In August of 2014, the Federal Motor Carrier Safety Administration (FMCSA) submitted a report to Congress that contained the basis for its proposal that legislators significantly raise the minimum insurance requirements for commercial trucking companies and drivers. The FMCSA claims that the current insurance requirements are severely inadequate to fully cover all of the injuries and losses that may result from a truck accident. If you have been injured in a commercial truck accident, an experienced Coweta County truck accident attorney can help make sure you receive the insurance settlement or legal award you deserve.
Insurance requirements have not been changed since 1980, and since then healthcare costs have substantially increased. The FMCSA proposes the following changes to insurance requirements for commercial trucks:
- Regular tractor-trailers = From the current $750,000 to $3,188,250
- Small buses = $1.5 million to $6,376,500
- Large buses = $5 million to $21,255,000
- Low hazard HAZMAT trucks = From the current $1 million to $4,251,000
- High hazard HAZMAT trucks = $5 million to $21,255,000
Increasing these minimum coverage requirement increases the chance that accident victims will receive enough in an insurance settlement to fully cover their past and future losses. This may, in turn, significantly reduce the need for legal claims in court resulting from truck accidents. There is expected to be some political compromise before the final new requirements are set in law, however the FMCSA is hopeful that Congress will vote to substantially raise the insurance minimums.
Contact a Coweta County truck accident attorney for a free consultation
If you have been the victim of a commercial truck accident, you are aware of the catastrophic damage and injuries that may result. Such injuries may cause hundreds of thousands or even millions of dollars in losses, and you deserve to be compensated for the full amount of relevant losses. The experienced truck accident lawyers at Shane Smith Law work to ensure you receive the right amount of compensation, whether through an insurance settlement or a legal claim. Call our office at (770) 487-8999 today for assistance.