Will Columbia Truck Accident Victims be Better Protected from Crash Losses?

Trucks must share the road every day with drivers throughout Columbia, Anderson Rock Hill, Sumter, Georgetown and surrounding areas. In some cases, however, truck drivers engage in negligent behavior or trucking companies fail to live up to their obligations. When this occurs, a truck accident lawyer can provide assistance to victims of the truck collision or to surviving family members who suffer losses.

Truck accidents frequently cause very serious injury and are often fatal. The losses can be incalculable. While victims can often sue the trucking company for negligence of an employee, even the trucking company may not have sufficient funds to pay for the full extent of harm the crash caused. Insurance should be there to protect the victims, but the trucking company may not have enough coverage.

Trucking Companies May Be Required to Increase Insurance

Trucking companies are required to buy a minimum amount of liability insurance, just like drivers buy car insurance in case they hit someone and have to pay. The current minimum coverage that a trucking company needs to have is $750,000 provided that the company is an interstate general carrier. If the trucker is hauling hazardous materials, the coverage limits are higher at between $1 million and $5 million.

Except in these extenuating circumstances, the cap on insurance coverage could mean not getting paid for the rest of losses. If the trucking company’s policy covers only $750,000 and the victim is awarded more by the jury, the only option would be to try to collect from the trucking company. The company may also not have enough funds to satisfy the victim and ensure full compensation.

This happens more often than you might think. According to JOC Group, Inc., a study conducted by the Trucking Alliance on settlements after 9,000 accidents found that as many as 42 percent of the cases exceeded the limit in place.

The minimum coverage limit is very outdated, as it was not revised since 1985. As Fleet Owner reports, it has not kept pace with rising costs, nor has it kept pace with inflation. Some trucking companies (an estimated 83 percent) recognize that having only the minimum coverage is putting them in financial jeopardy, and thus buy extra insurance coverage beyond the minimum requirements. However, not all trucking companies make this choice and some do only what they are required to do. This can have serious consequences for those who get into a collision with a trucking company that has done the bare minimum in terms of ensuring to provide for the losses a truck accident can cause.

The Federal Motor Carrier Safety Administration (FMCSA) could require truckers to buy a higher minimum amount of insurance coverage. The FMCSA has not yet acted, but has at least published a request for public comments so people will have the opportunity to speak their mind about what insurance coverage trucking companies should be responsible for buying. The process will be a long one, but might end with the truckers needing to have more insurance to provide compensation to victims and families.

Columbia South Carolina car accident victims should contact attorney S. Randall Hood of McGowan, Hood, Felder & Phillips, LLC at 803-327-7800 or visit https://www.mcgowanhood.com for a free case consultation. Also serving Anderson, SC, Rock Hill, SC, Sumter, SC, and Georgetown, SC, and surrounding areas.