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How much insurance must be carried for truck accidents?

Most Nevada drivers are probably aware that the law requires them to carry insurance coverage for their vehicles. That is, they are not allowed to drive on the public streets unless they can show they have at least, a minimum amount of automobile liability insurance.

There is good reason for this: the cost to individuals involved in automobile accidents can be great, and when no one is able to pay that cost, it is passed on to society at large. Mandatory insurance ensures that even if someone cannot pay for injuries from an accident he or she caused, insurance will pay, and the risk will be spread among the pool of the insured.

It should not surprise Nevada residents then, trucking companies must also provide insurance for their vehicles. In fact, due to their large size and weight, and the potential that they have for causing even more catastrophic damage than passenger cars, it would make sense that the requirements for insurance coverage are higher than those for drivers of personal vehicles.

The Federal Code of Regulations sets out the minimum amount of coverage those operating commercial trucks must carry. We will focus here on those vehicles carrying goods, as common carriers transporting people are covered by a different regulation.

The federal government requires that companies operating a truck carrying non-hazardous goods carry at least $750,000 of financial responsibility. Those carrying oil and a few other specific substances must carry at least $1,000,000. And, companies that transport things classified as hazardous materials must have at least $5,000,000.

As can be seen, the amounts of insurance carried by commercial carriers are generally quite a bit above those carried by other drivers. But, this seems right, considering that those involved in truck accidents can generally expect to have heavy medical and recuperative costs, not to mentione missed work and other economic damages, as well as pain and suffering.


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