To increase the minimum levels of financial responsibility for transporting property, and to index future increases to changes in inflation relating to medical care.
About This Bill
Committee
Latest Action · January 19, 2024
Referred to the Subcommittee on Highways and Transit.
The Fair Compensation for Truck Crash Victims Act would increase the minimum insurance requirements that trucking companies must carry from $750,000 to $5,000,000 per incident. This change affects all motor carriers operating commercial trucks on highways and is intended to ensure accident victims receive adequate compensation for injuries and damages. The bill also requires the federal government to adjust these insurance minimums every five years to keep pace with medical cost inflation, so coverage levels don't become outdated as healthcare expenses rise. The legislation would take effect one year after it becomes law, giving trucking companies a year to comply with the higher insurance requirements. The bill is based on findings that the current $750,000 minimum, set in 1980, would be worth over $5 million in 2020 dollars when adjusted for medical inflation, and that a national transportation commission recommended $1 million minimums decades ago.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.