One of the key considerations in a truck accident lawsuit is the policy limits of the insurance coverage held by the potentially liable parties. These limits can have a significant impact on the amount of compensation that can be recovered by the victim.
In general, commercial trucking companies are required to maintain much higher levels of insurance coverage than standard drivers. The federal minimum for bodily injury and property damage liability coverage is $750,000, but many trucking companies carry policies with limits well above this threshold.
Some common policy limits for truck accident insurance include:
- Bodily Injury Liability: $750,000, $1,000,000, and potentially larger
- Uninsured Motorist Coverage: $750,000, $1,000,000, and potentially larger
- Underinsured Motorist Coverage: $750,000, $1,000,000, and potentially larger
It's important to note that these are just general guidelines, and the actual policy limits for a specific trucking company or driver may vary. Additionally, in cases where multiple parties are found liable, the available coverage may need to be divided among the different claimants, potentially reducing the amount of compensation each individual can receive.
Navigating the complex world of truck accident insurance policies requires the expertise of an experienced truck accident lawyer who can thoroughly investigate the details of the case and ensure that all available coverage is identified and maximized to the benefit of the victim.