Trucking Fleets Are Expanding Amid Freight Slowdown

Currently fleets are desperate for new trucks after all of the recent supply chain crunches that have impacted manufacturing. These supply chain crunches made it nearly impossible to get a new truck for the past 2 years. But all of that is soon to change. Manufacturers have delivered 81,000 trucks to fleets in only the past three months. This is up 30% compared to this same time period last year. Many small fleet owners are eager to expand their business and are more than happy to drop cash on some new trucks.

This news is likely very surprising to those who have read recent industry headlines of the oncoming freight and macroeconomic recession.

Dry van spot rates in the U.S. hit $2.53 per mile on Monday. That’s down 23.3% from the same day last year. Contract rates are also starting to weaken, though not at the same sharp declines.

FreightWaves’ National Truckload Index
FreightWaves SONAR

Pay for trucking services has steadily declined in the spot market whereas expenses have increased overall. This is especially the case when it comes to fuel, which has reached as high as $5.41 per gallon across the United States on Monday. (Roughly a 50% increase from last year)

With over 20+ years in the trucking insurance industry Cook Insurance Group combines national reach with local service to address the needs of large fleet, small fleet, single owner and tow trucking operations, and to charter bus lines. We ONLY serve the Trucking industry, providing the best trucking insurance. Let our friendly, bi-lingual staff help you find the right insurance protection at the right cost.

Cook Insurance Group is dedicated to meeting the needs of both small and large fleet trucking companies. Our reps handle every aspect of your program, ensuring you have the best trucking insurance plan for your specific needs. We work closely with you to manage your plan on an ongoing basis.

At Cook Insurance Group, we provide immediate certificate and ID card insurance, including 24/7 certificate availability. We leverage our client portal which allows you to access and issue certificates, check claim status and view policies. Cook Insurance Group is prompt and reliable, including 24-hr claims reporting. (Physical Damage and Motor Truck Cargo). We also provide educational seminars for management and drivers of companies.

At Cook Insurance Group we have licensed risk managers available to assist you with CSA scores and driver training. We provide border risk coverage (NAFTA) and mid-year loss run reviews.

Choose Cook Insurance Group for all of your trucking insurance needs whether you are located in Texas, Arizona or Arkansas.

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