BREAKING: House lawmakers vote to raise mandatory insurance coverage to $2 million - FreightWaves
This could more than double insurance premiums.
Discussion in 'Trucking Industry Regulations' started by Doealex, Jun 17, 2020.
Page 1 of 3
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Looks like the Attorneys and the Mega’s Lobbyists are at it again.
tommymonza, bzinger, singlescrewshaker and 1 other person Thank this. -
It doesn't actually double the cost. I carry 2 million liability to satisfy a direct customer and the second million is only $1100 or so because the likelihood of the first million being used and then running into the second million is so unlikely.
-
We'll all go down together at least.
olddog_newtricks, Deere hunter and Rideandrepair Thank this. -
stanton and Deere hunter Thank this.
-
The insurance companies will see the advantage of writing numerous 'little' policies because the little guys won't use the secondary coverage as much as the per company catastrophic losses should be significantly less than something like the WalMart crash into Tracy Morgan's limo-bus on the NJ Turnpike.
Bottom line is we all will pay more as the insurance companies have us by the short hairs and are tugging harder!650cat425, Rideandrepair and Doealex Thank this. -
Don’t be fooled. If you carry 2 million you will more than likely be sued for the full amount. Just the same as it is now. Got a million. Get sued for a million.
The conversation will go something like this:
Lawyer: Ma’am There is no question that you caused the wreck and severely injured the truck driver and only broke the little toe on your left foot. But big trucks must carry 2 million in coverage so I recommend that you sue for the full amount. “We” can take less if necessary.Last edited: Jun 18, 2020
Reason for edit: Add commenttommymonza, xsetra, Studebaker Hawk and 7 others Thank this. -
Premiums are based on risk of payout. Not profit. So if the likelihood of Dipping into the second million is low. So will be the premium increase. Vehicle insurance companies make their money by investing those premiums. Why you see higher rates with one company over another is customer based. As it is a shared "risk pool." More customers. More people "sharing/splitting" the "risk."
Lite bug, Rideandrepair, wis bang and 1 other person Thank this. -
It's still not a done deal. This is something that the House put into the new highway appropriations bill. And the full House hasn't even come close to voting on it yet anyway. This was just an amendment that was approved by one of the committees.
But if this really concerns you then it's time to make some noise. Contact you Congressional Rep and let them know that you are against it. Tell them that Federal research indicates only 0.06% of crashes result in damages that exceed today’s minimum coverage limits and that this is something that will hurt small business truckers.tommymonza, clausland, 650cat425 and 6 others Thank this. -
@kemosabi49 You are dead on with your advice. How many will follow the amendment and make those phone calls?
clausland, wore out, singlescrewshaker and 1 other person Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 3