In a number of our posts, we have highlighted the danger that semi-truck pose to motorists on the road. Since trucks are considerably larger than passenger vehicles, the chances of people in passenger cars being injured is quite high. Meanwhile, truckers are commonly not injured in these crashes.
Because of the high degree of liability, commercial truckers are required to carry at least $750,000 in liability insurance. With the rash of trucking accidents being seen over the last few years, it appears that legislators are poised to raise the minimum insurance requirement to $1 million. This has truckers up in arms.
According to insurer Prime Property & Casualty Insurance, the change is not necessary given that so few accident claims exceed $1 million. The company reports that of the 87,000 trucking accidents reported between January 2006 and March 2012 only 166 claims eclipsed the million dollar mark.