Trucking insurance rates increase

“Analyzing more than 120 million data transactions, the Ivans Index premium renewal rate change measures the premium difference year over year for a single consistent policy.”

“Year over year, Commercial Auto, Business Owner's Policy (BOP), General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers' Compensation.”

“Commercial Auto: 3.58%, down from 4.03% last month.”

“Inclusive of more than 38,000 agencies and 700 carriers and MGAs, the Ivans Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market.”

“Q2 2026 average premium renewal rate averaged 4.93%, a decrease compared to Q1 2026's average premium renewal rate of 5.28%.”

“Q4 2025 average premium renewal rate averaged 6.97%, a decrease compared to Q3 2025’s average premium renewal rate of 7.60%.”

“In Q2 2026, P&C survey respondents reported an average decrease in premiums across all account sizes of 2.0%”

“umbrella premiums rose by an average of 5.3% in Q2 2026, reversing a moderating trend begun in Q2 2025. This was the highest increase out of all lines and was also the 35th consecutive quarter of premium increases for umbrella. Commercial auto had the next highest increase at 4.5%.”

“nuclear verdicts tied to commercial auto accidents were one of the main sources of difficulty for the umbrella line of business, translating to lower limits and reduced capacity.”

“carriers attempted to offset the increases that market conditions required in umbrella and commercial auto with decreases elsewhere, primarily in workers compensation and commercial property.”

“In determining rates the commissioner shall consider within and outside of Utah: (a) past and prospective loss experience; (b) catastrophe hazards; (c) trends;”

“The standards described in Subsection (3)(b)(i) may measure any differences among risks that can be demonstrated to have a probable effect upon losses or expenses.”

“Rates may not be excessive, inadequate, or unfairly discriminatory.”

“each filing shall be within 30 days after the rates and supplementary information, changes, and amendments are effective.”

“An insurer may not make or issue a contract or policy except in accordance with the rate filings that are in effect for the insurer as provided in this chapter.”

“Each rate, rating schedule, and rating manual filed for personal lines insurance may not permit a premium increase due to:”

“a claim under a policy of insurance covering a motor vehicle or the operation of a motor vehicle resulting from any incident, including acts of vandalism, in which the person named in the policy or any other person using the insured motor vehicle with the express or implied permission of the named insured is not at fault.”

“"Personal lines insurance" means property and casualty insurance coverage sold for primarily noncommercial purposes to: (a) an individual; or (b) a family.”

“a policyholder has a right to have the policy renewed: (i) on the terms then being applied by the insurer to similar risks;”

“no more than 45 but no less than 14 days before the day on which the renewal premium is due, the insurer delivers or sends by first-class mail a notice to the policyholder at the policyholder's last-known address, clearly stating: (A) the renewal premium;”

“if the insurer offers or purports to renew the policy, but on less favorable terms or at higher rates, the new terms or rates take effect on the renewal date if the insurer delivered or sent by first-class mail to the policyholder notice of the new terms or rates at least 30 days before the day on which the previous policy expires.”

“the new terms or rates do not take effect until 30 days after the day on which the insurer delivers or sends by first-class mail the notice, in which case the policyholder may elect to cancel the renewal policy at any time during the 30-day period.”

“a rate increase generally applicable to the class of business to which the policy belongs; (ii) a rate increase resulting from a classification change based on the altered nature or extent of the risk insured against;”

“Subsections (6)(b)(i) and (ii) do not apply to a rate increase of 25% or more on a commercial policy.”

“an insurance policy procured under Sections 31A-15-103 and 31A-15-104;”

“a nonadmitted insurer may make an insurance contract for coverage of a person in this state and on a risk located in this state, subject to the limitations and requirements of this section.”

“if the policies of insurance are issued on forms that are subject to filing under Subsection 31A-21-201(1)”

“at least 30 days before the day on which the policy expires or completes an anniversary, the insurer delivers or sends by first-class mail a notice of intention not to renew the policy”

“a policy issued or renewed on or after January 1, 2025, containing motor vehicle liability coverage may not limit the insurer's liability under that coverage below the following:”

“Other indexes with notable increases over the last year include motor vehicle insurance (+20.6 percent), medical care (+1.4 percent), recreation (+2.1 percent), and personal care (+4.2 percent).”

“The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February on a seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics reported today.”

“Accidents and violations impact commercial truck insurance premiums more than typical auto policies because large, heavy vehicles can cause more damage. Even a minor speeding ticket on a trucker's driving history can significantly increase your rate.”

“Truckers with a large operating radius usually take on more risk due to longer drive times and more varied routes.”

“Cargo type affects your truck insurance cost based on factors like value, theft potential, and hazard level.”

“Your vehicle's age can also impact your rate. Newer trucks with advanced safety features might cost less to insure because they reduce the likelihood of accidents and theft.”

“For-hire (In interstate or foreign commerce, with a gross vehicle weight rating of 10,001 or more pounds) Property (nonhazardous) $750,000”

“After reviewing all public comments to the ANPRM, FMCSA has determined that it has insufficient data or information to support moving forward with a rulemaking proposal, at this time.”