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Tuesday, June 23 2020
Changes in Commercial Insurance for Truck Companies

Orlando, Fla.— Commercial Insurance for Truck Companies may be facing more changes ahead. An amendment to a bill circulating in Congress would more than double the required minimum amount of insurance for commercial motor vehicles.

The amendment to the INVEST Act was passed by a House committee on Wednesday, June 17. The measure was lauded by the Institute for Safer Trucking, which noted that the required minimum has not been raised since the 1980s hopping the amendment will help families who have survived truck crashes and help make the trucking industry safer. This amendment is part of a larger bill that  passed the House, and would still need to pass the Senate before it goes into effect. The legislation is dubbed the Investing in a New Vision for the Environment and Surface Transportation in America (INVEST in America) Act and is a proposed infrastructure bill that would invest $500 billion into the nation’s highways and transportation systems over the next five years.

The amendment has come under fire from members of the trucking industry who believe that it could force smaller carriers and owner-operators to shut down because of costs.

According to data from the American Trucking Research Institute, insurance premium costs per mile have increased more than 17 percent since 2013. Between 2017 and 2018 alone, they rose 12 percent. In 2018, they were about $0.8 per mile.

The industry group also noted that increasing litigation contributed to a rise in rates – with truck-involved crashes “generating dramatic increases in both the number of civil litigation case filings as well as increases in jury awards and out-of-court settlements.”

According to the Federal Motor Carrier Safety Administration, they all have experienced dramatic changes in the insurance industry over the past several years. Many accidents involving trucks are not the fault of truck drivers and they are creating a permanent pilot program that will not count a crash that was not the fault of the motor carrier at the time of calculating their safety measurement profile. They recognize this correction was long overdue.

Truck safety policies cover many issues, ranging from physical and property damage, liability, fines and penalties, insurance premiums, qualification for bypass programs, and even the ability to legally continue operations as a motor carrier.

At times like these, it is now more important than ever to have an ally in your insurance broker to help you find viable solutions for your business. At Orlando Truck Insurance, our local specialists understand the challenges the industry is facing and work hard every day to provide more options, from more carriers capable of bringing the right coverage at the best possible price in the market.

We have the staff, the local experience and the customer service platform to help you walk through these difficult times. Call one of our truck and commercial vehicles insurance specialists today at (407) 203-7085 to get you started in the right track, we’ll be happy to assist. We are all in this together!

Oscar Pacheco - Licensed Agent

Email Oscar

Posted by: AT 07:21 pm   |  Permalink   |  Email

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Orlando Truck Insurance offer Truck Insurance for the following operations: Agricultural Haulers, Auto Haulers, Bulk Hoppers, Dry Vans, Dirt/Sand/Gravel, Flat Bed, Grain Haulers, Heavy Haulers, Hazmat, Hotshot. Intermodal, Livestock / Cattle, Loggers, LTL, Milk Haulers, Oilfield, Refrigerated Goods, Steel Haulers, Tankers, Towing, Local, Long-haul, Intermediate

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