What You Should Know About Trucking Insurance
Since 1980, the minimum levels of coverage are set by Federal Motor Carrier Regulations for tractor trailer or semi-truck drivers is $750,000. The importance of this information is that in the last 30 years of practicing auto accident law, we have had cases where this simply was not enough to cover the costs of the semi-truck crash and the aftermath of financial losses suffered by our clients. If you purchased an item in 1980 for $750,000 today this would be the equivalent of paying $2,126,177.18. According to the US Inflation Index, since 1980 our cumulative rate of inflation is 183.5%. This means that the $750,000 that many injured parties have access to is now only worth $264,559.32 in 2013. This is why our law firm is actively advocating for higher federal liability limits for semi-truck drivers so when an accident does occur, those who have suffered, will have access to a fair compensation with today’s economic valuations. The true disparity of the $750,000 minimum liability is uncovered when you factor medical inflation into this number. $750,000 in medical expense in 1980 would be more than $4.2 million in medical costs in today’s world.