Even minor car crashes can be expensive. When someone experiences a catastrophic collision involving a commercial vehicle, the costs can be astronomical. People in the smaller vehicle often have serious injuries and property damage costs to address. They may face weeks without income or forever have reduced earning potential because of their injuries.
When semi-trucks collide with passenger vehicles, the smaller vehicle and its occupants are most at risk. The bigger vehicle is likely to suffer minimal damage, and the commercial driver has relatively low injury risk levels.
Frequently, such crashes occur because of a mistake made by the commercial driver or an issue with their vehicle. Those in a smaller vehicle may have massive expenses and may worry about how they can cover those losses. What options for compensation do people involved in semi-truck crashes usually have?
Commercial insurance coverage
Semi-trucks are quite dangerous, which means they have to carry more insurance than passenger vehicles. They are subject to federal regulations that mandate a minimum of $750,000 in liability coverage. Many owner-operators and commercial transportation companies invest in even more coverage than that.
Insurance may be able to pay the massive costs generated in a semi-truck collision, although extensive negotiation is often necessary to obtain adequate compensation from an insurance provider following a wreck. The higher amount of available coverage can lead to more intense negotiations when pursuing compensation.
A personal injury lawsuit
When there are catastrophic losses or an insurance provider refuses to offer a reasonable settlement. Sometimes, the commercial driver is the party ultimately liable for the crash. That may be true when they are an owner-operator who runs their own enterprise or when they drove the commercial truck off the clock for personal purposes.
Many times, the transportation company may be liable for crash costs. A lawsuit against a commercial transportation company can lead to compensation from the organization itself or sometimes a more realistic settlement offer from the company’s insurance provider.
Those seeking compensation after a semi-truck crash generally need to understand the likely economic impact of their injuries before settling or dismissing the possibility of a lawsuit. Determining the true cost of a crash and reviewing the insurance available can provide a good starting point for individuals hurt by commercial trucks.