Federal Motor Carrier Insurance: Fast Facts and Statistics Concerning Trucking Industry Accidents

Federal Motor Carrier Insurance: Fast Facts and Statistics Concerning Trucking Industry Accidents

Each year, federal motor carrier insurance providers must determine the rates that they will charge for long haul trucking insurance policies. The fact is that there are loads of commercial vehicle accidents occurring almost constantly across the United States. Considering all traffic accidents, commercial trucks are involved in less than 3%. Still, big trucks are more than three times as likely to be involved in an accident as are the other motor vehicles on the roads. In the United States, an injury or death occurs in a trucking accident about four times per hour.More statistics and facts about accidents in the trucking industry:According to the DOT, more than 1/2 million trucking accidents occur in the U.S. annually.
Three out of four times, an accident involving a commercial truck is caused by a driver of a non-commercial vehicle.
Less than 20% of all commercial trucking accidents are caused by the truck drivers involved.
More than 5000 deaths occur in the United States each year because of commercial trucking accidents.
When death results from a trucking accidents, there’s a 98% chance that it’s not the trucker.
Almost 70% of all trucking accidents happen in rural areas.
Nearly ¾ of all trucking accidents occur during daylight hours.
Almost 80% of commercial trucking accidents happen on the weekends.As dictated by the FMCSA, the services of federal motor carrier insurance suppliers are required in order for a freight hauling business to be launched. In every state, there are specific guidelines for minimum public liability coverage limits. These limits must be met, with proof, before any commercial vehicle is legally permitted to operate on any public roads. In addition to maintaining the set policy limits of liability coverage, trucking entities are often required to carry various other types of insurance.Depending on the type of authority you file for with the FMCSA, you may be required to obtain cargo insurance. For all common carrier authority filings, Bodily Injury and Physical Damage types of liability insurance are required as well as cargo insurance. Contract authority filings require no proof of cargo insurance. Haulers of low-value goods may be classified as exempted from cargo coverage requirements by requesting so and meeting exemption prerequisites outlined in 49 CFR 387.301(b).When you consider how much is at stake every time your commercial trucks are on the roads, it just makes sense to make sure they are always covered with cost-effective coverage from a federal motor carrier insurance provider. Maintaining the proper coverage limits of long haul trucking insurance is one of the foundational blocks that your freight moving business will be built on.