How Much Insurance Coverage Do Truck Drivers, Owners, and Companies Carry?
Because of the increased severity of injuries and property damage due to their enormous weight and size, big truck accident claims are typically worth more than auto accident claims involving sedans, SUVs, pickup trucks, and vans. But as with auto accident claims, most or all of that money is typically paid via insurance policies.
Virginia requires trucks to be covered by the following amounts of insurance:
- $750,000 for general freight trucks
- $1,000,000 for oil transportation trucks
- $5,000,000 for hazmat trucks
- $300,000 for household goods trucks
Note that these requirements only apply for trucks that stick to local roads. When trucks drive on interstates or cross state lines, but they must meet federal liability limits, which can range from $750,000 to $1,000,000. Compare that to the minimum coverage for standard passenger vehicles, which ranges from $25,000 to $50,000.
It’s important to know how much insurance coverage may be purchased for big trucks, especially if you’re involved in a crash with one. Knowing they’re backed by such huge policies means that pursuing full compensation should always be in your best interests, as the money is there to cover your expenses. However, it’s also important to know that insurance companies often fight truck accident claims even more intensely than they do passenger vehicle crash claims.
That’s why it’s so important to have an experienced Roanoke truck accident lawyer on your side. At Skolrood Law Firm, we’ll work hard to get you every penny you’re owed, and to not let a negligent truck driver, owner, or company off the hook for their mistakes. Contact us today for a free consultation.