As truck accident attorneys in St. Louis, we’ve seen the physical and financial devastation suffered by victims of trucking crashes. Currently, the Federal Motor Carrier Safety Administration only requires motor carriers to carry $750,000 in liability trucking insurance – a requirement that was set over forty years ago. Unfortunately, the $750,000 minimum insurance requirement is often inadequate, and its amount has not been adjusted for inflation since it was set during the Reagan era.
In the past, attempts to raise the minimum coverage has failed leaving injured individuals with limited recovery when their lives are forever changed by serious truck accidents. The House Committee on Transportation and Infrastructure voted in 2021 for an amendment to increase the minimum trucking insurance requirements from $750,000 to $2 Million. Unfortunately, the increased amount did not become law and the fight to increase insurance minimums continues.
The fact that insurance minimums have not increased means trucking companies have not paid increased premiums – giving them no reason to improve safety measures. The minimum insurance limits are not as much of a concern for big trucking fleets, who often have more insurance coverage and even assets that can cover a large verdict. However, smaller companies that don’t have the personnel to focus on safety often only have the minimum insurance limits.
As the fight continues to increase the limits for trucking insurance, the attorneys at Muchnick Haber Margolis continue to fight for the rights of our clients. If you recently sustained a trucking accident, contact our attorneys to start building your case.