Trucks moving from state to state are required under the law to have a certain amount of minimum insurance coverage. In addition to federal law, there are other state laws that require trucks to have insurance. The insurance requirements are meant to protect victims of truck accidents from companies and drivers that cannot afford to pay any compensation from their own pocket.
The United States Code of Federal Regulations has outlined a number of requirements for truck insurance. These requirements are under Title 49, Section 387 and provide the requirement for trucks weighing more than 10,000 lbs.
Trucks that are only carrying non-hazardous general good are required to have a minimum of $750,000 insurance coverage. The sum covers for damages that can occur on property or injuries to people. In the UK, the amount varies depending on various conditions. Fleet owners can get fast truck insurance after their trucks have passed a number of checks.
Continuing with the law, a commercial truck carrying HAZMAT goods (excluding any type of explosives) should have a minimum of $1 million insurance for damage to property and bodily injury. On the other hand, a truck carrying HAZMAT goods and/or explosives should have a minimum of $5 million for property destruction and bodily injuries. Trucks weighing less than 10,000 pounds need a minimum insurance of $300,000 for general goods and $5 million for HAZMAT goods.
The above is an overview of the federal insurance requirements for trucks. However, most states have additional rules on insurance limit. Because of the size, physical dynamics and weight of a truck, any accident resulting from it is likely to lead to severe injuries. Moreover, the accidents are more likely to damage property. Therefore, the minimum insurance required for trucks is much higher than that for small vehicles.
With the high insurance requirement, this also means that the scope of damages and compensation for truck accident cases is higher than for any other auto accident lawsuit. This is why it is important of any truck accident victim to contact an attorney as soon as possible if they have been hurt in an accident. On the other hand, fleet owners and truck drivers should have the proper fleet truck insurance to avoid heavy losses in case they get involved in an accident.
In most cases, the number of defendants in a truck accident case is more than one. This is why the amount payable as damages is quite significant. According to the FMCSA, the average cost of truck accidents in the US is $125,000.
It is important for both fleet owners and pedestrians to have insurance to protect themselves. Fleet owners need experienced insurance agents that will ensure all legalities of the law are followed in insurance. On the other hand, pedestrians should contact experienced truck accident attorneys in case they are involved in an accident.