How much insurance coverage do semi-trucks have to carry?
When you’ve been injured in a Texas truck accident or bus wreck, it is very likely that if it was the truck or buses fault for the accident, their insurance company will offer you an early settlement. Our truck accident attorneys know that this money can be enticing, especially when you’re laid up in your hospital room with no idea as to how you will pay all of your medical bills. But we want you to know that these settlements are usually only a tiny fraction of what is really available to you should you pursue an injury claim. Trucks and buses have huge insurance policies – sometimes in the millions of dollars. Subject to certain exceptions, the minimum insurance requirements for private and for hire motor carriers are as follows:
For hire motor carriers operating a vehicle with a gross vehicle weight rating exceeding 10,000 lbs. and which transport non-hazardous property, must establish financial responsibility coverage of at least $750,000.
For hire and private motor carriers operating in interstate or foreign commerce which operate vehicles with gross weight ratings exceeding 10,000 lbs. and which haul oil, hazardous waste or hazardous materials or substances must establish financial responsibility coverage of not less than $1,000,000.
Both for hire and private carriers operating portable tanks, cargo or hopper-type vehicles with capacities in excess of 3,500 water gallons must obtain financial responsibility limits of at least $5,000,000.
Interstate motor carriers of passengers, (buses), are also subject to financial responsibility requirements. Buses are subject to certain exceptions, but must still carry minimum insurance of:
Any vehicle with a seating capacity of 16 passengers or more— $5,000,000.
Any vehicle with a seating capacity of 15 passengers or less— $1,500,000.
Texas has similar minimum insurance limits with certain exceptions. Some exceptions to the rule include buses transporting only school children and teachers to or from school and vehicles providing taxicab service with a seating capacity of less than seven passengers, among many others. Knowing just how much in insurance commercial trucks and buses have is important. When you know the truck that hit you carries almost a million dollars in insurance, it can make their initial offer, usually anywhere from $500 to $5,000 laughable. If the insurance company for the responsible party in your Texas truck accident or bus wreck is pushing you to accept a settlement offer, consult with our personal injury attorneys before taking the money. During a free case consultation, our lawyers will tell you if the deal is good and instruct you on how to best handle your claim.
