Recently, H.R. 3781, the INSURANCE Act, was introduced to Congress. The bill would have raised the minimum insurance requirement for commercial motor vehicles. However, the act failed to pass. Read on to learn more about this proposed law and how it may still impact future claims.
What Is H.R. 3781
H.R. 3781 was a bill that was drawn up in 2019. The INSURANCE Act stands for Improving National Safety by Updating the Required Amount of Insurance Needed by Commercial Motor Vehicles per Event. The bill proposed to increase the required minimum limit for CMV insurance.
Currently, the required insurance for truck drivers is at least $750,000 of liability coverage. Motor carriers may have to maintain higher levels of insurance, depending on the type of freight they transport. The bill would have increased the minimum amount of insurance to $4.9 million. This proposed increase was meant to reflect the medical cost of inflation from 1980 when minimum insurance requirements were established to the current rates for medical costs in 2019. The bill also called for future increases every five years based on continued inflation related to medical care.
The bill was introduced by Illinois democratic representative Jesus Garcia in the Transportation and Infrastructure house. It was referred to the Subcommittee on Highways and Transit. However, the bill did not pass.
How This Could Change Current Laws
Even though H.R. 3781 did not pass, it still indicates that lawmakers are concerned about the damages that negligent trucking companies and drivers can cause to other motorists. The bill acknowledges that medical costs have significantly increased since the required amount of commercial vehicle insurance was established.
Truck accidents are often financially crippling for victims. Trucks are enormous compared to much smaller vehicles, which is why collisions with them often cause fatal or catastrophic injuries. Accident victims may require lifetime care, which cannot be fully accounted for by the lower required minimum liability threshold that is based on outdated costs.
The bill could be reintroduced and later passed by Congress.
Contact Cain Law for Help with Your Truck Accident Claim
If you or a loved one was injured in a truck accident, Cain Law can help. Truck accident claims are often much more complicated than a standard car accident case, so you need someone with the knowledge and resources necessary to handle your claim.
The dedicated attorneys at Cain Law are fully equipped to handle cases involving truck accidents in Oklahoma. We have recovered over $50 million for clients in Oklahoma. Our rapid-response team will immediately launch an in-depth investigation into your accident and determine all potentially liable parties and sources of compensation. We are ready to start on your case immediately. Call us or contact us for your free case review. We are available to take your call 24/7.
