How to Determine a Fair Truck Accident Insurance Settlement

To protect the public from expensive truck accident liability, drivers of commercial vehicles are required to lay down a surety or carry a minimum amount of public liability coverage. The truck driver’s or trucking company’s level of financial responsibility will range from $500,000 to $5,000,000 depending on:

• The type of vehicle the truck driver is operating
• The weight of the vehicle
• The type of cargo they are hauling

Above and beyond the minimum levels of insurance coverage truck drivers are required to carry, truck drivers are also responsible for meeting any other minimum levels set by the Secretary of Transportation. Truck accidents cause serious damage to roadways and other vehicles so it is imperative that trucking companies carry enough insurance to protect themselves in the event of a truck crash.

Can a Commercial Truck Company Be Liable for a Truck Accident?

The truck driver is not the only person that can be liable for the truck accident victim’s injuries or death. Being a sole owner-operator of the commercial truck makes the driver solely liable. However, under the doctrine of respondeat superior, it is possible the trucking company as well as the driver – or instead of the driver – may be financially responsible for the driver’s actions. This means that the possibility of a full recovery for your personal injury lawsuit is more likely.  

The following is an example of what is at stake for a truck driver or truck company if they are found liable in a truck accident case:

The absolute minimum amount of coverage a “for-hire” truck driver will need in order to drive either foreign or interstate commerce is $750,000 for a vehicle weighing 10,001 pounds or more and hauling non-hazardous materials. Compare this with a “for-hire” or private commercial truck driver operating either foreign or interstate commerce, with a vehicle weighing less than 10,001 pounds and hauling various levels of hazardous materials requiring $5,000,000 in insurance.

Therefore, the possible recovery on a personal injury lawsuit stemming from a truck accident involving a commercial truck is going to vary greatly due to the type of vehicle the truck driver was driving, what it was hauling at the time of the accident, and the extent of the injuries the truck accident caused.

How a Truck Accident Lawyer Can Help

A personal injury lawyer who specializes in truck accidents understands the state and Federal rules that govern the trucking industry. This insight is priceless and will increase your chances of receiving a fair truck accident settlement or verdict. From collecting critical evidence such as, the truck driver’s log book and on-board recorder (the truck’s “black box”) to calling upon expert witnesses that will prove the truck driver’s or truck company’s negligence, a skilled truck accident attorney can build a winning case.