Well, you can expect to see your insurance premiums rise in the near future. FMCSA has skipped the "We think this might be the case" part of making new rules, and gone straight to "We know this is the case with certainty."
A couple interesting snippets from that lovely article:
"...FMCSA concludes that the $750,000 liability limit set in 1985 does not adequately cover catastrophic crashes today, due chiefly to inflation and increased medical costs, the agency say"
"...[read]OOIDA says the insurance increase would be a death nail for small businesses in the trucking industry, and OOIDA Executive Vice President Todd Spencer says that just 1 percent of all crashes where trucks are involved exceed $750,000 in damages. "
"...but the Trucking Alliance, an association of fleets, said in a report last March that between 2005 and 2011, 42 percent of the settlements paid by its carrier members exceeded $750,000"
In case any one was curious, the "Aliiance of truckers" Consists of- Maverick, Knight, JB hunt, Dupre, Boyle and Fikes. These guys can survive the rate increase
"The agency (FMCSA) attempts to quell carriers fears about increased insurance premiums by saying in its study that insurance rates have 'declined slightly on average in nominal terms' for the same level of coverage. Adjusted for inflation, insurance rates have dropped too, the agency says, adding that the current $750,000 minimum runs about $5,000 a year per truck. "
"Despite critics of the study, the agency (FMCSA) says it has already formed a rulemaking team to determine a new minimum liability level. The rule is now among [its] high priority rules."
FMCSA: Current insurance minimums for carriers inadequate, new rule coming
Discussion in 'Truckers News' started by cabwrecker, Apr 22, 2014.
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We're all carrying million dollar policies anyway so if they up the minimum to that then there really shouldn't be any impact. Now if they up it to two million, that would definitely put the hurt on us.
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Is anyone starting a pool on the new amount?
My guess is $4 million. -
lol..I know,I know...Whats next
Hey,I gots a good Idea,
Lets Everyone with Manual Transmissions,LEts all Just Drive Around Burning up Clutches..Clutch Brakes,Rippin apart Gear Boxes and burning our Brake Shoes to the Metal..No Wait,Better yet,Lets Burn em down To Nothing But Hardware(Springs n Clasps)
then......Without any Brakes Left.....lets Find a Puddle Of Oil somewhere (or make 1) and Lets Burn out on Our Drive Tire down till it Blows out! BOOM!!!
Then Lets Drain Our Crankcases empty And Run Em' 2000rpm until The Sweety sound of connecting Rods break engine Blocks
then Lets Pour Gasoline all over our trucks and Traileers...And you know the Rest.
When the News Media Gets There with the Cops....Just Say.. "I think its still under Warranty".. -
Oh, pardon me, I meant personal injury attorneys! Surely, they are some of the kindest people there was, manipulating our now grotesque legal system... -
$4+ million has been bandied about for a while. -
That's a great way to piss a lot of drivers off, even more than they already are...One and a half more years, and hopefully not another Clinton. Just hold out, I suppose. -
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And I thought my 2 mill was high
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