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Minimum insurance amounts could increase for truckers

Semi trucks the largest vehicles on the road, and when they collide with a passenger car, the results can be catastrophic for those in the car. Because of this, truck drivers (and their companies) are required to carry a substantial amount of insurance. According to federal law, the minimum amount of coverage is $750,000.

However, according to a recent media report, the minimum amount of required coverage may change. Federal regulators asked the public if the current amount was sufficient. After a lengthy comment period and more than 2,000 responses, the consensus was that the minimum amount should be raised. This obviously did not sit well with truck owners and operators. They universally cited cost issues that could lead to many carriers to go out of business because they would not be able to afford premiums on $1 million policies and above.

Further, insurance organizations representing truck drivers and owners believe that the increase is not necessary given just how many truck accident claims exceed the minimum amount. They claim that there is only a minimal (1.4. percent) chance that an accident claim would exceed the $750,000 threshold, and only a .73 percent chance that such a claim would exceed $1 million.

However, an accident claim from a young person who is critically injured in a truck accident and will need a lifetime of care will easily exceed the $750,000 limit. Also, those who may not need lifetime care, but years of rehabilitation services could exceed this amount as well.

It remains to be seen how this issue will be resolved.

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