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Does motor carrier insurance cover large truck accidents?


Every state requires minimum insurance coverage on registered vehicles. Comprehensive and collision coverage are optional, but Boston motorists must carry a set minimum amount of auto liability insurance. The insurance covers expenses from accident-related injuries for you and others harmed in a crash.

Drivers often opt to increase coverage, since the insurance minimum may not cover all the costs associated with a collision. Rules for insurance coverage differ for owners of motor carriers — large trucks and buses. The Federal Motor Carrier Safety Administration establishes the minimum requirements of financial responsibility based upon vehicle size, weight and purpose among other factors.

The regulatory agency has been concerned about federal trucking regulations for insurance requirements. FMCSA officials believe raising minimum insurance standards for semi-trucks and other carriers may be justified. The agency thinks liability limits may be too low to cover current and anticipated future costs for accident victims’ losses.

The FMCSA is accepting comments from the public and members of the motor carrier community about raising the level of financial responsibility. The agency is accepting opinions, preferably with supporting evidence, through Feb. 26, 2015.

Insurance policies aren’t the only form of coverage motor carrier owners use to meet the federal standards. Vehicle owners may choose to insure truck accident losses through bonds or some other means, as long as the coverage satisfies FMCSA regulations.

The concerns over large truck and bus insurance were amplified by a congressional report released in April 2014. The report stated expenses, related to motor carrier accidents resulting in severe injuries, could exceed $1 million per crash.

Millions of dollars seem like an enormous amount of money — until you start adding up the costs of crash injuries and deaths. Medical costs for catastrophic injuries can accumulate rapidly and continue months, years or a lifetime after a collision. Attorneys help victims recover these and other losses caused by 18-wheeler accidents.

Source: Federal Motor Carrier Safety Administration, “FMCSA Seeks Comment from the Public, Insurance Providers, Motor Carriers on Revising Minimum Levels of Financial Responsibility” Dec. 02, 2014


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