The minimum insurance requirement for interstate motor carriers is still $750,000 — not nearly enough to fully cover medical bills, property damage, lost wages, or other losses in many trucking cases. This amount was originally set back in 1980 and has never once been adjusted, even though in the 40 years since then the trucking industry’s revenues have increased exponentially and all while trucks have been allowed to get bigger and go faster.
Note that this is $750,000 per crash. This means that there could potentially be multiple parties all contending with an insurance company for financial assistance. This type of arrangement benefits insurance companies while leaving truck accident injury victims in dire need.
It’s time that these minimum requirements be reevaluated and adjusted according to today’s needs and standards.
Fried Goldberg attorney Brian Mohs explains why it is important to increase minimum insurance rates for motor carriers:
“I have seen firsthand more times than I would like to recount how the insurance minimums for trucking companies do not begin to compensate victims of tragic trucking collisions. All too often I have seen the situation where there is horrible devastation as a result of a truck crash and I have to make a phone call to my client explaining to them although they or their loved one is seriously injured or even dead, they will only be able to recover $750,000 at most because the trucking company has minimum insurance limits.
The trucking insurance minimums were established by Congress in 1980 and have never once been increased. Under the current minimum insurance rules, an entire family of people could be killed as a result of a negligent truck driver/motor carrier and the only available compensation would be $750,000. A child could be rendered paralyzed and have over $2M in medical bills and yet all they would be entitled to recover is $750,000. This is simply not enough.
The truth is that increased minimum insurance limits will not only increase the amount of funds available for victims of truck crashes, it will also increase safety on America’s highways.
The only motor carriers that will be affected are the ones that probably should not be operating in the first place. With higher minimums will come increased underwriting scrutiny from truck insurers. This will lead to unsafe motor carriers being unable to obtain coverage and eventually folding up shop. This is a good thing.
The trucking insurance industry for too many years has chosen profits over safety by hiding behind grossly undervalued insurance minimums. Increasing the insurance minimums will serve to promote more safety and justice.”
Get In Touch with an Experienced Truck Accident Attorney
In the meantime, even while we advocate better coverage and protection for motorists, you should not delay filing a claim if you’ve been in an accident. Your ability to collect the amounts you are entitled to could be affected if there are any delays in the filing process.
Trucking accidents can be severe, and victims and their families deserve to be fully compensated for losses caused by another party’s negligence. At Fried Goldberg, our attorneys are working hard to effectuate change in the area of trucking accident law, especially when it comes to commercial truck insurance minimum requirements.
About Fried Goldberg Law Firm
Fried Goldberg LLC focuses its practice on truck accidents resulting in serious personal injury or wrongful death. Our trucking accident attorneys have returned multiple 7- and 8-figure verdicts and settlements on behalf of our clients. Regardless of your circumstances, we are here to help you pursue the legal remedy you are entitled to as a result of your injuries.
We also provide online webinars and host various events aimed at assisting other lawyers in their truck accident practices. We aim to elevate the standards for trucking litigation and have written “Understanding Motor Carrier Claims, Sixth Edition”, a legal treatise on truck accident law. If you or a loved one have been injured and needs legal representation, contact us at (877) 591-1801. We treat each client with the close attention and diligence their case deserves.