Motor vehicle collisions can result in major expenses including property damage losses, lost wages and major medical costs. The more significant the crash is, the more expensive its aftermath may be. When a passenger vehicle collides with a semi-truck, the smaller vehicle can sustain catastrophic damages.
The occupants of the smaller vehicle are at risk of severe injuries that could change their careers or leave them completely unable to work. The total lifetime costs generated by semi-truck crashes could easily reach six or seven figures. People may feel panicked when they try to figure out how to cover those expenses. Provided that a semi-truck or its operator was to blame for the crash, there are two main options available for those injured by a commercial crash.
A commercial insurance policy
Standard vehicle liability insurance is mandatory at the state level. The federal government does not regulate traditional motor vehicle insurance. State requirements are relatively low and can fall short of covering even moderate injury costs.
However, there are federal regulations that apply to commercial transportation insurance policies. The Federal Motor Carrier Safety Administration (FMCSA) requires at least $750,000 worth of coverage for commercial vehicles.
That policy is the most accessible form of financial support for those involved in semi-truck collisions. Of course, negotiating with an insurance company when there is a six-figure policy in place can be rather challenging. People often need help maximizing what they receive from an insurance claim.
The transportation company
In most scenarios, employers are liable for mistakes and negligence on the part of their employees. Therefore, commercial transportation companies are often the party named as the defendant in a lawsuit following a semi-truck collision.
The business’s assets and future revenue can help compensate those hurt when issues with a vehicle or mistakes by a driver lead to a crash. The lawsuit could also prompt an insurance company to consider a more reasonable settlement.
Occasionally, commercial drivers themselves may have a degree of liability. There could even be a third-party business, like a parts supplier or repair shop, that is partially liable for a commercial collision.
Reviewing the details of a trucking wreck can help the people involved determine who might be liable for the harm it has caused. A combination of litigation and insurance coverage is sometimes necessary to fully offset the expenses generated by a wreck.