Exclusive three-part cybersecurity series coming Monday
Happy Friday Insiders,
In today’s issue we're tackling a hot topic — soaring fleet insurance costs. The feature article shares some savvy strategies to help you keep these costs in check.
Keep an eye on Monday's edition as we kick off the first installment of a three-part series on cybercrimes. Part 1 delves into the critical need for the industry to stay ahead of cyber threats. Hear from experts from SERJON, a consulting company, and an agent from the FBI's cybercrimes unit.
Part 2 will publish next Wednesday and Part 3 will land in Friday's newsletter. Plus a bonus Q&A with industry leaders is slated for the 29th. You don't want to miss this.
Inside today's newsletter:
🅿️ Georgia sets sights on better truck infrastructure.
🚚 Californian trucking company folds, blames AB5 costs.
💵 Union-backed Yellow Corp revival bid scrapped.
🚨 Promising results for pedestrian safety tech pilot.
🦠 Calculating Covid’s legacy on global freight.
All this and more in today's edition of The Inside Lane.
How can fleets curb rising insurance premiums?
Fleet insurance costs are soaring and experts are predicting further rises as vehicles become more complex to fix. The average repair bill for a light-duty vehicle is more than $4,400, while annual premiums are almost $2,000. Although fleets can’t control wider market trends, there are some steps they can take to curb rising rates.
Consider your coverage. It's laborious, but reviewing your policy (and deductibles) annually can help ensure the cover is cost-effective and fit for purpose. It’s also worth looking into lease contracts which include insurance, as this can be cheaper than getting coverage separately.
Reduce your risk. Driver training, route optimization and telematics all demonstrate to insurers that you care about safety and risk. They should also offer benefits beyond the cost of your premium.
Find out more on Global Fleet.
🙂 GOOD DAY:
Georgia state lawmakers in have voted in favor of a bill which could kick-start 20 years of road infrastructure projects supporting the freight and logistics sector. HB617 is now on the governor’s desk, and includes plans such as widening roads and providing safe and convenient parking for truckers.
🙁 BAD DAY:
An investment group led by Jack Cooper Transport has halted its months-long effort to revive bankrupt carrier Yellow Corp. Backed by lawmakers and the Teamsters union, the group had aimed to purchase facilities, equipment and save jobs, but said it wasn’t clear if the business would still be viable after the ongoing auction of its assets.
AB5 on-costs shutter family-owned trucking company
California Intermodal Associates (CIA) has shut its doors, claiming a 30% hike in operating costs to comply with AB5 worker classification rules made the business uncompetitive. CIA had brought 30 drivers onto its payroll, but struggled with asset costs and employees being lured to rival companies still based on the owner-operator model. The family-owned carrier and brokerage also provided a container yard and warehousing services.
Pedestrian safety tech shows promise in fleet pilot
City-based fleets piloting a pedestrian detection system claim it curbed speeding, improved driver awareness and was praised by employees. The Truck of the Future program equipped vehicles with a camera-based system that detects vulnerable road users (VRUs) if they are too close, and highlights their presence on an in-cab screen. Most (84%) VRU fatalities happen in urban areas, according to the IIHS.
**Give us a clear path to sustainable transport, Ford warns **
Automakers need stable regulations to confidently invest in the next generation of vehicles, Ford executive chairman, Bill Ford, has told politicians. Electric vehicles have become a polarized pre-election debate, with Democrats tending to advocate a faster transition while Republicans are hesitant. Ford believes customers will decide, but says consistency is vital as manufacturers need time to plan future products.
- Reuters
- MOVING METAL: Merger could form giant auto-hauling fleet.
- TEAMWORK: Watch “human tow truck” rescue semi driver.
- TRACKING TRENDS: Covid’s legacy on global shipping.
- RECRUITMENT: Could AI help fill the skills gap?
Quote of the Day:
“California is a hostile place to operate a business.
This law [AB5] has created a hostile operating environment
and an environment of unfair competition.”
- Gabriel Chaul, CEO of California Intermodal Associates
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📷 Want to share a photo from the road? We’d love to see it.
Be safe out there -
Bianca Prieto, Editor | The Inside Lane
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