Accident Insurance Minimums Could Change

Accident Insurance Minimums Could Change

Insurance premiums are part of running every business but for moving business it is important for your trucks and driver.  Sometimes the minimum coverage is set by a governing body to ensure there is enough protection if there is ever an accident. It means there is sufficient money to cover expensive costs incurred by the individual hurt in an accident.

Recently the FMCSA, Federal Motor Carrier Safety Administration, has taken a step to address the public on their opinion regarding a decision that could bring companies into an equal standing with regard to their insurance requirements.

This change in insurance would mean that those businesses in the freight forwarders, brokers, and motor carrier trades, would all see an increase in the minimum insurance requirement, bringing it into line with the household goods moving businesses who need a minimum of $750,000 in insurance. Currently those businesses, which would see an increase in the minimum, are currently just required to provide insurance for $75,000.

This change in insurance minimums favored by AMSA, who supports the move to bring businesses together and to ensure that they are all adequately insured to fully meet the costs involved if an accident happens.

The reasons for the change is to ensure that the rising costs of recovery after an accident are met fully by the insurance. Medical costs are expensive and it’s important to ensure that critical care and continued care is provided by the insurance and not delayed because of reaching the ceiling limit in a claim.

The FMCSA is taking into consideration those comments left by individuals who want to put their case forward for an increase in the insurance level required.

If you have a need to voice your opinion on this subject, there is still time.  Visit the site and make your opinion on the situation heard by the FMCSA.