When you take a closer look at liability insurance coverage for trucks in the country – some people believe the number should be raised. Others believe in the time a never ending recession because of government regulations, the figure is satisfactory.
To be precise, the absolute minimum insurance coverage for a truck to operate legally in America is $750,000. Don’t get us wrong, by no means are we implying that this isn’t a substantial amount of money. $750,000 is even today a considerate sum of money, but when you realize that this number has not been raised ever since it was introduced back in 1985. It really puts things into perspective. Many others though believe $750,000 was too high in 1985 and just fine for where America is at right now.
Even though health care costs continue to rise because of high taxes, Obamacare, and other horrendous regulations which curb competition, that amount is still enough for almost all cases.
Outstanding Indianapolis truck accident lawyers though have reported time and again about how truck accident victims get the short end of the yard stick when it comes to compensation. But if you look at how truck accident victims are treated in many other parts of the world, there is not too much to complain about. $750,000 is a lot of money for a truck company to pay in a recession that does not seem to end and the high taxes they have to pay to operate.
America’s health care situation is not impressive
According to leading truck accident attorneys all across Indianapolis and the country, there are several heart breaking cases where truck accident victims that have become permanently disabled, paralyzed, or gravely injured are not even receiving enough compensation to cover their medical expenses. Not to mention, healthcare costs that escalate to new levels every year as already stated.
Trucking operations, trucking companies, and truck drivers are all subjected to the laws of the state in which the company is based but these parties are also subjected to federal trucking laws which have been drafted and put in effect by the Federal Motor Carrier Safety Administration (FMSCA). Indianapolis truck accident attorneys are well aware of these laws and some of the best can be found right here: http://accident.usattorneys.com/indiana/.
No real answer
The FMSCA have at least addressed the issue, and on many occasions have made their intentions to amend the law clear but have failed to actually execute and enforce anything yet. This could be because there is ample information that this number is still appropriate.
It does not matter that the number has not been changed for 30 years. Inflation is low and America’s economy is not really growing and has not been for many years now. Going back to a previous point mentioned, $750,000 was extremely high in the mid-80s. It probably should have only been around $450,000. So to say this number has never been raised in three decades is true, it does not paint the entire story.
No one wants bankrupt a trucking company and put 30 people or so in the unemployment line. America has enough of that and in fact, millions of Americans have even stopped looking for work because of job scarcity. Yes, the insurance company of the trucking company will handle this payment but if the insurance industry refuses to insure this company, then this business cannot operate and that is jobs lost. The reason there is a ceiling is because so many verdicts are irrational. This is why there is a ceiling in the first place.
Trucking companies should pay if they mess up
Indianapolis truck accident lawyers are vigorous in their pursuit of justice and if a trucking company does mess up or if one of their drives makes a gross error, they should pay up and be held accountable. This is where Indianapolis accident lawyers earn their keep.
What has changed in 30 years is the advent of the Internet. Victims years ago used to struggle to find outstanding and sterling legal help. That is the true travesty! Now the playing field has been leveled and now even someone who no one cares about and who is destitute can gain access to a fabulous lawyer. Because of a few innovative people, this website has literally saved lives. If you need more information on accidents, worker’s compensation, and access to top name law firms, press here.