwriting losses have been exceeding gains when it comes to commercial vehicle insurance. The level to which losses were exceeding gains in 2016 was reportedly the highest that has been seen in 15 years.

For truck companies, among the things high claims payouts related to truck accidents can lead to is higher insurance rates. When commercial vehicle insurers are facing major financial challenges related to claims, one thing they might do in response is raise premiums. A recent survey indicates that 2017’s first quarter saw a 5.4 percent increase in commercial auto policy rates.

As this underscores, what happens in legal matters, including claims matters, that come up following a truck accident can have major impacts for truck companies and commercial vehicle insurance providers. Personal injury defense attorneys can assist such companies with post-crash legal matters.