Most motorists agree that car insurance is very expensive, given the coverage that it provides. However, when looking at the potential cost of a catastrophic car crash, minimum coverage requirements for personal motor vehicles often fall far short.
Thankfully, there are federal regulations in place to help protect people from the most dangerous types of wrecks. Specifically, there is a federal mandate for commercial insurance coverage for large trucks that weigh 10,001 pounds or more.
Generally speaking, semi trucks and other commercial vehicles need to have at least $750,000 of liability insurance coverage. Unfortunately, those higher coverage requirements don’t always translate to better support for injured people.
Insurers negotiate aggressively
Insurance companies have an obligation to uphold their policies in good faith. Most insurance companies are also for-profit entities, which means they have a duty to generate revenue for shareholders. They fulfill that duty by collecting more in policy premiums than they pay out in claims.
Any large claim after a semi-truck crash is likely to receive intense scrutiny from insurance professionals. Frequently, they try to settle the claims quickly, often for a mere fraction of the total current and future losses.
People who are already dealing with serious injuries may find it difficult to critically review settlement offers and negotiate effectively. Thankfully, they have the right to partner with a personal injury attorney to handle their correspondence with the insurance company and determine if litigation is necessary.
Recognizing that a large claim creates an opportunity for stressful negotiations and unfair settlements to help people better handle the aftermath of a semi-truck collision. While larger policies can cover catastrophic injuries and lost wages, people may have to fight more aggressively to get the coverage they deserve.