Commercial Auto Insurance Prices Likely to Keep Rising
Most lines of insurance cycle between soft and hard markets over a number of years, which has a direct impact on the price of insurance. The commercial auto insurance market is currently hardening after many years of a soft market, which has resulted in higher prices for both commercial and personal auto policies.
Between 2011 and 2016, competition between auto insurance carriers created a soft, buyer-friendly market. Since then, however, the high cost of claims and increasing costs of vehicle repairs have contributed to a noticeable transition in the market.
Contact me today. I can provide you with resources to help you understand and save on commercial auto insurance, including this prior post, “California Commercial Auto Insurance – Losses & Costs Rising.”