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Trucks Required By Law To Carry Insurance?
There
are federal and state laws which require commercial motor vehicles
to carry insurance for various types of losses. These laws also
require that certain types of insurance must be purchased at
minimum limits. These laws are designed to protect motorists
and others with an insurable interest in the event that a large
truck is involved in an accident which causes property damage
and/or personal injuries.
Title 49, Section 387 of the United States Code of Federal
Regulations sets forth minimim insurance limits for vehicles
with a gross vehicle weight rating of 10,000 pounds or more.
These limits are as follows:
- $750,000
for Bodily Injury and Property Damage for non hazardous
general comodities
- $1
million for Bodily Injury and Property Damage for hazardous
materials, except explosives
- $5
million Bodily Injury and Property Damage for explosives
and hazardous materials transported in specified tanks
For vehicles with a gross vehicle weight rating of less than
10,000 pounds the following minimum limits apply:
- $300,000
Bodily Injury and Property Damage for general commodities
- $5
million Bodily Injury and Property Damage for any quantity
of explosives or poison gas, or radioactive materials
Common carriers must carry minimum liability as listed above
plus another $10,000 cargo insurance.
State laws vary on the specific amount of insurance they
require trucking companies to carry. Some examples include:
Texas requires that commercial motor vehicles with a gross
weight in excess of 26,000 pounds carry a minimum of $500,000
worth of insurance. Foreign motor carriers or foreign private
carriers defined by federal law have to carry the $750,000
insurance required by federal law.
Louisiana requires that vehicles with a gross weight over
50,000 pounds provide a combined minimum single coverage limit
of $300,000 and $25,000 in property damage.
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