How New Tariffs Are Impacting Trucking Owner-Operators: Higher Load Values and Rising Insurance Costs

With the new tariffs on imported goods, trucking owner-operators are now hauling freight that's worth more due to the higher costs passed on by manufacturers and suppliers. As prices for materials and finished goods go up, the value of the loads being transported also increases, which means there’s more at stake if something goes wrong during transit. For example, as reported by the U.S. Census Bureau, certain imported goods have seen price hikes, which has directly led to higher load values for trucking businesses. This means it's time for owner-operators to think about adjusting their cargo insurance limits to cover these more valuable shipments.

As freight values go up, so do the risks—and that translates to higher insurance premiums. Owner-operators will need to revisit their insurance policies to make sure they’re properly covered for these higher-value loads. According to the Insurance Information Institute, motor truck cargo insurance rates have been climbing as freight values rise, alongside an increase in the frequency and severity of claims. Insurance companies are likely to raise premiums to reflect the higher risk of these more expensive shipments. So, while owner-operators are adjusting to the reality of transporting more valuable goods, they’ll also need to brace for the potential of higher operational costs due to increased insurance premiums.

The LuckyTruck Solution

LuckyTruck now offers Trip Based Excess Coverage that allows you to purchase additional limits for a single load right from our website. You can bind immediately and receive a certificate. That way you can purchase MTC limits that cover your normal loads and just purchase the trip coverage for those times that you need it saving you money and time. Sign up for a Free LuckyTruck Account HERE and give it a try! Click HERE to read more about Motor Truck Cargo Insurance.