Charlotte Trucking Insurance Policies May Face New Minimum Requirements

Written by on 3/12/2015 10:00 AM . It has 3 Comments.

No one wants to think about it, but accidents happen. You might travel on the same dark road for years without incident, until one night with icy conditions, decreased visibility, and a deer that runs into the middle of the road.

It happens all across the country:

Regardless of who’s at fault, accidents happen, especially in less than ideal driving conditions.

The Federal Motor Carrier Safety Administration (FMCSA) has proposed new possible minimum insurance requirements for trucking companies. The current requirement is $750,000 and has gone unchanged since 1982. A FMCSA-sponsored study shows that based on inflation, that rate in today’s terms should be closer to $1.6 million, and if medical costs are factored in, $3.2 million. The proposed rule change would increase the minimum from its current level to $1 million in minimum coverage.

Higher minimums means better coverage and protection. Crashes involving truckers are rare when compared to the volume of car accidents. The problem is that when accidents occur, the costs often exceed $1 million, and the current insurance limits don’t fully cover businesses. If an accident involves a catastrophic injury or worse, death, the liability award for the victim or their family can range from the $9 to $10 million. It all adds up to one thing: more out-of-pocket expenses for a business owner.

In reality, the FMCSA is simply catching up to industry standards after 30-plus years with the same requirements. Freight contracts often require a minimum of $1 million in insurance, and many companies carry more than that. In order for all companies to have adequate protection that makes sense in today’s economy, raising the minimum insurance requirement is needed.

As the owner of a trucking company, you have the same considerations. No matter how good your drivers are, no matter how well-built your trucks are, all it takes is one icy road, one bad driver in front of you, or one animal to run out in the middle of the highway. The best way to protect your drivers and your business is to have enough insurance coverage. Raising the minimum to $1 million means you’ll have to pay less out-of-pocket in the event of an accident, meaning you can focus on the well-being of your employees and your business, and worry a little less about your finances.

We’re in the business of helping you protect yourself, your employees, and your business. If you’ve got questions about your Charlotte trucking insurance policy or you’re ready to raise your coverage, let us know. We’re here to help.

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