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How recent freight cycles have impacted insurance rates for trucking

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If you’ve been in trucking for longer than a few months, you’re well aware of the boom cycle the industry experienced coming out of the early stages of the COVID-19 pandemic. Over the last year and some change, though, the industry has, of course, seen a downturn into what many believe to be a freight recession.

The lack of freight compared to the available capacity in trucking during recent times has made it difficult for fleets large and small. That, coupled with rising costs across the board due to inflation and other pressures, has made staying in business a challenge for many carriers.

Stephen Ritzler, team lead of trucking and logistics at insurance provider CoverWallet, joins Jason and Matt on this week's 10-44 to talk about how the recent freight cycles have impacted his industry and how it views trucking. 

00:00 Freight recession and insurance rates

02:09 Rookie mistakes

04:30 Small carriers going out of business

05:44 Successful small carriers