Have you heard that Rep. Matt Cartwright is fighting for all motor carriers to increase their minimum injury and property damage insurance coverage by almost 500%? Some believe this legislation is essential to protecting the nation’s highways as well as ensuring that victims receive the proper amount of compensation for their losses. However, many others believe this is a misguided solution.
The proposal by the Pennsylvania Democrat will require fleets to carry about $4.4 million in coverage instead of the current minimum of $750,000. Larger fleets most likely already carry the new requirement, but for smaller fleets and independent owners, this could cause much more harm than good. So the struggle comes with owner operators deciding whether they should have this kind of coverage to protect their own assets and to meet the demands of their customers.
According to Prasad Sharma, general counsel of American Trucking Associations, 91.7% of truck-involved collisions are settled for less than $25,000. In addition, only 0.19% of truck crashes cost the fleet company involved more than $1 million in insurance coverage. Therefore, Cartwright’s belief that the system is out of whack because the federal insurance requirement hasn’t been raised since 1980 could cause many businesses to suffer on their bottom line.
At Wolpert Insurance, we want to assure you that your trucking company will be protected with comprehensive insurance from us. Our team of experts can help any size fleet with their unique needs. The reliable customer service you will get from our agency is unmatched. Contact us today for more information about our trucking insurance policies and how you can save on your bottom line with quality protection.