Traffic Mind-sets

[Finance]

Crashes involving commercial trucks can cause severe and long-term injuries to drivers and occupants. The cost of lost wages, hospital stays, surgeries, physiotherapy, and various other necessary past and future medical care can easily exceed $1,000,000. Commercial truck insurance minimums need to provide adequate liability coverage for these crashes, but the current minimum liability insurance only requires $750,000. This amount has shown disparity between the needs of victims and what companies have to have for coverage given that this amount has not changed in nearly 40 years. But pursuant to the INVEST in America Act, an amendment to the bill which was passed by the House Transportation and Infrastructure Committee in June would raise the minimum liability insurance of commercial motor vehicles to $2,000,000, something that is past due for many reasons. Why the truck insurance minimum is outdated The trucking insurance minimum was set in the 80s and does not take into account several important factors. These factors include inflation, rising medical costs, increased court cases and increases in life spans. A lot has changed in the last 40 years, and insurance minimums should look at this site reflect everything from the cost of living to the often debt-inducing cost of managing life with a serious injury and its effect on families. Rising medical costs are an important consideration for increasing insurance minimums. Serious wrecks between commercial trucks and passenger vehicles have resulted in catastrophic and life-changing injuries that are not covered by the current $750,000 liability minimum.

https://murrayandmurray.legalexaminer.com/transportation/the-importance-of-increasing-trucking-insurance-minimums/ [Education] [Training]