New Legislation for Truck Insurance Requirements
Lawmakers in Congress are once again advocating for significant increases in minimum insurance requirements for truckers.
Introduction of H.R.6884
The bill designated as H.R.6884, known as the Fair Compensation for Truck Crash Victims Act, was presented in the House on December 22, 2023, by Congressmen Jesús “Chuy” García and Hank Johnson.
Proposed Changes
This legislation proposes a substantial rise in the minimum insurance requirement for interstate motor carriers from $750,000 to $5,000,000. Additionally, it aims to adjust this minimum requirement for inflation to ensure it keeps pace with the increasing costs of healthcare and other related expenses.
Previous Attempts
Similar proposals were previously introduced by García under the title “The INSURANCE Act” in both 2019 and 2021, but neither initiative made progress in Congress.
Statement from Congressman García
García expressed, “For too long, truck crash victims and their families have faced significant emotional and financial hardships, burdened with enormous medical debts and altered lives. The Fair Compensation for Truck Crash Victims Act is about justice, responsibility, and safeguarding our communities. It’s essential that trucking companies carry sufficient insurance to cover the real costs of accidents and protect families from financial ruin caused by incidents beyond their control.”
Support for the Bill
The bill has garnered support from additional co-sponsors, including Representatives Jared Huffman, John Garamendi, Steve Cohen, and Adriano Espaillat.
Opposition from Trucking Groups
The Owner-Operator Independent Drivers Association (OOIDA), a trucking trade organization, expressed opposition to the INSURANCE Act in 2021, claiming that the proposed changes would “devastate small-business truckers,” enrich trial lawyers at the expense of working truckers, and fail to enhance highway safety.
