Insurance premiums are increasingly expensive for commercial trucks in the U.S. The cost of truck insurance is attributed to the continuing trend of the so-called ‘nuclear’ verdicts that juries have issued in catastrophic truck accidents.
Federal regulations generally require commercial trucks with a gross weight exceeding 10,000 pounds to maintain an insurance coverage of at least $750,000. Trucks that transport hazardous materials are required to obtain a higher coverage that may consist of insurance and surety bonds.
When a party is injured in a truck accident, the first recourse is to seek compensation from the trucker’s insurance company. In catastrophic truck accidents where injuries tend to be severe or even fatal, the value of compensation sought can exceed the maximum coverage of the insurance policy, prompting parties to fight it out in truck accident litigation.
Observers of truck accident cases have noted the increasing trend of ‘nuclear’ or record-breaking monetary awards in millions of dollars favoring the plaintiffs. Insurance companies maintain that the awards have become difficult to anticipate given that the amounts significantly exceed the value of medical bills and lost wages. Insurers refer to them as ‘nuclear’ because a single verdict can wipe out an insurer’s profits and threaten the viability of its business.
Challenges in Truck Accident Claims
Truck accident litigation is often complex, involving various factors and responsible parties other than the truck driver. Investigation and preservation of evidence are crucial steps for any litigation to result in maximum verdicts.
If you sustained severe injuries in a truck accident, you deserve a highly skilled and experienced personal injury attorney to help you recover compensation. To establish your right against the negligent defendant, your lawyer must take several steps such as:
- Obtaining court orders impounding the vehicle and its contents in order to examine and preserve critical evidence;
- Interviewing paramedics, responding traffic officers, and other witnesses;
- Conducting a thorough check of the driver’s history of employment, driving record, traffic tickets, experience and training, as well as civil and criminal records;
- Examining the truck’s “black box” recorder, GPS, speed tracking system, and maintenance records; and
- Checking the trucking company’s accident statistics and other relevant records.
In Los Angeles, California, the personal injury lawyers at the Fox and Fox Corporation have more than 35 years of combined experience in truck accidents. Our Sherman Oaks personal injury attorneys work very hard to make the lives of our clients better by obtaining the maximum value of compensation that they are legally entitled to receive.
Contact us by email or call us today at (818) 986-4494 to arrange for your free confidential consultation.