Will Driver Shortages Affect Truck Insurance Prices?

Did you know that there is a critical shortage in the transportation industry, specifically for truck drivers? To combat this, the minimum age to drive a lorry decreased from 21 to just 18 in 2009 to keep up with the shortage of drivers. But will that have other effects as well? 

Insurance is more expensive for someone at just 18 years of age, so lowering the HGV age is not entirely enough of an incentive when it has other unintended consequences. 

To encourage younger people to become truck drivers, there are many steps being taken, from implementing new apprenticeship incentives to promoting national initiatives like national trucker’s day and national lorry week. Each of these aims to captivate the younger generation enough to persuade them to drive as a career. What cost does this come at for insurance prices? If younger drivers continue to receive their HGV licenses, there is a chance that insurance prices will only continue to increase for all truckers, which is less than an ideal situation. With such a shortage though, what else can be done?

If you’re interested in whether or not a shortage of truck drivers will affect truck insurance prices long-term, please take a look at the following infographic. It illustrates the latest research on improving young people’s perspective on a career in the transportation industry and also examines the cyclical issue caused by increased insurance and a reduction in drivers. This infographic also shows why there is a driver shortage currently. Check it out below:

Infographic Design By  Truckinsurancecomparison.co.uk