The long-haul trucking industry is undergoing massive changes, from the introduction of self-driving trucks, to the critical shortage of truck drivers, to discussions between industry leaders and the federal government about potential increases to rig insurance minimums.
A recently proposed bill in Washington DC would raise rig insurance minimums from $750,000 to close to $4.9 million. Using calculations based on when the last insurance minimum was set – $750,000 in 1980 – the proposed bill, known as the INSURANCE Act aims to increase minimums to $4.9 million to keep in line with inflation increases and purchasing power cost increases since 1980.
The INSURANCE Act 2019, where INSURANCE stands for, “Improving National Safety by Updating the Required Amount of Insurance Needed by Commercial Motor Vehicles per Event,” seeks to increase minimum rig insurance coverage in order to keep pace with the escalating costs of medical treatments, surgeries, and hospitalizations that result from semi-truck accidents.
If passed into policy, the Secretary of Transportation could review the minimum rig coverage amounts every 5 years and adjust or increase the minimum rig coverage amounts to be in line with inflation and rising medical care costs.
Now, more than ever, it is critical for long-haul semi-truck drivers, fleets, and fleet owners to review and evaluate your rig insurance needs. Minimum rig insurance amounts of $750,000 may not be enough to protect your business, your drivers, or the general public in the event of a tragic accident.
Be proactive. Contact us at J.E.B. Insurance Services, LLC., and let us help you stay safe on the road. We take pride in offering comprehensive commercial truck insurance that will give you and your drivers peace of mind when they are on the road. We look forward to partnering with you in creating a rig insurance plans tailored to meet your needs, whether you are a fleet owner or an independent driver. Contact us today for more information. We provide commercial truck insurance in Florida, Georgia, Tennessee, Iowa, Nebraska, Illinois, South Carolina, North Carolina & Texas.