Currently pending is proposed leglislation to increase the minimum mandatory insurance limits to be carried by interstate trucking companies. The minimum, set in 1980, for non-hazmat trucks that exceed 10,000 pounds gross weight is only $750,000.
Given the potential for catastrophic and life-altering injuries which can occur on truck vs. automobile collisions, this increase is vital. In many instances, the costs of medical care alone can exceed the current minimums and leaves nothing for non-economic human losses for elements including pain and suffering, permanent injury, mental anguish, and impairment of capacity to enjoy life.
In sum, the minimum insurance requirements have not kept pace with ever increasing costs of healthcare and inflation. These increases are needed to address this shortfall.
Trucking industry-oriented groups have claimed there is not enough data of catastrophic claims to support the mandatory increase and have voiced opposition to the increases. The Federal Motor Carrier Safety Administration has wisely chosen to study this issue and to consider changes for the protection of all motorists. Many trucking companies lack assets which leave many people and families vulnerable to having to rely solely on government assistance in the event they should suffer serious injuries. Stay tuned and let’s all hope these long-overdue and important changes are made.