Get a Load of This!! - A monthly trucking and transportation newsletter by Reed Rhoden... October 2020

Good Morning Truck Insurance Enthusiasts!!

Its October and that means the 4th quarter is upon us. With many unknowns still swirling about our market place, one thing is for certain; the market shows no sign of softening any time soon. With some carriers reporting fewer claims in the 2nd and third quarters, mostly attributed to COVID lockdowns and quarantines, regular claim activity is expected to resume quickly as traffic begins returning to the roadways.

Good News Multiple signs point toward growth in the sector going forward. According to Transport Topics(ttnews.com) class 8 orders in September were at their highest levels since October 0f 2018, clearing 31,000 units. Assuming that most of these orders are booked into 2021, this bodes well for a strong 1st quarter. (info obtained from ACT Research) Full Article Here

Good News: According to trucker.com, American Trucking Association economist Bob Costello believes that the pandemic recession has ended. He goes on to say that the pandemic has changed the future US economic landscape by reshaping consumer habits in a way that has benefitted the trucking industry – unlike past recessions that have hampered it. Full Article Here

Bad News: In spite of small improvements due to lower demand during the COVID crisis, the on-going driver shortage continues to be a top issue for trucking companies of all sizes. The shortage of professional drivers is expected to reach 160,000 by the year 2028. A few ideas hoping to remedy the situation have been floated without any lasting success. Full Article Here 

Depends on Who You Ask: Rates aren’t dropping. This means different things to different people, but if you are an insured, it’s a direct hit to your bottom line. For you and I, it’s a built in pay raise. I don’t think any of us feel good about putting our insureds in financial straits. That’s why we work hard to make sure your client is getting the best possible rate. It doesn’t do any of us any good if our insureds can’t get the coverage they need at a price they can afford

Send us your APD, MTC and GL risks now!!! Our market penetration, and turnaround time is unmatched. With a complete submission, we will have quotes to you in less than 24 hours, usually the same day!!