It’s a sad reality, but cars and trucks get into accidents from time to time. Because semi-trucks are so much bigger and weigh more than cars, collisions involving commercial trucks have a tendency of producing serious injuries that are very costly. For this reason, motor carriers have been required to carry high insurance coverage in order to protect the public in the event of a collision.
Collisions Between Trucks and Cars Often Leave Occupants in the Smaller Vehicle With Severe Injuries
Sometimes someone’s injuries can be debilitating, life-altering, or even fatal—exceeding a truck’s insurance policy. When this happens, the insurance coverage might not be enough to adequately compensate trucking accident victims and their families for their damages and losses.
According to an April 2014 Report to Congress, although catastrophic motor carrier collisions are rare, they can exceed $1 million in crash-related costs. As a result, the Federal Motor Carrier Safety Administration (FMCSA) is looking to revise the minimum levels of liability insurance that motor carriers would need to carry.
If Minimum Levels of Financial Responsibility Increased, Costs for Trucking and Bus Companies Would Dramatically Increase
For obvious reasons, bus and trucking companies are against this change; however, the public would be better protected in the event of a crash with a truck or bus. This is why FMCSA is asking for comments from experts and the public before insurance rates for motor carriers increase. If you would like to make an online comment, you have until February 26, 2015.