Kentucky Truck Accidents: Financial Responsibility and Truck Insurance

When it comes to truck company liability, financial responsibility refers to the requirement that all truck drivers carry the federally mandated minimum of insurance coverage. Truck drivers either must carry their own personal truck insurance, or their company must adequately cover the vehicle. Knowing how to deal with the truck insurance company involved with your truck accident claim is important and a Kentucky truck accident attorney can help.

Federal Insurance Minimums for Trucks

The federal insurance requirements for commercial trucks are as follows:

• $750,000 - For-hire, non-hazardous property cargo trucks weighing more than 10,001 lbs.
• $5,000,000 - For-hire and private, certain classes of hazardous substance cargo trucks defined by 49 CFR 171.8
• $1,000,000 - For-hire and private, oil and hazardous waste cargo trucks defined by 49 CFR 172.101
• $5,000,000 - For-hire and private, certain classes of hazardous substance cargo trucks defined by 49 CFR 173.403

Because of these high limits, victims of truck accidents are usually eligible for a much higher settlement. This is also because injuries from a truck accident are usually more severe than passenger vehicle accidents and have a much higher fatality rate.

Trucking Company Truck Insurance Responsibilities

Just as with personal-use vehicles, commercial trucks need to be covered by the appropriate amount of truck insurance. The driver involved in your truck accident should be able to furnish proof of insurance at the accident site. If the truck is part of a company fleet, the trucking company as part of their financial responsibility should have a record of their insurance coverage and surety bonds at the main operations' site.

Failure to properly hold the appropriate truck insurance can result in fines, loss of license, and other punishments to the truck driver and company. If you are involved in a truck accident with a driver that does not carry the appropriate truck insurance, you may find it difficult to recover compensation for your damages.

If your Kentucky truck accident occurred with a driver whose truck insurance was inadequate or unavailable, your claim may become much more complicated. It is best to retain the services of an experienced Kentucky truck accident lawyer to help you determine the best course of action after a serious truck accident.

How a Kentucky Truck Accident Attorney Can Help

Truck insurance companies are no different from personal auto insurance companies. In fact, many companies insure both types of vehicles. In any case, the truck insurance company will involve time-tested tactics to try to deny your claim or settle for the lowest amount possible.

In order to help you determine and obtain a fair settlement for your Kentucky truck accident injuries, it's best to retain the services of an experienced Kentucky truck accident lawyer from the Law Offices of Gray and White Law. Our truck accident attorneys will give your case the personal attention it requires. Contact us today for a free case consultation - 1-800-634-8767.